FiscalNote
{{short description|American software, data and media company}}
{{Infobox company
| name = FiscalNote Holdings, Inc.
| image = 1201 Pennsylvania Avenue (53840296258).jpg
| image_caption =
| type = Public
| traded_as = {{NYSE|NOTE}} (Class A)
| industry = {{Unbulleted list|Software as a service| information services| technology}}
| foundation = {{Start date and age|June 2013}}{{cite web|url=https://fnaweso.me/the-fiscalnote-origin-story-425057829a3d|title=The FiscalNote Origin Story – FiscalNote Insights|date=March 16, 2015}} in Sunnyvale, California
| founders = {{Unbulleted list|Timothy Hwang| Gerald Yao| Jonathan Chen}}
| location = 1201 Pennsylvania Avenue
| location_city = Washington, D.C.
| locations = 13 Washington, D.C.; New York, NY; Austin, TX, Baton Rouge, LA; Madison, WI; Brussels, Belgium;{{cite news|url=https://www.washingtonpost.com/news/capital-business/wp/2018/01/25/a-d-c-tech-firm-heads-to-davos-to-outline-its-plans-for-building-a-global-network/|title=A D.C. tech firm heads to Davos to outline its plans for building a global network|first=Aaron|last=Gregg|date=January 25, 2018|newspaper=The Washington Post}} Gurugram, India; Oxford, UK; Seoul, Korea; Sydney, Australia; Hong Kong; Singapore
| num_employees = 600+{{cite web|url=https://www.politico.com/magazine/story/2018/01/05/washington-automation-congress-politics-lobbying-policy-216216|title=Can Washington Be Automated?|work=Politico|date=January 5, 2018}}{{cite web|url=https://www.bisnow.com/washington-dc/news/tech/fastest-growing-companies-50647|title=Fastest-Growing Companies}}{{Cite news|last=Nover|first=Scott|url=https://www.adweek.com/digital/dozens-fired-at-cq-roll-publication-known-for-reporting-inside-washington/|title=Dozens Fired at CQ Roll Call, a Publication Known for Reporting Inside Washington|date=April 2, 2020|work=AdWeek|access-date=April 2, 2020}}
| website = {{URL|fiscalnote.com}}
}}
FiscalNote Holdings, Inc., or commonly FiscalNote, is a publicly traded software, data, and media company headquartered in Washington, D.C. The company was founded by Timothy Hwang, Gerald Yao, and Jonathan Chen in 2013.{{cite web |title=FiscalNote helps business keep track of government - Silicon Valley Business Journal |url=https://www.bizjournals.com/sanjose/print-edition/2013/08/16/fiscalnote-helps-business-keep-track.html |url-status=dead |archive-url=https://web.archive.org/web/20130917065735/http://www.bizjournals.com/sanjose/print-edition/2013/08/16/fiscalnote-helps-business-keep-track.html |archive-date=2013-09-17}} FiscalNote provides software tools, platforms, data services, and news through the FiscalNote Government Relationship Management (GRM) service, its core product.{{cite news |last=Gaynor |first=Michael J. |date=February 1, 2018 |title=Can big data predict which bills will pass Congress? |newspaper=The Washington Post |url=https://www.washingtonpost.com/lifestyle/magazine/can-big-data-predict-which-bills-will-pass-congress/2018/01/31/ffe6c162-f7c3-11e7-b34a-b85626af34ef_story.html}}{{cite web |title=Fiscal Note: When Technology Meets Legislation |url=https://www.nbcnews.com/video/fiscal-note-when-technology-meets-legislation-347860035580?v=a |work=NBC News}} The company also uses an artificial intelligence platform to analyze proposed U.S. legislation based on key phrases, comparison to similar bills, lists of strengths and weaknesses, a timeline of the committees it has passed, information about the bill's sponsors, and past legislator voting records. {{Cite news |last=Gaynor |first=Micheal |title=Can big data predict which bills will pass Congress? |newspaper=The Washington Post |url=https://www.washingtonpost.com/lifestyle/magazine/can-big-data-predict-which-bills-will-pass-congress/2018/01/31/ffe6c162-f7c3-11e7-b34a-b85626af34ef_story.html}}
