Businesses often turn to government for market information. Some spend countless hours going through websites only to find outdated community data. Townfolio co-founders noticed two major problems in market intelligence and strategic decision-making: a major lack of market research going into starting or growing businesses, and a lack of knowledge of and access to timely data to help mitigate risk when making decisions.
Understanding these issues, the co-founders created Townfolio to make timely city data more accessible. Their first product, released in November 2015, gathered and visualized open data. Since then, they have grown into a city data as a service platform. They collect data from three avenues, one of which is government open data.
Statistics Canada collects household data every five years as part of their Census Program. This data provides a wide range of analysis, data and geographical information, including population, education, household income, etc. This data is one of many to power Townfolio’s platform.
For businesses, Townfolio is a marketplace to discover new business opportunities curated from economic development professionals, while also acting as a go-to source for updated market data from the most credible online sources. The platform automates the collection, visualization and updates for millions of data points. This allows users to view, compare and benchmark hundreds of datasets on over 38,000 municipalities across Canada and the United States.
Townfolio co-founders used open data to start, grow and power their business. Through Townfolio, they’ve enabled other businesses to access timely city data to improve market research and decision-making. From empowering developing nations to saving small town main streets to boosting local economic development, Townfolio aims to use data to create better economic futures for people and places.
Why is @townfolio Townfolio amazing? For starters, they were chosen in 2018 to TechStars Accelerator (only 1% of tech startups get in).