References
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[4] . “Goldman Sachs predicted that FinTech start ups would syphon $4.7 trillion in revenue in the coming years”Camp, M (2024) Customer Loyalty Strategies in Financial Services, Propello Cloud. https://blog.propellocloud.com/customer-loyalty-in-financial-services#:~:text=Goldm an%20Sachs%20predicted%20that%20FinTech,question%20remains%3A%20is%20i t%20enough%3F
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[19] . “Springville dermatology and diagnostics … 2.2%” (2025). How Springville Dermatology Hit an All-Time Low 1% Denial Rate with Athelas. Athelas https://www.athelas.com/case-studies/springville-dermatology-and-diagnostics
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[22] . “after merging with Commure the joint entity's valuation skyrocketed to $6 billion” Commure team. (2024). Commure growth explodes in 2024: Powering AI and sensors for 250K providers, transforming healthcare delivery. Commure Blog. https://www.commure.com/blog/commure-growth-explodes-in-2024-powering-ai-and-sensors-for-250k-providers-transforming-healthcare-delivery
[23] . “In 2024, in partnership with Commure, Athelas boosted its revenue cycle management (RCM) capabilities, processing $4 billion in claims and achieving a 15-20% average increase in the percentage of collections” Commure Staff. (2024). Commure growth explodes in 2024: Powering AI and sensors for 250K providers, transforming healthcare delivery. Commure Blog. https://www.commure.com/blog/commure-growth-explodes-in-2024-powering-ai-and-sensors-for-250k-providers-transforming-healthcare-delivery
[24] . Figure 1.7 Mahendru, S (2022). The revenue cycle management outsourcing industry – Insights. Athelas Blog. https://www.athelas.com/tbh/the-revenue-cycle-management-outsourcing-industry
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[27] . “World Economic Forum recognising FiscalNote as one of the most prominent technology pioneers in 2016.” (2016). Technology Pioneers 2016. World Economic Forum. https://widgets.weforum.org/techpioneers-2016/index.html
[28] . “For example the acquisition of predata in 2021 enabled fiscal note to procure the leading … 180 countries.” (2021). FiscalNote announces acquisition of Predata.FiscalNote. https://fiscalnote.com/press-room/fiscalnote-announces-acquisition-of-predata#:~:text =Predata%20is%20a%20leading%20AI,follow%20us%20on%20Twitter%20@predata.&text=FiscalNote%20is%20the%20premier%20information,.com%20and%20follo w%20@FiscalNote
[29] . Figure 2.0 panel a (2021). Investor presentation. FiscalNote. (pp 13) https://fiscalnote.com/investor-presentation.pdf
[30] . Figure 2.0 panel b (2021). Investor presentation. FiscalNote. (pp 37-38) https://fiscalnote.com/investor-presentation.pdf
[31] . “while total revenue for the second quarter of 2022 was $27.2 million, up 41% from the second quarter of … remained negative at -$5 million.” (2022). FiscalNote announces second quarter 2022 financial results.FiscalNote. https://fiscalnote.com/press-room/fiscalnote-announces-second-quarter-2022-financial-results
[32] . In Q3, while revenue was increasing … a $2.4 million decrease from the preceding quarter. (2022) FiscalNote announces third quarter 2022 financial results. FiscalNote https://fiscalnote.com/press-room/fiscalnote-announces-third-quarter-2022-financial-r esults
[33] . “FiscalNotes fiscal year 2022 recorded below par performances, with a total revenue… roughly 36%.”(2023). FiscalNote announces fourth quarter and full year 2022 financial results; provides outlook for FY 2023. FiscalNote https://fiscalnote.com/press-room/fiscalnote-announces-fourth-quarter-and-full-year-2022-financial-results-provides-outlook-for-fy2023#:~:text=Revenue%20increased%2037%25%20to%20%24113.8,to%20%2485.7%20million%20in%202021.&text=GAAP%20net%20loss%20of%20%24218.3%20million