In July 2018, FiscalNote acquired CQ Roll Call, a publishing company that produces several publications, including Roll Call and CQ (formerly Congressional Quarterly), that cover legislative processes, policies, and elections in the United States Congress.{{Cite web |last=Calderone |first=Michael |date=July 25, 2018 |title=Economist Group to sell CQ Roll Call to FiscalNote |url=https://www.politico.com/story/2018/07/25/economist-cq-fiscal-note-740421 |access-date=February 9, 2023 |website=Politico}}
In July 2022, FiscalNote launched FiscalNote ESG Solutions, a suite of services designed to assist organizations in meeting environmental, social, and corporate governance (ESG) targets.{{Cite web |last=Bureau |first=E. T. |date=2022-07-22 |title=FiscalNote Announce "ESG Solutions" |url=https://enterprisetalk.com/news/fiscalnote-announce-esg-solutions/ |access-date=2022-09-22 |website=EnterpriseTalk |language=en-US}}
History
FiscalNote was founded in 2013 in Sunnyvale, California, by Timothy Hwang, Gerald Yao, and Jonathan Chen, all former schoolmates at Thomas S. Wootton High School in Rockville, Maryland.{{cite web|url=http://www.bethesdamagazine.com/Bethesda-Magazine/March-April-2014/Timothy-Hwang-Is-This-the-Next-Bill-Gates/|title=Is This the Next Bill Gates?|date=March 24, 2014}}{{cite web|url=https://www.c-span.org/video/?321835-1/communicators-tim-hwang|title=Communicators Tim Hwang, Oct 2 2014 - Video - C-SPAN.org|website=C-SPAN.org}} Hwang, who had just finished his junior year at Princeton, brought Chen and Yao together to Silicon Valley to pitch the company to investors. The company was founded in a Motel 6,{{cite web| url = https://www.bizjournals.com/washington/blog/techflash/2015/03/fiscalnotes-early-path-stress-swiped-food-and-the.html| url-status = dead| archive-url = https://web.archive.org/web/20150328011752/http://www.bizjournals.com/washington/blog/techflash/2015/03/fiscalnotes-early-path-stress-swiped-food-and-the.html| archive-date = 2015-03-28| title = The ups, downs and payoffs of the FiscalNote origin story, as told by FiscalNote CEO Tim Hwang - Washington Business Journal}} where early employees Dan Maglasang and Dev Shah worked to build the product.{{cite web|url=http://fiscalnote.tumblr.com/post/53408159587/starting-off-6192013|title=Starting Off: 6/19/2013|website=FiscalNote}}{{cite web|url=https://www.inc.com/jeremy-quittner/2016-30-under-30-fiscalnote.html|title=How FiscalNote Gets Ahead of Government (So You Don't Have to)|date=June 2, 2016}}
In May 2017, FiscalNote announced its initial expansion outside the U.S., providing data sets for Australia and New Zealand.{{Cite web |date=2017-05-02 |title=FiscalNote Accelerates Global Expansion Plans; Adds Australia, New Zealand To Industry's Only GRM Platform |url=https://www.businesswire.com/news/home/20170502005925/en/FiscalNote-Accelerates-Global-Expansion-Plans-Adds-Australia-New-Zealand-To-Industry%E2%80%99s-Only-GRM-Platform |access-date=2022-09-11 |website=www.businesswire.com |language=en}}
