Investor Connect Podcast

Building Trust With Data

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

In building a data business you’ll need to establish confidence in the data you are collecting and using.

It’s often the case, the team will not trust the data at first.

Here are some key steps to consider in building trust with data:

Establish a level of data literacy with the team so everyone understands the data.

The team may not know what to expect and therefore they mistrust it.

To overcome this, establish a baseline of data and metrics for your team and introduce new team members to that baseline data set.

The data may not match what the team expects.

To overcome this, show the data methodology and the results from the tests to establish trust in the data.

The team may not trust the data analyst.

To overcome this build rapport between the data analyst and the rest of the team. 

The current data set has too many holes in it.

To overcome this take the data set and rebuild it one component at a time.

Establish some overall data metrics to build the team’s trust in the data.

The data set will never be perfect but remember you are seeking excellence, not perfection.

 

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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Direct download: 04.Building_Trust_With_Data.mp3
Category:general -- posted at: 5:00am CDT

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