Data Strategy

In monetizing data for your startup, you’ll need a data strategy.

Here are the key components of a data strategy:

Identify the problem to solve — the problem must be specific enough to indicate the type of data needed to present a solution.

Store the data — you’ll need to capture raw data, analyze it, and create final data sets. 

This requires a data platform for capturing and storing the data that everyone can access and share the results.

Format the data — you’ll need to format your data into several forms so it can be used for multiple purposes by different groups.

Analyze the data — you’ll need to analyze the data to create the result the customer wants.

Manage the data — you’ll need to manage how the data will be used so you maintain compliance with government regulations.

There are several governing bodies including Europe, state-level, and industry level requirements around use of data.

Present the data — you’ll need a process for turning the data into meaningful results for customers such as data sets and presentations.

In selling the data it’s important to tell a story about what the data says.  

Raw data is more valuable with an analysis of how a customer can use it. 

Consider these elements in building your data strategy.

 

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Hall T Martin is the director of Investor Connect, which is a 501(c)(3) nonprofit dedicated to the education of investors for early-stage funding. All opinions expressed by Hall and podcast guests are solely their own opinions and do not reflect the opinion of Investor Connect. This podcast is for informational purposes only and should not be relied upon for the basis of investment decisions.