Thanks for being here!
Announcements:
#1 - I will be in NYC January 18-20 for Eagle Alpha Conference. Let me know if you’ll be there too!
#2 - Our transaction data is now available at more granular “row level”. Contact me to learn more.
Theme that emerged in this week’s email is many people are willing to share their experiences with data and building data companies.
QUOTES
“For a company to truly move forward with digital transformation, they need to combine data science and data analytics and draw from a single source of truth. We’ll see more CIOs cutting back on vendor spending to simplify their data architecture. Companies that implement an architecture that combines hindsight and predictive analytics to deliver efficient and intelligent solutions will win in the end.”
News Articles
Podcasts
Cool Charts
Final Thoughts (Network Effects)
Appendix
#1 – Shubham Sharma published 14 data predictions for enterprise growth in 2023. December 2022.
My Take: Of most interest to me was #1 “CIOs will look to consolidate data and simplify architecture”. There is too much data and CIOs are figuring out that more is not necessarily better. Of most importance is the value you are adding to your business & if you create too much noise, you lose traction.
#2 – Revelate published Why Monetize Data? A Brief Guide. December 2022.
My Take: Really like that Revelate (formerly TickSmith) highlights the non-financial benefits. Many data owners I’ve talked to just want the fee, but there is a TON of value in getting your data organized, building strategic relationships, & just having another set of eyes look at your data.
#3 – Mendhio’s Tech (Data) Corner published 10 Lessons Learned In 10 Years Of Data. December 2022.
My Take: Fun look back at 10 years of changes in the data world using our fictional friend Bob, the Big Data Engineer. Let the hype begin!
BONUS: Seattle Data Guy In 2023 is a newsletter I’d recommend reading if you are in the data space. December 2022.
BONUS 2: Another recommended data industry newsletter, this is a new one from FactSet’s Dan Entrup: It's Pronounced Data. December 2022.
BONUS 3: @JackSoslow‘s AI Reading List for those trying to keep up with Artificial Intelligence (like me).
#1 – Mark Fleming-Williams interviews Omri Shtayer. December 2022.
My Take: Omri is among my favorite people I have had the pleasure of getting to know in the world of data over the past couple of years. This is a good podcast, not just for background on the data space, but also for insights into the entrepreneurial journey.
Highlights (53-minute run time):
Minute 01:00 – interview starts
Minute 03:00 – Omri’s background (Air Force, etc)
Minute 07:15 – how did Lagoon come about & the story of Data Lagoon
Minute 20:45 – developing the vision & how this changed over time
Minute 24:30 – discussion of data partnerships
Minute 27:00 – importance of being part of the alternative data industry network
Minute 31:00 – ghosting is good (!?)
Minute 34:00 – the benefit of asking stupid questions
Minute 37:00 – launching of the platform in Spring 2022
Minute 45:00 – what now with Lagoon? Omri moving to SimilarWeb
Source: Fabio Italiano of Alteryx published The Value of Data in Marketing. December 2022.
Bottom line, the modern CMO looks more like a CIO than any time in history.
These charts from the article are attributed to Scott Brinker.
Source: Network Effects
TL;DR (To Long; Didn’t Read)
Network professionally with effort & intention. Add value to the group.
The building & maintaining of your professional network is an effort worth spending a lot of time & energy doing well.
The benefits of strong relationships compounds over time. Start early, be consistent, and be intentional.
There is a tendency in a professional setting to make every interaction transactional. This is short-term thinking. People will see through you if it is obvious that you are only interacting with them to get something for yourself.
"close relationships, more than money or fame, are what keep people happy throughout life."
Invest
Invest time & energy. Be in the room. Go to conferences. Reach out when there is no reason to reach out (“just checking in to see how things are going for you...”). Participate. Beware the dangers of LinkedIn. LinkedIn connections are interesting but a LinkedIn connection is not the same as a relationship.
Be Genuine
Care about people, not just what you think they might be able to do for you. Be genuinely happy when friends find a great opportunity or get a lucky break. There is no room for envy. Alternatively, if something negative happens, you should connect. I’ve lost jobs in the past, the people that care enough to reach out at that time are meaningful.
Add value
A good example is this Alt Data Weekly email. This is just a summary of what has been written or recorded in my professional industry. With consistency, people will look to you as a filter for what they should be reading. The side benefit is you keep your name in front of people on a regular basis. Plus the authors/podcast hosts you highlight appreciate your efforts to further distribute their work.
Follow up & follow through
Do what you say you will do. It is shocking how many people don’t follow through. At times, this can be hard. Sometimes you have to deliver bad news. Let them know. Things occasionally take longer than expected. Let them know. Don’t go silent.
Thank you
Last, but certainly not least … say “Thank you” … often.