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5 Ways to Build a Data-Driven Startup from Day One

By   /  November 11, 2015  /  No Comments

startby Angela Guess

John Kelly recently wrote in Entrepreneur, “Data allows companies, both big and small, to improve their offerings and make more informed decisions — and data-driven companies are more valuable in both perception and reality… Here are a few tips to start building a data-driven company: (1) Identify your data customers. Data customers aren’t necessarily a startup’s customers. Uber’s data customer — other travel firms — is entirely different from the general public using its service. Video game distributor Zynga is actually much more, leveraging data from each game interaction and selling insights to determine which games users play so similar games can be created.”

Kelly goes on, “(2) Find out what data they need. Which insights will have a direct impact on customers’ daily actions, and how will that information be gathered? Will it be structured so it can be analyzed immediately, or does it need to be cleaned? Data is nothing without context, so entrepreneurs must translate it so it makes sense to their customers. (3) Build or buy data. Once the data need has been determined, build the infrastructure to collect it or pay a third party to extract it. A data ecosystem can be built cheaply with Amazon Web Services, but a data scientist still must examine the extracted knowledge.”

Read more here.

photo credit: Flickr/ stevendepolo

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