Data businesses are special
Data is the new oil, and data businesses are the new oil companies.
Data is a valuable commodity that can be used to make decisions in many industries. Data is not just a commodity, it also has an intrinsic value to the company that collects it. Data has two types of value:
1) The first type of value is what data can be sold for on the market, and
2) The second type of value is what data can be used for internally by the company that collects it.
In this post, we are primarily focused on point 1: businesses that provide access to valuable data, and profit from this transaction.
What is a data business?
Companies like Bloomberg, or Stats Perform are some of the best examples of data businesses. These companies collect, curate and then package data in a way that data can be used to create value in many different use cases.
Creating a startup in this space is not something easy. Data businesses are peculiar, but when they work, they work very well and scale.
On this podcast we discuss this very interesting subject. This episode is based on a very interesting post by the Pivotal newsletter, written by Abraham Thomas.
If you are interested to discuss topics such as AI, data science or blockchain, make sure to get in touch. Also, if you are a startup owner and you are interested in data science, make sure to check out the Tesseract Academy’s webpage. We have many programs, courses and workshops for entrepreneurs and decision makers, on topics ranging from data strategy all the way to data-driven product development.