In June 2017, District of Columbia Mayor Muriel Bowser unveiled a major job training program in partnership with FiscalNote.{{cite web|url=https://mayor.dc.gov/release/mayor-bowser-announce-new-tech-job-training-opportunities|title=Mayor Bowser to Announce New Tech Job Training Opportunities - mayormb|website=mayor.dc.gov}} The program was announced alongside a $750,000 economic development package, introduced as an incentive for the company to stay in DC. FiscalNote moved its headquarters to 1201 Pennsylvania Avenue that year.{{cite web|url=https://technical.ly/dc/2017/06/23/fiscalnote-dc-headquarters/|title=FiscalNote plans new DC headquarters, tech training - Technical.ly DC|date=June 23, 2017}}{{cite web| url = https://www.bizjournals.com/washington/news/2017/06/22/a-year-later-fiscalnote-on-the-move-again.html| url-status = dead| archive-url = https://web.archive.org/web/20170625082006/http://www.bizjournals.com/washington/news/2017/06/22/a-year-later-fiscalnote-on-the-move-again.html| archive-date = 2017-06-25| title = FiscalNote, represented by Jones Lang LaSalle and backed by D.C., to move and expand - Washington Business Journal}}{{cite web|url=https://www.cpexecutive.com/post/fiscalnote-relocates-dc-headquarters/|title=FiscalNote Relocates DC Headquarters|website=www.cpexecutive.com|date=June 27, 2017}}
In July 2017, FiscalNote announced the availability of data sets for Argentina, Canada, Chile, India, and the United Kingdom.{{cite web|url=https://www.businesswire.com/news/home/20170502005925/en/FiscalNote-Accelerates-Global-Expansion-Plans-Adds-Australia|title=FiscalNote Accelerates Global Expansion Plans; Adds Australia, New Zealand To Industry's Only GRM Platform|date=2017-05-02|website=www.businesswire.com|language=en|access-date=2019-04-09}}
In 2018 FiscalNote acquired CQ Roll Call, which helped bring stable financial flow with a consistent subscriber base and a competent data set.{{Cite news |last=Gregg |first=Aaron |title=D.C.-based tech start-up FiscalNote to buy CQ Roll Call |newspaper=The Washington Post |url=https://www.washingtonpost.com/business/economy/dc-based-tech-startup-fiscalnote-to-buy-cq-roll-call/2018/07/25/37939b6e-8fd4-11e8-8322-b5482bf5e0f5_story.html}} By adding CQ Roll Call, FiscalNote gained an entryway into the media world and an opportunity to cover what certain bills may mean to subscribers instead of having to interpret the raw data.{{Cite web |last=Calderone |first=Michael |title=Economist Group to sell CQ Roll Call to FiscalNote |url=https://www.politico.com/story/2018/07/25/economist-cq-fiscal-note-740421 |access-date=2022-09-22 |website=POLITICO |date=25 July 2018 |language=en}}
In July 2022, FiscalNote unveiled FiscalNote ESG Solutions, a suite of services designed to assist client organizations in meeting environmental, social, and corporate governance (ESG) goals. Alongside from the suite's main offering – an artificial intelligence-based platform designed to streamline data collection and management – tools offered include ESG-related news, research, and analysis briefings, expert advisory services, and access to peer discussion communities.{{Cite web |last=Bureau |first=E. T. |date=2022-07-22 |title=FiscalNote Announce "ESG Solutions" |url=https://enterprisetalk.com/news/fiscalnote-announce-esg-solutions/ |access-date=2022-09-22 |website=EnterpriseTalk |language=en-US}}
=Funding and acquisitions=
