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How (and Why) to be a data driven startup - THub Rubrix

Soham Mondal
August 02, 2022

How (and Why) to be a data driven startup - THub Rubrix

Soham Mondal

August 02, 2022
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  1. How (and Why) to be a
    Data Driven


    Startup
    By Soham Mondal from Triveous

    THub
    -
    RubriX

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  2. Presentation Agenda
    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

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  3. I’m Soham Mondal
    Founding Partner, Triveous

    Lead Anchor Mentor
    @
    Google For Startups


    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
    Associations
    About

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  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

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  5. 2018 2022
    FREND, Novopay and IDEO


    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
    80,000 women in 300,000 villages across
    India.


    Worked with IDEO on a design framework for
    new internet users.
    Google AI, Creatorstack and Cutshort


    Worked with Novopay on multiple financial
    applications impacting millions of users across
    India.


    Worked on state of multiple state-of-the-art
    products in health, creator economy,
    recruitment and agri-tech.

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  6. Introduction
    What is a data-driven startup? Why should you care?
    1

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  7. If you can’t measure it, you can’t
    improve it.
    Peter Drucker

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  8. Example:


    COVID
    -
    19 Pandemic
    Metrics define strategy &
    progress


    No tracking
    =
    No management


    Number of cases vs Positivity Rate


    Government agencies, Healthcare
    workers


    Metrics define strategy
    PROBLEM STATEMENT
    Introduction

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  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.

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  10. Harvard Business Review
    Data-driven companies enjoy increased revenue, improved customer
    service, best-in-class operating efficiencies, and improved
    profitability.

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  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

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  12. Challenges
    What are the challenges in being a data driven organisation?
    2

    View Slide

  13. Perceived Problem:


    Capturing Data

    View Slide

  14. Feel overwhelmed making decisions at work
    94%
    More data doesn’t mean better decision making


    From Oracle Netsuite

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  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

    View Slide

  16. Solution
    How to be a data driven startup or organisation?
    3

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  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

    View Slide

  18. Don’t look at data as a separate part of the
    business to be used by analysts only
    Attitude

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  19. How do we make Data Driven Decision Making
    an Org-Wide phenomenon?
    Cultural Transformation

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  20. https://blog.weekdone.com/good-case-studies-implementing-okrs/

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  21. View Slide

  22. https://7geese.com/okr-objectives-and-key-results-faqs/

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  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
    Product Research and
    Opportunity Analysis


    Use the “Jobs to be Done”
    Framework and other
    methodologies
    Tooling and Skilling
    Solution

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  24. Product Research


    Techniques
    Market Research


    -
    What Is the market?

    -
    Who are your competitors?

    -
    Who are the important stakeholders?
    01.
    Qualitative Research


    -
    What do users need?

    -
    What are their goals and aspirations?

    -
    What are the challenges users face?
    02.
    Quantitative Research


    -
    How to confirm or reject certain
    hypotheses?

    -
    Statistical analysis of data
    03.
    Solution

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  25. https://pdmethods.com/user-research/the-difference-between-qualitative-research-and-quantitative-research/

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  26. View Slide

  27. Jobs-to-be-Done Theory provides a framework for defining,
    categorising, capturing, and organising all your customers’
    needs.
    JOBS TO BE DONE FRAMEWORK

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  28. https://hbr.org/2016/09/know-your-customers-jobs-to-be-done

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  29. https://jobs-to-be-done-book.com/

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  30. https://jobs-to-be-done-book.com/

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  31. https://www.intercom.com/blog/podcasts/podcast-tony-ulwick-on-jobs-to-be-done/

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  32. 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

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  33. Thank You
    Email/Site


    [email protected]

    https://triveous.com/
    01.
    Email/Website


    https://www.linkedin.com/in/sohammondal/

    https://twitter.com/s0h4m
    02.
    Slides


    https://speakerdeck.com/soham/how-and-
    why-to-be-a-data-driven-startup
    03.
    Fin

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