Challenges of Tuning Data for Specific Use Cases

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Tuning data for very specific use cases may lead to a product that is not suitable for other use cases, causing the data business to be just okay for everybody. This broad approach may prevent the business from dominating any specific market. Businesses dealing with data can be classified into those focused on the past (truth), those focused on predicting the future (religion), and those focused on data about products, people, places, and organizations/companies.

In today’s episode, Erik Torenberg sits down with Auren Hoffman, CEO of SafeGraph, to discuss all things data business like building around products, selling horizontal data, second party data sharing, and much more.

Media Empires is part of the Turpentine podcast network. To learn more: www.turpentine.co

We're hiring across the board at Turpentine and for Erik's personal team on other projects he's incubating. He's hiring a Chief of Staff, EA, Head of Special Projects, Investment Associate, and more. For a list of JDs, check out: eriktorenberg.com.

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LINKS:

SafeGraph: https://www.safegraph.com/

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Apple: https://podcasts.apple.com/podcast/id1696419056

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(00:00) Episode Preview

(01:09) What ties Auren's businesses together

(03:00) The importance of market share and declining CACs

(03:39) Challenges & types of data businesses

(05:00) Selling horizontal data

(05:40) People, places, organizations, and products

(10:12) Methods for sourcing and verifying data

(14:48) Potential of building data businesses around products

(16:21) The nuances in recommendations for people and products

(26:46) LinkedIn’s success and disappointments

(33:09) Windfall data and net worth

(34:27) Reputation and bias

(37:32) Challenges & potential for social recommendations

(42:10) Improving the user experience of LinkedIn

(47:12) Crossbeam & second party data sharing

(49:14) DSL Co-op & aggregating general ledger data

(50:41) Building a reputation database

(51:50) NDA network

(53:01) Software businesses masquerading as services businesses

(55:24) Incubators & structuring ownership

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X / Twitter:

Auren Hoffman: @auren

Erik's Twitter: @eriktorenberg

Media Empires: @mediaempirespod

Turpentine: @turpentinemedia

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