Fri, 27 May 2022
How to Make Your Data Valuable
Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing.
Startups can make their business more valuable if they collect data and turn it into a revenue-generating product.
Many startups providing a service can collect data about the process, the customer, the market, and more.
Raw data is not of value. It must be refined and there needs to be a market for it.
In your startup, look at the process you are running to see what data can be mined.
For example, if you provide microloans to businesses, what is the credit rating of those who pay back consistently?
Others will pay for this information.
Here are some key points to consider for mining data from your business:
Aggregating customer data can prove to be valuable information.
Look for applications where you can capture data automatically.
Network effects can increase the value of the data too.
The more unique your data set the more valuable it will be.
Having a large data set can be used to market your product or service as it increases the perceived value to the customer.
Data sets can provide a competitive advantage for your business.
Finally, you can glean insights from the data to create AI algorithms.
In fundraising, communicate your data strategy and show it as a competitive advantage and a potential revenue stream.
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