In late 2013, FiscalNote received early seed money from Mark Cuban after a cold email from Timothy Hwang.{{cite web|url=http://markcubancompanies.com/|title=Mark Cuban Companies - Entrepreneur - Dallas, TX|website=markcubancompanies.com}}{{cite web|url=https://www.inc.com/quora/fiscalnote-founder-this-is-what-happened-when-i-cold-emailed-mark-cuban.html|title=FiscalNote Founder: This Is What Happened When I Cold Emailed Mark Cuban|work=Inc |date=February 10, 2016 |author1=Quora }} This was soon followed by an investment from New Enterprise Associates, Yahoo cofounder Jerry Yang, and First Round Capital, leading to a total $1.3 million round.{{cite news|url=https://www.washingtonpost.com/business/economy/mark-cuban-jerry-yang-among-investors-in-potomac-wunderkinds-technology/2014/09/20/e348c060-3dbc-11e4-b03f-de718edeb92f_story.html|title=Potomac entrepreneur replaces crystal ball with artificial intelligence to predict what bills might pass|first=Thomas|last=Heath|date=September 21, 2014|newspaper=The Washington Post}}{{cite web| url = https://www.bizjournals.com/sanjose/news/2013/09/11/mark-cuban-others-put-12m-in.html| url-status = dead| archive-url = https://web.archive.org/web/20130914043510/http://www.bizjournals.com/sanjose/news/2013/09/11/mark-cuban-others-put-12m-in.html| archive-date = 2013-09-14| title = Mark Cuban, others put $1.2M in FiscalNote, profiled in The Pitch last month - Silicon Valley Business Journal}}
In fall 2014, FiscalNote received $7 million in its first institutional (and second total) financing round. Investors included AOL founder Steve Case, Visionnaire Ventures (a joint fund between Taizo Son and Temasek), with participation from Jerry Yang, Mark Cuban, New Enterprise Associates, Winklevoss Capital Management, Enspire Capital, Green Visor Capital (led by former Visa Chief Executive Joseph Saunders, and Middleland Capital.{{cite web|url=https://tech.co/fiscalnote-raises-7m-series-legislation-prediction-ai-2014-11|title=FiscalNote Raises $7M Series A for Its Legislation Prediction AI|work=TechCo |date=November 20, 2014}}{{cite news|url=https://www.washingtonpost.com/business/capitalbusiness/fiscalnote-snares-7m-in-investments-from-winklevoss-singapore-wealth-fund/2014/11/18/95076abe-6f76-11e4-ad12-3734c461eab6_story.html|title=FiscalNote snares $7 million in investments from Winklevoss, Singapore wealth fund|first=Thomas|last=Heath|date=19 November 2014|newspaper=The Washington Post}} Steve Case invested as part of his Rise of the Rest Fund.{{cite news|url=https://www.nytimes.com/2017/12/04/business/dealbook/midwest-start-ups.html|title=From Bezos to Walton, Big Investors Back Fund for 'Flyover' Start-Ups|newspaper=The New York Times|date=December 4, 2017|last1=Sorkin|first1=Andrew Ross}}
In February 2015, FiscalNote announced that it had raised $10 million in a third round of financing. Investors included Chinese social network Renren.{{cite news|url=https://blogs.wsj.com/digits/2015/02/02/chinese-social-network-renren-bets-on-washington-d-c-big-data-startup/|title=China's Renren Invests in U.S. Startup FiscalNote|first=Newley|last=Purnell|newspaper=The Wall Street Journal|date=3 February 2015}} The move was a part of a larger move by Renren to diversify beyond its core area of online games and e-commerce in China.
In February 2016, FiscalNote raised another $10 million in a fourth round of financing. The round was led by Green Visor and Visionnaire.{{cite web|url=http://fortune.com/2016/02/02/fiscalnote-seriesc/|title=Who Needs Lobbyists for Political Intelligence? This Tech Startup Has a Better Way}}{{cite web|url=https://technical.ly/dc/2016/02/04/fiscalnote-series-c/|title=FiscalNote's $10 million Series C includes some impressive investors - Technical.ly DC|date=February 4, 2016}} FiscalNote later added $5 million to this round with a strategic investment from South Korean conglomerate MoneyToday Media alongside a strategic partnership with its newspaper and television divisions (MTN).