Licens.io: A Process for Data Monetization

What's The Thursday Process?

The Thursday Process is a webinar series hosted by Richardson & Richardson Consulting managing partner Ian Richardson.

Every Thursday we host an entrepreneur sharing a process that fundamentally changed their business for the better.

Live attendees can download a copy of the process we discuss on the webinar to customize and implement in their own business. Registered attendees may watch the webinar on-demand.

This series is appropriate for business owners and leaders in any industry.

Who Is Ian Richardson?

Ian founded Doberman Technologies in 2005, and successfully exited in 2021. He is a certified Paterson Strat Op guide, focused on helping business owners improve their quality of life by maximizing both their productivity and profitability. He is the co-founder and managing partner of Richardson & Richardson Consulting.

Who is our Guest this week:

Michael Bommarito is the Co-founder and CTO at licens.io

licens.io helps organizations create value and manage risk when they build, buy, and sell software and data products.

Some backstory:

Michael and his business partner and wife Jillian spent a lot of time in the financial industry.

They would often come across a business, or sometimes "just a guy" that had an incredible amount of data that they had collected.

For example:

The business owner might have collected data about empty spots in their mall parking lot, or counted empty rail cars on a train. Working with Michael and Jill, they were able to monetize that data for tens of thousands of dollars.

Michael and Jill recognize that most business owners do not realize the value of their proprietary data.

Systematic observations around data, combined with format, structure, process, and support can turn your company data into a goldmine - especially when determining an exit valuation.

This is the process that Michael uses to help organizations determine if their data can be monetized; and outlines the steps business owners can take to begin collecting and nurturing their proprietary data.