Data Scraping Tech - Thorsteinn Guðmundsson of DataMarket

The Truth is Out There!

…But sometimes it’s tough to find. Enter DataMarket, a Reykjavik/Boston startup specializing in aggregating “complex and diverse data” from public, syndicated, and proprietary sources. “Our customers are data producers and data markets,” VP of Operations Thorsteinn Yngvi Guðmundsson told us when we caught up with him at Startup Iceland. DataMarket offers them a “white label solution to distribute the data to their customers.”

Judging by their website, their platform is maturing well. Thorsteinn says the key to keeping DataMarket moving forward is a focus on serving their “very well-defined” target market. “The next step… is to evolve into more of a service organization, and to make sure that our support services are in place, and to make sure we can live up to the customer’s expectations of service.”

The DataMarket story serves as a reiteration of the importance of not getting attached to your first, or even second or third, business models. “Finding and validating the right business model for us took us a while,” he reveals.

“Once we had that nailed down, we started the actual sales processes.” But as many other founders have also discovered, having a ready-to-go product and market demand doesn’t mean the money will start rolling in right away. “We’ve discovered that we’re dealing with a market that has a very long sales cycle. That wasn’t a surprise really… we’re doing enterprise sales, so you expect a long sales cycle. But I think that in this startup, as in almost every startup that you come across, everything takes longer than you expect at first.”

We asked Thorsteinn why he has chosen to be an entrepreneur. He admits he gets a real kick out of “making the world a little better than when you entered it.”

UPDATE: According to their website, DataMarket has recently been acquired by Qlik. Congratulations!

Credits
Underwriter: Promogogo

Interviewer: Thubten Comerford
Article: Eric Inman

Producer: Hrefna Helgadottir
Video Editor: Jacob Curtis

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