{{cite news|url=https://www.wsj.com/articles/global-uncertainty-plays-to-startup-fiscalnotes-hand-1485174623|title=Global Uncertainty Plays to Startup FiscalNote's Hand|first=Yuliya|last=Chernova|newspaper=The Wall Street Journal|date=23 January 2017}} This came after FiscalNote's acquisition of MyCandidate in Korea.{{cite web|url=https://technical.ly/dc/2015/09/11/fiscalnote-mycandidate-acquisition/|title=FiscalNote makes its first acquisition - Technical.ly DC|date=September 11, 2015}}{{cite web|url=http://www.finsmes.com/2015/09/fiscalnote-acquires-mycandidate.html|title=FiscalNote Acquires MyCandidate|date=September 10, 2015}}{{cite web|url=https://e27.co/renren-backed-fiscalnote-acquires-south-korean-startup-mycandidate-20150915/|title=Renren-backed FiscalNote acquires South Korean startup MyCandidate}}
In August 2017, FiscalNote acquired 16-year old Baton Rouge company VoterVoice, bringing 1,100 new customers and expanding into the advocacy space.{{cite web|url=http://www.govtech.com/biz/FiscalNote-Acquires-Advocacy-Platform-VoterVoice.html|title=FiscalNote Acquires Advocacy Platform VoterVoice|website=www.govtech.com|date=August 3, 2017}}{{cite web|url=https://technical.ly/dc/2017/09/13/fiscalnote-votervoice-tim-hwang/|title=FiscalNote's latest acquisition could be the first of many - Technical.ly DC|date=September 13, 2017}}{{cite web|url=http://www.theadvocate.com/baton_rouge/news/business/article_2cb27f0e-75ee-11e7-9f6e-a7f0b7f4c202.html|title=Washington, D.C. firm acquires Baton Rouge-based VoterVoice|author=|date=31 July 2017 }} FiscalNote CEO Hwang announced that the acquisition would be the first in "hundreds of millions".{{Cite web |title=FiscalNote's VoterVoice purchase the first in 'hundreds of millions' in potential acquisitions |url=https://www.bizjournals.com/washington/news/2017/07/31/fiscalnotes-votervoice-purchase-the-first-in.html |access-date=2022-11-22 |website=www.bizjournals.com}}
In January 2018, FiscalNote announced at the World Economic Forum in Davos that it had acquired a Brussels-based counterpart called Shungham, giving the company a foothold in the European Union as it seeks to expand globally.{{cite press release|url=https://www.cnbc.com/2018/01/25/business-wire-fiscalnote-acquires-eu-regulatory-intelligence-leader-shungham.html|title=Press Releases|website=CNBC}}{{cite news|url=https://technical.ly/dc/2018/01/25/fiscalnote-shungham-acquisition/|title=FiscalNote acquires maker of 'EU Issue Tracker' - Technical.ly DC|newspaper=Technical.ly |date=January 25, 2018|last1=Cullum |first1=James }}{{Cite web |title=FiscalNote Expands Throughout Europe With Its Latest Acquisition |url=https://www.bizjournals.com/washington/news/2018/01/25/fiscalnote-expands-throughout-europe-with-its.html |access-date=2022-11-22 |website=www.bizjournals.com}}
In July 2018, FiscalNote announced that it would acquire Congressional Quarterly and Roll Call from The Economist Group.{{cite web|url=https://www.wsj.com/articles/economist-group-looks-to-sell-cq-roll-call-1532536312|title=Economist Group Looks to Sell CQ Roll Call|first=Benjamin|last=Mullin|date=July 25, 2018|access-date=April 6, 2019|work=The Wall Street Journal}}
In January 2021, FiscalNote announced it had acquired FactSquared,{{cite web|title=M&A Moves: FiscalNote acquires Trump speech tracker|date=January 8, 2021 |url=https://technical.ly/dc/2021/01/08/fiscalnote-acquires-factbase/}} the parent company of White House tracker Factba.se.
