Startup Funding Espresso – Key Factors in Building a Data Business

Key Factors in Building a Data Business

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

In building a data business here are some key factors to focus on:

Provide high quality data that provides value to the customer.

Low quality data commands a lower revenue rate.

Look for data that others don’t have.

The more unique the data the higher the monetization value.

Focus on critical needs in the data you build.

Nice to haves don’t command as much attention.

Must have data generates higher revenue rates.

Foster a culture of innovation.

Give employees the freedom to experiment and explore new opportunities.

Start with the data you have.

Mine the data in your customer/prospect database first.

Consider bundling the data with the product to make it more valuable.

Aim to be the leader in your space for data and data products.

Leadership brings additional value in the form of branding, exposure, and access.

Consider these factors in building your data business. 

 

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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