Startup Funding Espresso – Data Monetization Requirements

Data Monetization Requirements

Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing.

Monetizing data requires several key components.

Here’s a list of components needed to monetize your startups data:

Ability to acquire the data -- the more you can source your own data versus relying on others the more valuable your data will be.

Ability to store the data acquired -- you’ll need a data platform to hold the data for analysis and processing.

Modeling and testing -- you’ll need to model the data captured and analyze it with databases and algorithms for the result sought.  

Customer requirements -- you’ll need to know the customer’s requirements in order to build data sets of value to them.

Compliance and regulatory -- you’ll need to know the current laws around the use of data based on regulatory requirements.

People who understand data and how to interpret it -- you’ll need a team that understands data and how to analyze, interpret, and present the results.

Consider these elements in building out your data analytics program.

 

Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding.

Let’s go startup something today.

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