Company Update — Dec. '23
Company Update — Dec. '23
People always ask, “how ya feelin?” Recently, I’ve found my answer changing.
Bullets for those of you who won’t read all my words (rude :p)
About to cross 5M US users
Actively engaged with 23 data buyers
Our compliance rigor looks to be a major differentiator
Targeting product at those who use data; check out the new website
We need to improve how we present the power of the data we have
2024 is all about acquiring more data
Oh, and we’re good on runway
People always ask, “how ya feelin’?” Recently, I’ve found my answer changing.
Since the start of this endeavor my answer was always bullish confidence that we would figure it out, crack this thing. Followed by excitement for the potential of the future unlocked.
Lately, it feels almost like a foregone conclusion. Now, don’t get me wrong, there’s not an insignificant amount of work left to be done —but it feels different, it feels like it’s falling into place.
To help put it in context, I want to tell you about what we’ve been up to the last couple months against the backdrop of an event we recently attended.
In early December, Barry and I attended the New York Winter Data Summit put on by our friends at Neudata —an industry conference for data suppliers and buyers in the alternative data market. Basically, every major quant fund is in attendance scoping out new data sources and tooling.
Earlier this fall, we found early success onboarding data providers —we’re about to cross 5M US consumers. With a panel size over 1M, we could actually start selling data —the final piece to proving the model, end-to-end. Barry began an outbound sales effort targeted at two industries (AI and quants) with Tim leading the charge on delivering a purchasable data product.
A data provider is a B2C brand utilizing our platform to compensate users for the legal licensing of their data —think fintech, e-commerce, and gaming cos.
As I’m writing this update, we are actively engaged with 23 companies interested in legally licensing consumer data through us. Contracts in discussion range between $10k to $100k per month depending on the data supplied. Between the time of year (budgets are locked) and sales cycles, anticipate a very active Q1.
Heading into the event, we had clearly struck a chord. Neudata’s report on mytiki became one of the most viewed in the industry and Barry had more meetings booked than hours in the day —we’re still working through some of them.
We had always set out to create a legal, transparent, and fair exchange for consumer data. But this was a vision; our opinion on where the world was headed and what the market needed. It’s starting to look like we nailed it.
Hearing from customers, compliance has become critical to the buying process and our approach stands out amongst others.
On the product side, we placed a bit of an educated gamble. Tim and I wanted to create a data product for those who use the data itself —the engineers, scientists, and analysts.
Traditionally, data is licensed in bulk, on long contracts, and negotiated by sales teams. It results in protracted sales cycles and by the time it gets to us data nerds, it’s often a technical mess requiring extensive engineering to extract the right signals. So we zigged when everyone else zagged —check out our revamped website (mytiki.com).
We’re delivering clean, matched, normalized, and de-identified data in a modern cleanroom, as a data lake, compatible out of the box with everyone’s favorite data tools, and you only pay for what you use. Yes, it widens the market in terms of who can license data, but, more importantly, we believe those engineers who consume the resource are the key to a satisfied customer —one who comes back over and over to source more and more data. After all, they’re responsible for creating value from the data. The deeper we get with customers, our conviction in this grows.
It wouldn’t be a proper update if I only hit on the positives —watching other data suppliers work at the conference was enlightening.
We need to get better at presenting the power of the data we have. Companies with less breadth, depth, and timeliness garnered inverse attention. They did a superior job in showcasing compelling use cases, killer simulations, and overall communication of the uniqueness of their data assets. We have the data to back it up and meaningful panel sizes. We need to show it off.
2024 is all about acquiring more data. There are two sides to this effort. A) we need to start adding in more unique datasets, for example whenever we mentioned Shopify data, buyers got excited because no one had it. B) we need to grow our existing financial transaction and receipt datasets. The big boys in the space boast upwards of 100M users. To unlock the big lucrative deals I want 25M users next year.
I know conventional wisdom is that these updates aren’t supposed to be about how we feel or what we believe, it’s show-me the proof. But if you ask how I’m feelin’, I’m gonna tell ya. However bullish this update is, my first draft was far more.
2023 was hard but necessary. In 2024, I’m callin’ it, we’re gonna make some serious money.
- mike, on behalf of our impressive team.