How (and Why) to be a data driven startup

Transcript

1. How (and Why) to be a Data Driven Startup By Soham Mondal from Triveous Together 2021
2. Presentation Agenda Together 2021 Agenda Introduction Being data-driven: Why is it important? Relevance to startups 1 Challenges Perceived Challenges Actual Problems 2 How to be a data driven startup? Methodology Tools 3
3. I’m Soham Mondal Founding Partner, Triveous Soham is the Founding Partner at Triveous and brings over 13 years of experience in building and servicing products across like finance, entertainment, education among others. https://www.linkedin.com/in/sohammondal/ https://twitter.com/s0h4m About
4. Triveous Technologies https://triveous.com/ 2013 2016 2017 Khoslalabs Worked with Khoslalabs on a state-of-the-art micro ATM (any Kirana shop owner can act as an ATM teller using their mobile phone) and POS solutions for the underbanked sections of India. EnParadigm and Google Worked with Enparadigm on multiple offline first apps in the insurance and education space. Worked with Google on multiple initiatives in the User Experience and Android Application space. About
5. 2018 2020 FREND and Internetsaathi FREND is a non profit backed by Google and Tata Trusts. Worked on designing and developing an offline first application to generate livelihood for over 50,000 women in 300,000 villages across India. IDEO, Novopay and Google AI Worked with IDEO on a design framework for new internet users. Worked with Novopay on multiple financial applications impacting millions of users across India.
6. Introduction What is a data-driven startup? Why should you care? 1
7. If you can’t measure it, you can’t improve it. Peter Drucker
8. Example: COVID19 Pandemic Metrics define strategy & progress No testing = No strategy Number of cases vs Positivity Rate Government agencies, Healthcare workers Metrics define strategy PROBLEM STATEMENT Introduction
9. Forrester Research New type of startups/orgs are being created: Analysts at Forrester Research have identified a new type of organisation, the insights- driven business, which they claim are growing at an average of more than 30% annually and are on track to earn $1.8 trillion by 2021.
10. Harvard Business Review Data-driven companies enjoy increased revenue, improved customer service, best-in-class operating efficiencies, and improved profitability.
11. Startups Opportunity / Product Market Fit  How to define the problem statement - How to find opportunities in market - How to define product market fit 01. Product / Growth / Acquisition  How to prioritise new features?  How to acquire new users?  How to grow the organisation or product? 02. Monetisation  Choosing the right monetisation channels or strategy - Revenue projections 03. Introduction
12. Challenges What are the challenges in being a data driven organisation? 2
13. Perceived Problem: Capturing Data
14. Feel overwhelmed making decisions at work 94% More data doesn’t mean better decision making From Oracle Netsuite
15. Real Challenges Important metrics What metrics should you capture? What metrics are important for your business? Data Driven Decision Making How do you make data driven decisions? Culture How to build an org wide culture of focusing on data and making data driven decisions? Challenges
16. Solution How to be a data driven startup or organisation? 3
17. Culture Make data driven decision making a part of the org culture Attitude Change your mindset about data Skilling Improve data literacy org- wide Tooling Provide people the right tools to be data driven
18. Don’t look at data as a separate part of the business to be used by analysts only Attitude
19. How do we make Data Driven Decision Making an Org-Wide phenomenon? Cultural Transformation
20. https://blog.weekdone.com/good-case-studies-implementing-okrs/
22. https://7geese.com/okr-objectives-and-key-results-faqs/
23. Analytics Framework Platform to securely capture and store data Access to Data, Data Literacy Easy access to data Established process around data handling and access Improve data literacy org-wide Accessible OKRs Follow OKR or similar process Make OKRs accessible to relevant people Problem Solving and Opportunity Analysis Use the “Jobs to be Done” Framework Tooling and Skilling Solution
24. Jobs-to-be-Done Theory provides a framework for defining, categorising, capturing, and organising all your customers’ needs. JOBS TO BE DONE FRAMEWORK
25. https://www.intercom.com/blog/podcasts/podcast-tony-ulwick-on-jobs-to-be-done/
26. How (and Why) to be a Data Driven Startup? 01 Introduction How is data important? Relevance to startups 02 Challenges Important Metrics Data Driven Decision Making Culture 03 Solution Attitude Culture - OKRs Skilling Tooling - Jobs to be Done Recap
27. Q&A Email/Site soham@triveous.com https://triveous.com/ 01. Email/Website https://www.linkedin.com/in/sohammondal/ https://twitter.com/s0h4m 02. Slides 03. Fin