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Mike Cook. He founded XOR Data Exchange to bring privacy and accountability back to data management. Today, his organization works with the nation\\u2019s largest financial institutions to fight fraud and manage risk. You might have never seen Mike presenting the newest consumer tech, but rest assured every digital entity in America is safer under his watchful eye.\\xa0 \\xa0

Famous Five:

• Favorite Book? \\u2013 How to Win Friends and Influence People
• What CEO do you follow? \\u2013\\xa0 Sam Yagan
• Favorite online tool? \\u2014 Periscope
• Do you get 8 hours of sleep?\\u2014 No
• If you could let your 20-year old self, know one thing, what would it be? \\u2013 \\u201cThat you should go to anger management\\u201d

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Time Stamped Show Notes:

• 01:40 \\u2013 Nathan introduces Mike to the show
• 02:10 \\u2013 Mike mentions how XOR Data Exchange works
• 02:54 \\u2013 Mike wanted to create a company where financial institutions can share their data with one another
• 03:16 \\u2013 XOR Data Exchange is a B2B model
• 03:21 \\u2013 XOR Data Exchange will eventually help consumers
• 04:04 \\u2013 Mike shares how XOR Data Exchange will work in between companies
• 04:31 \\u2013 Companies like AIG and JP Chase Morgan store data
• 05:32 \\u2013 XOR Data Exchange changes the mentality of the pipe
• 06:25 \\u2013 XOR Data Exchange generates revenue by building pre-exchanges
• • 07:17 \\u2013 XOR Data Exchange charges transaction fees based on return data
  • 07:38 \\u2013 XOR Data Exchange is a pay-as-you-go model
• 07:43 \\u2013 XOR Data Exchange is building a new exchange focusing on financial services companies where companies can exchange fraud information
• 08:10 \\u2013 XOR Data Exchange was launched in January 2014
• 08:20 \\u2013 First year revenue is nothing
• 08:27 \\u2013 Mike put in his own money in XOR Data Exchange
• 08:34 \\u2013 Mike sold his company ID Analytics to fund XOR Data Exchange
• • 08:40 \\u2013 Mike sold ID Analytics in 2012, which he started in 2000
  • 08:56 \\u2013 Mike was 17 when he started ID Analytics
  • 09:15 \\u2013 Mike had 2 other co-founders
• 09:26 \\u2013 Mike tried to work in a big company after his exit
• 09:56 \\u2013 Mike has raised $6M and will close $2M, today
• 10:53 \\u2013 The last round was in August 2015
• 11:22 \\u2013 Most of the money from the current round is from the previous investors
• 11:36 \\u2013 Mike shares about his Angel investors
• 12:40 \\u2013 \\u201cRaising a Series B in this environment is not the easiest thing to do\\u201d
• • 12:51 \\u2013 Mike explains what he means by this
• 13:20 \\u2013 XOR Data Exchange is working with big customers
• 13:45 \\u2013 \\u201cIf you work with the top 6, 7, 8 financial services companies, you\\u2019re really covering 90% of America\\u201d
• 14:05 \\u2013 XOR Data Exchange has dozens of companies
• 14:23 \\u2013 Team size
• 14:26 \\u2013 XOR Data Exchange is not yet cashflow positive
• 15:05 \\u2013 2017 goal
• 15:25 \\u2013 Most of the XOR Data Exchange employees are tech and based in Austin
• 17:30 \\u2013 The Famous Five

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3 Key Points:

• Reinvest your money in something that you believe in.
• The financial service space isn\\u2019t the easiest environment to raise a Series B.
• If you work with the top 6, 7, or 8 financial services companies, you\\u2019re really covering 90% of America.

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Resources Mentioned:

• Acuity Scheduling \\u2013 Nathan uses Acuity to schedule his podcast interviews and appointments
• Drip \\u2013 Nathan uses Drip\\u2019s email automation platform and visual campaign builder to build his sales funnel
• Toptal\\xa0\\u2013 Nathan found his development team using Toptal for his new business Send Later. He was able to keep 100% equity and didn\\u2019t have to hire a co-founder due to the quality of Toptal
• Host Gator\\xa0\\u2013 The site Nathan uses to buy his domain names and hosting for the cheapest price possible.
• Audible\\xa0\\u2013 Nathan uses Audible when he\\u2019s driving from Austin to San Antonio (1.5-hour drive) to listen to audio books.
• The Top Inbox\\xa0 \\u2013 The site Nathan uses to schedule emails to be sent later, set reminders in inbox, track opens, and follow-up with email sequences
• Jamf \\u2013 Jamf helped Nathan keep his Macbook Air 11\\u201d secure even when he left it in the airplane\\u2019s back seat pocket
• Freshbooks \\u2013 Nathan doesn\\u2019t waste time so he uses Freshbooks to send out invoices and collect his money. Get your free month NOW
• Show Notes provided by Mallard Creatives