Data Business Models Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing. There are several ways to approach data monetization. Here are four approaches to consider for your data: Basic content -- this business model provides raw or analyzed data that can be used as is.  An example is a customer list with contact information. One can sell this list to other companies who have related products to your company. Information about products -- this business model makes available information about the product. An example is an onli ..read more

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

Why Monetize Data Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing. Data brings another dimension to the startup in product, market size, and revenue. Here are some reasons why you should monetize your startup’s data: Give your company an additional competitive advantage over the competition. Data sets you apart from the others.  Generate new sources of revenue. Data is another product you can package and sell. Improve your operations. Data can help you increase your efficiency and make your business run more effectively ..read more

On this episode of Investor Connect, Hall welcomes Kirk Otis, President of Keiretsu Forum - North Texas. Located in Plano, Texas, Keiretsu Forum is a global investment community that brings together accredited private equity investors, venture capitalists, and corporate/institutional investors.   Kirk Otis, with over 40 years of business development and investment experience, oversees the North Texas chapter of Keiretsu Forum. He has held leadership positions in startups and large corporations, closing over 50 transactions totaling $13.5 billion in enterprise value and raising $46 million ..read more

How To Monetize Your Data Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing. There are several business models for monetizing data. Consider these models for your startup: Mining your own data -- this business model takes your own startups data and uses it to provide new services and products for the business. This could be creating a resource list from your research to sell as an additional data product to existing and new customers. For example, a business could provide a data product that lists other sources to buy key produc ..read more

Type of Data Analytics Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing. Finding data to monetize comes in steps and stages. Each step leads to a more detailed understanding of what data can be monetized and how to generate it. Here’s a list of key steps to consider: Reactive analytics -- this data captures how customers find products and services. This could be where customers find the product and how they access it. Descriptive analytics -- this data captures how customers use products and services. This could be how long the ..read more

What Is a Data Strategy and Why Is It Important Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing. A data strategy is a comprehensive plan to use data to drive business decisions. You can use it to monetize data to achieve your business goals. Data strategy has four components: Story -- it tells the goals of your business and how data enables it to succeed. This includes the vision, goals, and what success looks like. Processes -- it shows the processes needed to use the data to accomplish the goals. This includes the key roles ..read more

On this episode of Investor Connect, Hall welcomes Brian Cain, President Keiretsu, Philadelphia Chapter. Based in Philadelphia and Jacksonville, Keiretsu Forum is a global network of angel investors, venture capitalists, and business leaders focused on fostering strategic partnerships and accessing promising investment opportunities worldwide.   Brian Cain brings a wealth of experience to his role as President of Keiretsu Forum Mid-Atlantic’s Philadelphia chapter. With a background in Market Research, Business Intelligence, and Commercial Analytics at major pharmaceutical companies such a ..read more

UX Design Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing. UX design provides the experience the user encounters when using a product. This is different from the user interface which is simply how the information is rendered to the user. The UI consists of the typography, color palettes, and navigation. The UX is the customer journey with the product. It consists of the experience strategy which meets the needs of the user and the company. The interaction design is how the user interacts with the product. This comes from user ..read more

Product Engagement Metrics Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing. Product engagement is a key metric to track as it can predict revenue growth and churn rates.  To track product engagement metrics consider the following: Build tracking metrics into the product that captures user activities. Capture key metrics such as number of active daily/weekly/monthly users. Capture trial to paying customer conversion rates. Measure new feature adoption to see which features are actually being used and how often. Capture the ..read more