From 4,000 GitHub Stars to a Successful Open Source Business with Didier Lopes of OpenBB
Jan 3, 2024
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Didier Lopes, CEO of OpenBB, shares how the project grew from 4,000 GitHub stars to a successful open source business. He discusses the origins of OpenBB, the involvement of his co-founder, the evolution of the company, and the benefits of open source in their monetization strategy. Didier also emphasizes the importance of building a cohesive team in achieving success.
OpenBB started as a personal project and evolved to cater to small to medium-sized edge funds and family offices, aiming to democratize investment research by providing equal access to data and tools.
OpenBB's open source model has accelerated innovation and growth, attracting diverse contributors and creating a self-sustaining ecosystem that disrupts the traditional financial data market.
Deep dives
The Evolution of OpenBB and the Shift Towards B2B Focus
OpenBB, a platform for investment research and data aggregation, started as a personal project by Didier-Lobish, the CEO and co-founder. Initially targeting retail investors, the project gained attention and went viral, attracting users from major financial institutions. This led to the realization that the platform's value proposition resonated more with small to medium-sized edge funds and family offices, who valued the data aggregation and organization capabilities. OpenBB's vision is to democratize investment research by providing equal access to data and tools, regardless of the user's background or resources. The company aims to monetize through the Terminal Pro, a more mature product for teams of quants and analysts, while keeping the core platform free and open source.
The Power of Open Source Contributions and Community Engagement
OpenBB's open source model has been instrumental in accelerating innovation and growth. The platform attracts contributors from diverse backgrounds, who bring unique ideas and capabilities to the project. The community engagement and word of mouth generated through open source has significantly contributed to OpenBB's growth. Users not only utilize the platform but also help connect data providers to other users, creating a self-sustaining ecosystem. This approach has disrupted the traditional financial data market, as OpenBB provides access to various data providers without being an intermediary or owning the data.
Lessons Learned: Avoiding Feature Creep and the Importance of a Strong Team
One key lesson for OpenBB was to avoid pursuing every feature request from users. While users may express interest in certain features, it's important to prioritize core strengths and stay focused on the product's value proposition. OpenBB realized that building a strong team with a shared culture and alignment on values was crucial. By fostering transparency, trust, and holding high standards, OpenBB has cultivated a team of A players who iterate and ship products quickly. Being pragmatic about team dynamics has enabled the company to maintain a high level of performance and innovation.
The Vision: Democratizing Investment Research
OpenBB's vision is to democratize investment research by providing equal access to data and tools. By organizing and standardizing data, OpenBB aims to empower individuals and institutions to make informed investment decisions. The company's long-term goal is to level the playing field by bridging the gap between retail investors and large financial institutions, giving everyone the opportunity to access quality research and data. OpenBB sees itself as a disruptor in the financial industry, challenging the traditional model of data ownership and distribution.
Didier Lopes, Co-founder and CEO of OpenBB, joins me to share the story of how OpenBB went from receiving 4000 GitHub stars in the first 24 hours of the project to a fully funded company launching new monetization initiatives.
Didier and I chat about his background, what led him to start OpenBB in his spare time, and his vision for the company's future. He shares the story of teaming up with his co-founder, why he loves working in the open source ecosystem, and how his team continues contributing to OpenBB's success.
Highlights:
Didier introduces himself and recounts his background and what led him to start OpenBB (1:20)
Why Didier didn't know OpenBB would become a business when he started the project (6:47)
Didier affirms my thought that part of what makes OpneBB's origin interesting is that the idea was unrelated to his day job. (10:13)
Didier tells the story of how his co-founder, James, came on board once the project went viral (16:36)
How OpenBB has changed since the project began (19:16)
How open source has shaped the development of OpenBB (21:35)
Didier outlines the current monetization plans for OpenBB (24:44)
Didier's vision for the future of OpenBB and the democratization of investment research (26:30)
What Didier learned from his most interesting mistake - believing users know what they want. (29:45)
Didier emphasizes the importance of building a cohesive team with shared values (32:58)