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Lessons Learned Building a Data Company

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WHAT’S NEXT? AND LESSONS LEARNED BUILDING A DATA COMPANY SEPTEMBER 8, 2015 CB INSIGHTS CB T @CBINSIGHTS #DATADRIVENNYC 1


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CB INSIGHTS www.cbinsights.com [website] @cbinsights [Twitter] @asanwal [Twitter] TM CB Insights is a National Science Foundation backed company that uses data to provide VCs, corporate strategy, M&A teams and business development professionals with intelligence on emerging companies and disruptive technology trends. CB Insights is based in NYC, is revenue-funded with an amazing talented team and growing like a weed. To see how our data can make your life easier, visit www.cbinsights.com @CBINSIGHTS #DATADRIVENNYC 2 CB


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ABOUT US Mentioned by media over 500 times this year #560 A few of our customers... @CBINSIGHTS #DATADRIVENNYC 3 CB


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Revenue-funded Profitable & growing like a weed 24 people at the end of 2014 53 now and 70 by year end @CBINSIGHTS #DATADRIVENNYC 4 CB


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What’s Next? In God we trust, all others must bring data @CBINSIGHTS #DATADRIVENNYC 5 CB


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PROBABILITY TRUMPS PUNDITRY @CBINSIGHTS #DATADRIVENNYC 6 CB


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WE’VE SEEN IT PLAY OUT IN OTHER FIELDS USING PREDICTIVE ANALYTICS Political Forecasting Professional Sports @CBINSIGHTS #DATADRIVENNYC 7 CB


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BUT MASSIVE BUSINESS DECISIONS STILL RELY ALMOST EXCLUSIVELY ON PUNDITRY • Who do we acquire? • What’s the next big high-growth industry? • Who is our next customer? • Which startups/emerging threats might be disruptive to our existing business? • What is our competitor’s strategy and likely next move? • Which emerging business models, products, companies are gaining momentum? @CBINSIGHTS #DATADRIVENNYC 8 CB


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CUZ TODAY, WE RELY ON MBAS • Management consulting • Industry analysts • Sundry advisors @CBINSIGHTS #DATADRIVENNYC 9 CB


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AND SO DECISIONS GET MADE LIKE THIS Predictive analytics is not about replacing intuition but challenging and augmenting intuition @CBINSIGHTS #DATADRIVENNYC 10 CB


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YOUR NEXT GREAT INVESTMENT (OR THREAT) To find out which companies might be next to ascend, CB Insights, which tracks venture capital and start-ups, conducted an analysis for The New York Times. CB Insights used a proprietary software tool called Mosaic, which analyzes dozens of factors about a start-up, including the amount of money raised by a company, employee turnover, news and social media mentions, awards, customer growth and partnerships. It also examines the overall health of the industry in which the start-up competes, as well as what can be known about the quality of a company’s investors. CB Insights won a grant from the National Science Foundation to build Mosaic, using machine learning and data science to turn unstructured text into a quantitative tool to measure company health. @CBINSIGHTS #DATADRIVENNYC 11 CB


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MOSAIC - MONEYBALL FOR STARTUPS Can we solve the thin file problem? Score companies on the 3 Ms • Market • Money • Momentum @CBINSIGHTS #DATADRIVENNYC 12 CB


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YOUR NEXT ACQUISITION @CBINSIGHTS #DATADRIVENNYC 13 CB


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THE NEXT HOT MARKET - FOLLOW THE MONEY @CBINSIGHTS #DATADRIVENNYC 14 CB


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THE NEXT HOT MARKET – GOING BEYOND MONEY Bring in other factors to identify hot, emerging industries: • • • • • • • @CBINSIGHTS Money Media sentiment Chatter (news & social media) Hiring activity in the industry Quality of investors Size & quality of acquirers Past exits #DATADRIVENNYC 15 CB


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THE NEXT HOT MARKET – SPOT THEM EARLY Get alerted here @CBINSIGHTS #DATADRIVENNYC 16 CB


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YOUR NEXT CUSTOMER Sales processes are hopelessly antiquated • Company similarity engine • Ideal prospect profile to identify more companies like those • Identify the lead and then give you ongoing intelligence to nurture that lead until they become a customer @CBINSIGHTS #DATADRIVENNYC 17 CB


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WHAT’S NEXT FOR YOUR COMPETITORS? @CBINSIGHTS #DATADRIVENNYC 18 CB


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WHAT’S NEXT FOR YOUR COMPETITORS? The Business Social Graph showed Goldman’s bets in blockchain and bitcoin vs peers like JP Morgan Chase who’ve not made moves in the digital currency space. @CBINSIGHTS #DATADRIVENNYC 19 CB


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LESSONS LEARNED BUILDING A DATA COMPANY Your mileage may vary (these are not rules) @CBINSIGHTS #DATADRIVENNYC 20 CB


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COMMUNICATE WITH PEOPLE LIKE THEY ARE @CBINSIGHTS #DATADRIVENNYC 21 CB


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IF YOU’RE SELLING B2B, DON’T BE THE LOW-COST PROVIDER @CBINSIGHTS #DATADRIVENNYC 22 CB


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DATA AND CONTENT ARE GREAT TO GET ATTENTION @CBINSIGHTS #DATADRIVENNYC 23 CB


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DON’T BUILD IN SOMEONE ELSE’S SANDBOX “Don’t be a Google Bitch, don’t be a Facebook Bitch, and Don’t be a Twitter Bitch. Be your own Bitch.” @CBINSIGHTS #DATADRIVENNYC 24 CB


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WE’RE NOT SELLING DATA. WE’RE SELLING WHAT DATA ENABLES. Look good in front of your boss, customers, partners, etc. @CBINSIGHTS #DATADRIVENNYC 25 CB


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GOD ALGORITHMS ARE TOUGH TO SELL (ESPECIALLY RIGHT OUT OF THE GATES) Build trust & credibility with your data over time. Offer visibility into how the algo works and it’s drivers. Then predictive analytics and God algorithms become more practical. @CBINSIGHTS #DATADRIVENNYC 26 CB


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BIG COMPANIES WHO WANT TO “PARTNER” BUT HAVE NO MONEY ARE A WASTE OF TIME “Joint value creation” @CBINSIGHTS #DATADRIVENNYC 27 CB


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Distribution partnerships sound good but... they almost never work @CBINSIGHTS #DATADRIVENNYC 28 CB


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ONCE YOU HAVE DATA, CUSTOMERS WILL TELL YOU WHERE THEY WANT YOU TO GO @CBINSIGHTS #DATADRIVENNYC 29 CB


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Questions or want this presentation? CB INSIGHTS www.cbinsights.com [website] @cbinsights [Twitter] @asanwal [Twitter] If you’re interested in tech, what’s next, startups, VC, etc., join 98,000 others and get our free newsletter. www.cbinsights.com/research-newsletter TM CB Insights is a National Science Foundation backed company that uses data to provide VCs, corporate strategy, M&A teams and business development professionals with intelligence on emerging companies and disruptive technology trends. CB Insights is based in NYC, is revenue-funded with an amazing talented team and growing like a weed. To see how our data can make your life easier, visit www.cbinsights.com @CBINSIGHTS #DATADRIVENNYC 30 CB


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