[34] . “At the end of the financial year 2023 FiscalNote earned a total revenue of $132.6” (2024). FiscalNote announces fourth quarter and full year 2023 financial results; exceeds adjusted EBITDA expectations. FiscalNote. https://investors.fiscalnote.com/news/news-details/2024/FiscalNote-Announces-Fourth-Quarter-and-Full-Year-2023-Financial-Results-Exceeds-Adjusted-EBITDA Expectations/default.aspx#:~:text=Revenue%20increased%209%25%20to%20%2434.3,the% 20fourth%20quarter%20of%202022
[35] . “Fiscal year 2024 ended with a total revenue of $120.3 million” (2025). FiscalNote signs definitive agreement to divest additional non-core asset to further streamline company operations and strengthen balance sheet. FiscalNote. https://fiscalnote.com/press-room/fiscalnote-signs-definitive-agreement-to-divest-additional-non-core-asset-to-further-streamline-company-operations-and-strengthen-balan ce-sheet
[36] . “As of 2025, FiscalNote has been unable to find its footing in quarter 1 of the financial year observing a total revenue of just $27.5 million” (2025). FiscalNote reports first quarter 2025 financial results. FiscalNote. https://investors.fiscalnote.com/news/news-details/2025/FiscalNote-Reports-First-Qua rter-2025-Financial-Results/
[37] . Figure 2.3(2025). A peek at FiscalNote Holdings’s future earnings. Nasdaq. https://www.nasdaq.com/articles/peek-fiscalnote-holdingss-future-earnings
[38] . “FiscalNote downward trend is marked by a fall in its market cap to $83.10 million” (n.d.). FiscalNote Holdings (NOTE) market cap & net worth. StockAnalysis. https://stockanalysis.com/stocks/note/market-cap/
[39] . “The U.S. Bureau of Labor Statistics estimating that over 20% of small businesses fail within the first year.” Bureau of Labor Statistics, U.S. Department of Labor. (2024, January 12). 34.7 percent of business establishments born in 2013 were still operating in 2023. The Economics Daily. https://www.bls.gov/opub/ted/2024/34-7-percent-of-business-establishments-born-in- 2013-were-still-operating-in-2023.htm
[40] . “divestiture of subsidiaries such as Oxford Analytica and Dragonfly”(2025). FiscalNote Holdings Q4 2024 misses forecasts [Earnings call transcript]. Investing.com. https://in.investing.com/news/transcripts/earnings-call-transcript-fiscalnote-holdings-q4-2024-misses-forecasts-93CH-4722297
[41] . “$30.59 million in Q4 2024” (2025). FiscalNote Holdings Q4 2024 misses forecasts [Earnings call transcript]. Investing.com.https://in.investing.com/news/transcripts/earnings-call-transcript-fiscalnote-holdings-q 4-2024-misses-forecasts-93CH-4722297
[42] . “We’re already seeing strong engagement metrics” claims Josh Resnik FiscalNote. (2025). FiscalNote CEO expands on earnings, new products & debt [Video]. YouTube. https://www.youtube.com/watch?v=MEN0p0089XM
[43] . “We’re also looking to do a series of events where we let some of our companies present to a much larger audience of venture capitalists that we can connect with and invite in.” Webster, R. (2021). Emory’s new student-run VC fund: Dedicated to minority entrepreneurs. Poets & Quants.https://poetsandquants.com/2021/11/26/why-emorys-new-student-run-vc-fund-is-dedi cated-to-minority-entrepreneurs/
[44] . “while revenue performances in 2025 were not strong compared to previous years, they surpassed recent expectations which can be viewed as a positive sign regarding FiscalNote’s future.”(2025). FiscalNote reports first quarter 2025 financial results. Yahoo Finance. https://finance.yahoo.com/news/fiscalnote-reports-first-quarter-2025-200500353.html
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