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This is the #1 thing that most people who work at data companies do not understand. Most people think that they need to hoard the data. But the data … - Auren Hoffman
" "This is the #1 thing that most people who work at data companies do not understand. Most people think that they need to hoard the data. But the data increases in value if it can be combined with other interesting datasets. So you should do everything you can to help your customers combine your data with other data. One way to make data easy to combine is to purposely think about linking it — essentially creating a foreign key for other datasets.
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Auren Raphael Hoffman
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From running a data company and investing in dozens of data companies, here are some learnings about data businesses that I wish I knew 6 years ago:
Data businesses are MUCH harder than I thought
* There are often only a small number of buyers
* Data businesses can be SUPER competitive
* Can take a lot of dev infrastructure which can be costly — it is a fixed cost but costly nevertheless
* If you are a horizontal data business (selling to many industries), you never are great for any one industry
* Just because you get to $10M ARR, doesn’t meant mean you have REAL product-market-fit
Being too religious is only good when you are right
If you are right, you get to go to heaven. But if you are wrong, you need to jettison your old beliefs.
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