In Case You Missed It: August 2023 Recap
Every Business Should Become A Data Business, Stop Building Infrastructure Startups, How To Create A Data Flywheel
This is the Three Data Point Thursday making your business smarter with data & AI.
This special in-between issue serves as a recap of the last editions and more of my writing. It features a few quotes from each piece so you can get a feel for them and quickly jump around the Three Data Point Thursday universe.
You need to become a data business because someone inside your industry will take that same step. Someone will create an ever-increasing flywheel of:
Making their product better by infusing it with data & crunching data better
Selling it to consumers, and thus gaining the ability to collect more data & crunch more data
Turn this circle round and round again, increasing the value to consumers, and thus adoption, and thus their market share on every turn
Until the segment displays a monopolistic structure. (without you…)
TL;DR: If you found a data startup, prefer end-to-end products over infrastructure. Otherwise, you will be limited in your growth by external factors out of your control.
Data flywheels are at the core of Amazon, Netflix, Spotify, and most successful hot shot companies you know. Learn how to build your own and avoid the five most common mistakes.