On Our Minds
On Our Minds

Reliable Small Business Data Matters Now More Than Ever

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Enigma’s mission is to engineer the most reliable and accessible source of data about small businesses.

Today, we’ve taken a big step towards realizing this mission with our release of the first free, accurate, and easily accessible data source about U.S. small businesses, with a particular focus on those with $5M in annual revenue or less. This data has been in development for some time as we’ve long heard from financial services providers that the lack of reliable small business data has, to date, left SMBs both underserved and undercapitalized.

Small businesses are often cited as the backbone of the American economy, and yet, because of poor, often sparse data, they’ve not been well understood, even by the organizations who serve them. While we most often talk about small businesses as a group, the reality is that each one has their own story – from a local independent bookstore to a tenured manufacturing company to a rapidly scaling venture-backed startup – and many of them have suffered as a result of the significant information gap that’s existed for too long.

Right now, small businesses in the United States face tremendous challenges related to COVID-19. While many things remain unclear, it’s undeniable that small businesses will require more support than ever before. For that, the organizations that serve small businesses will need fresh, accurate information to navigate this new economic climate to ensure they’re able to identify small businesses and their industry-specific nuances accurately to holistically redefine what services, products, and capital SMBs really need.

To deliver the most reliable and accessible data on small business, Enigma leverages a vast range of public, online, and private data sources. We’ve honed our data processing infrastructure to minimize latency, ensuring our data updates rapidly, stays as close to source truth as possible, and precisely matches every business to a unique and permanent Enigma ID. Our R&D processes enable our data scientists to acquire new data and extract novel and predictive insights within days. This agility will be essential as financial services providers seek new intelligence to respond to evolving small business needs.

It’s easy to start using our data. Whether it’s to get accurate industry classifications for your entire small business lead base or to verify a business against fraud, you can sign up for an account and start building with our API for free. More advanced data points and predictive insights are available on a pay-per-attribute basis. If you’re curious to see what our data is like, look up your favorite small business right here.

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