In February 2021, FiscalNote announced that it had acquired Oxford Analytica, a UK-based political risk consultancy and publisher of the Oxford Analytica Daily Brief.{{Cite web |title=Home |url=https://www.oxan.com/ |access-date=2022-11-22 |website=Oxford Analytica |language=en}}
On September 15, 2021, the company announced the acquisition of Cambridge, Massachusetts-based artificial intelligence company Forge.AI.{{cite web |url=https://mergr.com/fiscalnote-acquires-forge.ai |title=FiscalNote Acquires Forge.AI |accessdate=2021-12-08 }}
In August 2021, FiscalNote acquired Curate, a civic technology company that provides data to help companies monitor risk and provide clarification at the local government level.{{Cite news |title=FiscalNote's Curate Wins Global Award for "Best Data Innovation in a SaaS Product" |url=https://www.bloomberg.com/press-releases/2022-09-15/fiscalnote-s-curate-wins-global-award-for-best-data-innovation-in-a-saas-product |access-date=2022-09-22 |newspaper=Bloomberg|date=15 September 2022 }}
In 2022, FiscalNote acquired Aicel Technology, a South Korean alternative data company that specializes in emerging fintech markets.{{Cite web |date=2021-12-29 |title=DC's FiscalNote grows its 'alternative data' business with latest acquisition |url=https://wtop.com/business-finance/2021/12/dcs-fiscalnote-grows-its-alternative-data-business/ |access-date=2022-09-22 |website=WTOP News |language=en}}
in January 2023, FiscalNote acquired Dragonfly Eye Ltd. (“Dragonfly”), a UK-based geopolitical and security intelligence provider of actionable data and analysis delivered through Dragonfly’s SaaS-based, proprietary Security Intelligence and Analysis Service (SIAS) subscription platform and API.{{cite web |title= FiscalNote Announces Acquisition of Dragonfly, a Leading Geopolitical Data and Security Intelligence Company for Business Risk Decision-Makers at Blue-Chip Organizations Around the World |date=27 January 2023 |url=https://fiscalnote.com/press-room/fiscalnote-announces-acquisition-of-dragonfly}}
Operations
FiscalNote is headquartered in Washington, D.C., with regional headquarters in Seoul, Korea covering Asia and Brussels covering the European Union and the Middle East. Other major offices are in New York City, Baton Rouge, Gurgaon, India. FiscalNote operates in multiple languages and had over 1,300 customers and over 21.9 million users as of January 2018.{{cite web |date=January 25, 2018 |title=FiscalNote Acquires EU Regulatory Intelligence Leader Shungham |url=https://fiscalnote.com/2018/01/25/fiscalnote-acquires-shungham/}}
=Advisors and board=
File:FiscalNote and Stanley McChrystal.jpg
FiscalNote's board includes General Stanley A. McChrystal, Glenn Hubbard, Alec Ross (author), former Obama White House cabinet secretary and former Deputy Secretary of Labor Chris Lu, Congressman Mike Ferguson, Congressman Glenn Nye, and former publisher of the Washington Post Katharine Weymouth. FiscalNote also added Jayson Kim, General Partner of Legendary Ventures, and Mitch Shue, the former Chief Technology Officer of Morningstar, to their advisory board in 2021.{{cite web |title=AdvisoryBoard |date=15 September 2021 |url=https://fiscalnote.com/press-room/fiscalnote-welcomes-shue-and-kim-to-advisory-board}}{{cite web |title=Leadership |url=https://fiscalnote.com/fiscalnote-leadership/}}
Recognition
FiscalNote was named to the CNN 10 in 2014 {{cite news |title=The CNN 10: Startups |website=CNN |url=http://www.cnn.com/interactive/2014/10/tech/cnn10-startups/}}
FiscalNote won the Technology Pioneer Award and Distinction at the annual meeting of the World Economic Forum in 2016.{{cite web |title=Technology Pioneers 2016 - World Economic Forum |url=http://widgets.weforum.org/techpioneers-2016/ |website=widgets.weforum.org}}
