Excerpt from Alena Starostina's interview with Bjoern Lasse Herrmann in Tech Fashionist.
One new trend that is dominating the tech industry is using behavioral data to determine what decisions must be made.
Compass is a next-generation benchmarking tool that allows CEOs to view their own metrics in the context of peer companies. Compass chooses these peers based upon deep behavioral information and presents individual data along with relevant, aggregated reference points. All that is required is inputting your data.
When did you realize you wanted to start this company and how did you come up with the idea?
We got started with a research project called Startup Genome. The result of that research was that the vast majority of startups fail not because of competition but because of self-destruction, caused by startups very efficiently executing the unnecessary. The reason they do so is not because they are "stupid", but because they have a lack of visibility into their market and processes. They end up over-engineering their product, spending too much money on acquiring customers with the wrong channels or building a team of people that are not necessary.
Therefore, we built Compass; a tool that provides benchmarks on business performance metrics and industry insights to business in exchange for their own data. With Compass they can make sense of their data and allocate resources accordingly. Our aim is to crowdsource the largest dataset on business performance data for millions of business around the globe.
Where can readers find out more about you, your work, and learn about your startup?