Building the Data Shopify

Monda: The Shopify for Data 

Thani Shamsi, founder & CEO of Monda and Datarade, is on a mission to transform how companies monetize their most valuable asset: data. With his innovative platforms, Thani aims to democratize data commerce and empower businesses of all sizes to tap into the lucrative world of data monetization.

"We want to be the Shopify for data," Thani explains, describing Monda's comprehensive platform that allows data providers to set up, manage, and scale their data businesses with ease. This bold vision comes at a time when the global appetite for data is insatiable, driven by the explosive growth of AI and machine learning technologies.

Bridging the Gap: From Data Discovery to Data Monetization

Thani's journey into the data industry began a decade ago when he joined a data company and realized the true power of data in driving innovation. "I noticed that it's not so much about the algorithms and the models and the frameworks. What really matters is the data” he reflects.

This realization led to the creation of two distinct but complementary platforms: Datarade and Monda. Datarade, launched in 2020, serves as an open directory for data providers, offering transparency in an often opaque market. "We wanted to make this market way more transparent," Thani explains.

Monda, on the other hand, is an all-in-one data monetization platform designed to help data providers manage their entire data-as-a-service business. Thani describes it as "almost like a Shopify for data," allowing providers to set up their data storefront, integrate with data marketplaces, and handle delivery and subscriptions.

Navigating the Complexities of Data Distribution

One of the most significant challenges in the data industry is the complexity of distribution. Data providers must navigate a landscape filled with various marketplaces, delivery methods, and customer requirements. Monda aims to simplify this process by offering integrations with major platforms like Snowflake, Databricks, and AWS.

"Building a data provider is so much more," Thani notes. "It can be a super profitable business, but you really need to manage a complex area of distribution, transformation, delivery, data ops, customer service and so on around that."

The platform also addresses the growing demand for flexible pricing models. As Thani points out, "We also see our customers being under pressure by their customers with regards to how they want the data to be delivered, when they want their data to be delivered, where they want the data to be delivered, how they want to pay for data subscriptions, usage-based models and so on."

By automating many of these processes, Monda not only streamlines operations for data providers but also helps to ensure compliance with various data regulations and customer agreements. This automation is crucial in an industry where manual processes can lead to errors and potential legal issues.

The Rise of Data Entrepreneurship

Perhaps the most exciting aspect of Monda's vision is its potential to foster a new generation of data entrepreneurs. Thani envisions a future where companies with unique datasets can easily monetize their proprietary data using Monda's platform.

"I love working with  early stage data entrepreneurs that come to us and say, 'You know what? I have this unique data set. I'm building this data business. I'm very good at merging this data together,'" Thani enthuses. "And then in five or ten years I’d love to see this company having a thousand employees and customers, maybe doing an IPOt alk to the founders and look back at their achievement.. And then I can say, 'Awesome, this successful data business started with Monda.'"

This democratization of data monetization could lead to a more diverse and innovative data ecosystem. By lowering the barriers to entry, Monda may help unlock valuable datasets that were previously inaccessible or underutilized.

The Power of Partnerships

Monda's focus on partnerships plays a crucial role in its vision for the future of data commerce. Thani believes in the power of collaboration within the industry, stating, "I do believe Monda and Datarade will only be successful if we as an industry evolve in working way more closely together."

This collaborative approach extends to Monda's product strategy. Rather than trying to be everything to everyone, Monda aims to integrate with expert platforms in specific areas, making it easier for their customers to monetize their data across various channels and use cases.

Looking to the Future

As the data industry continues to evolve, Monda and Datarade are positioning themselves at the forefront of innovation. For Datarade, Thani envisions it becoming "even more of a super easy to use data discovery platform" that serves as a valuable reference tool for data buyers.

Monda, meanwhile, is set to become an essential tool for data providers, both established and emerging. “We're working with existing data providers to make their businesses easier, to simplify things for them and also to innovate with their customers," Thani explains.

The ultimate measure of success for Monda, according to Thani, is the success of their customers. "The happiest the whole team usually is when we hear of the success of our customers, when we hear how they closed a large deal or they made processes more efficient. Hey, there's a reason why we built this because we make the lives easier for our customers and users."

As data continues to play an increasingly critical role in business and innovation, platforms like Monda and Datarade are poised to become essential tools for companies looking to navigate the complex world of data commerce. With their focus on transparency, efficiency, and empowering data entrepreneurs, these companies are well-positioned to drive the next wave of data-driven innovation.