During the 2017 special presidential election in South Korea after President Park Geun Hye was impeached, FiscalNote launched nudepresident.com, matching South Korean voters with their ideal choice for president using artificial intelligence, correctly predicting that President Moon Jae In would be elected. The mobile application received over 5 million users in several weeks.{{cite web|url=http://www.techforkorea.com/2017/04/12/fiscalnote-koreas-nude-president-shows-your-matching-rate-with-each-presidential-candidate/|title=FiscalNote Korea's 'Nude President' Shows Your Matching Rate with Each Presidential Candidate - Korean Startups News|work=TechForKorea}}{{cite web|url=http://english.hani.co.kr/arti/english_edition/e_national/790584.html|title=Who's your ideal presidential candidate? AI services have an answer}}{{cite web|url=http://www.koreaherald.com/view.php?ud=20170419000780|title=[Election 2017] Candidate research gets easier with AI, matching service|work=The Korea Herald|date=April 19, 2017}}{{cite web|url=https://www.forbes.com/sites/elaineramirez/2017/05/07/south-koreas-techie-activists-are-helping-netizens-keep-candidates-in-check/2/#33210c505793|title=How This Entrepreneur Is Helping South Koreans Pick Their Next President|first=Elaine|last=Ramirez|website=Forbes}}
In late 2017, FiscalNote researchers discovered that millions of comments submitted to the FCC during the net neutrality debate were forged using bots. Researchers used a variety of natural language processing techniques to uncover the anomalies.{{cite magazine |last1=Lapowsky |first1=Issie |title=How Bots Broke the FCC's Public Comment System |url=https://www.wired.com/story/bots-broke-fcc-public-comment-system/ |magazine=Wired}}{{cite web |date=November 30, 2017 |title=Report: Bots infiltrated FCC's net neutrality public comment process - Technical.ly DC |url=https://technical.ly/dc/2017/11/30/report-1-million-public-comments-fcc-bots/}}{{Cite web |title=FiscalNote Uncovers Bots in FCC Net Neutrality Forms |url=https://www.americaninno.com/dc/newsletters/fiscalnote-uncovers-bots-in-fcc-net-neutrality-forums-d-c-is-1-for-women-in-tech-but-we-still-have-more-to-do/ |access-date=2022-11-22 |website=www.americaninno.com}} Ironically, it was later reported that many of those comments were generated by a FiscalNote subsidiary.{{cite web |last=Cameron |first=Dell |date=February 21, 2019 |title=How an Investigation of Fake FCC Comments Snared a Prominent D.C. Media Firm |url=https://gizmodo.com/how-an-investigation-of-fake-fcc-comments-snared-a-prom-1832788658 |access-date=2019-04-17 |website=Gizmodo |language=en-US}}
FiscalNote regularly uses its data to publish rankings of lawmakers and their effectiveness.{{cite web|url=http://www.newsweek.com/best-senators-congress-paul-ryan-590960|title=Paul Ryan, Mitch McConnell score poorly in ranking of most effective legislators|website=Newsweek|date=April 27, 2017}}
Curate, a technology platform owned by FiscalNote, won a global award for the best global innovation at the 2022 SAAS Awards.{{Cite web |date=2022-09-15 |title=FiscalNote's Curate Wins Global Award for "Best Data Innovation in a SaaS Product" |url=https://www.businesswire.com/news/home/20220914006063/en/FiscalNote%E2%80%99s-Curate-Wins-Global-Award-for-%E2%80%9CBest-Data-Innovation-in-a-SaaS-Product%E2%80%9D |access-date=2022-09-22 |website=www.businesswire.com |language=en}}
Civic technology
FiscalNote is a tool of civic technology as it provides organizations or companies with real time governmental policies.{{Cite web |last=Minevich |first=Mark |title=7 Ways AI Could Solve All Of Our Election Woes: Out With The Polls, In With The AI Models |url=https://www.forbes.com/sites/markminevich/2020/11/02/7-ways-ai-could-solve-all-of-our-election-woes-out-with-the-polls-in-with-the-ai-models/ |access-date=2022-09-22 |website=Forbes |language=en}} This connects companies to the government, allowing them to take notice of what policies may impact their business and allowing companies to stay in compliance while pursuing future goals.