Hockeystick has been supporting financial reporting for private companies over a number of years. We strive to provide accurate data by drawing from a number of sources. In doing so, we often come across data sources that describe the same metric or entity using different terminology.
The open taxonomy aims to solve this issue by standardizing descriptors in the early-stage market, such as companies, funding entities, sectors, investment securities and accounting. Classifying this data eliminates redundancy, improves data accessibility and promotes the reusability of data in our systems.
More importantly, taxonomies frequently motivate the need for a standard as it becomes the metadata framework against which information can be reliably reported and consistently compared.
We hope the open taxonomy can act as this framework throughout the early-stage market, and to begin this process we built our open database on it.