{{Cite web |title=Using artificial intelligence for better policymaking with FiscalNote |url=https://entrepreneurs.princeton.edu/news/using-artificial-intelligence-better-policymaking-fiscalnote |access-date=2022-09-22 |website=Princeton Entrepreneurship Council |language=en}} In addition, FiscalNote could also help the government gain the public's trust by providing transparency in their actions and policies. FiscalNote could possibly provide insight into more streams of Civic Technology such as providing information to citizens about the different policies representatives are associated with and how that would impact their daily life by voting for them. Another use of FiscalNote is to utilize the extensive dataset they provide to conduct research about different administrations or ideologies in government.{{Cite web |last=Livermore |first=Micheal |title=Computationally Assisted Regulatory Participation |url=https://heinonline.org/HOL/Page?collection=journals&handle=hein.journals/tndl93&id=1050&men_tab=srchresults |access-date=2022-09-22 |website=heinonline.org}}
Controversy
FiscalNote has been criticized for the high price of its service, which critics claim excludes citizens and smaller lobbies that cannot afford the product whilst providing wealthier lobbies with information that leaves them better equipped to protect their clients and self interests.{{Cite web |title=Tim Hwang's FiscalNote is revolutionizing Washington lobbying with big data |url=https://www.technologyreview.com/2018/08/13/2207/tim-hwangs-fiscalnote-is-revolutionizing-washington-lobbying-with-big-data/ |access-date=2022-09-22 |website=MIT Technology Review |language=en}}
FiscalNote has also been criticised for putting undue weight on correlations that may not necessarily provide relevant insight as to why a certain bill passed or failed. Additionally, John Wilkerson, a political science professor at the University of Washington, criticises FiscalNote for placing importance onto whether individual bills move forward, rather the policies behind them.{{Cite news |last=Gaynor |first=Micheal |title=Can big data predict which bills will pass Congress? |newspaper=The Washington Post |url=https://www.washingtonpost.com/lifestyle/magazine/can-big-data-predict-which-bills-will-pass-congress/2018/01/31/ffe6c162-f7c3-11e7-b34a-b85626af34ef_story.html}}
The Economist Group Partnership and 18% Equity
On August 20, 2018, the Group completed the sale of CQ-Roll Call, Inc and Capitol Advantage LLC to FiscalNote, Inc. The Economist Group received $80,000,000 cash, $58,557,176 loan notes (12.6% PIK loan notes payable by February 2024) and a minority 18.2% equity interest in FiscalNote, Inc{{cite web |title=TEG 2020 Annual Report |url=https://assets.ctfassets.net/2h5kbjx7tvqe/12QhSBDOL9NhX3HgjkxXl9/d0f12167a5625c7673d5dad61ed5f8bb/Annual_Report_2020.pdf |ref=pages 68}} (46,008 Preference shares in FiscalNote, Inc. valued at $41,443,000).{{cite web |title=2020 Annual Report (The Economist Group) |url=https://assets.ctfassets.net/2h5kbjx7tvqe/12QhSBDOL9NhX3HgjkxXl9/d0f12167a5625c7673d5dad61ed5f8bb/Annual_Report_2020.pdf |publisher=The Economist Group}}
The Economist Group’s equity interest was reduced by £12m In FY2020 when FiscalNote raised $54m of additional capital to support its next phase of growth.{{cite web |title=The Economist 2020 Annual Report |url=https://assets.ctfassets.net/2h5kbjx7tvqe/12QhSBDOL9NhX3HgjkxXl9/d0f12167a5625c7673d5dad61ed5f8bb/Annual_Report_2020.pdfhttps://assets.ctfassets.net/2h5kbjx7tvqe/12QhSBDOL9NhX3HgjkxXl9/d0f12167a5625c7673d5dad61ed5f8bb/Annual_Report_2020.pdf |publisher=The Economist Group |ref=pg. 32}}
On December 29, 2020, the Economist Group sold the interests it acquired in FiscalNote, Inc. for £52,974,000 (US$72,000,000), recognizing a loss on disposal of (£37,151,000).{{cite web |title=The Economist Group annual report and accounts 2022 pages 70, 89, 100 |url=https://assets.ctfassets.net/2h5kbjx7tvqe/5Sn5EcWiIs2BwyNBtfqRNx/087d785c67b596b09fb041e3f275c5a6/454_TEG_AR2021_FINAL_20.06.pdf |publisher=The Economist Group}}