Hi Brian. If there is perceived value in shared data and that value as you say actually grows exponentially I'd say focusing your user base first is the right way to go since the costs are minimal. I've done this before in two companies (one that ended up in bankrupcy, and my current one in which we succeded). I'd be wary about a few things along the way:
- Make sure you talk to your customers (potential customers in this case) every day.
- Make sure to validate your hipothesis that the perceived value actually grows as you believe.
- Don't take the "budget for FY" as a valid answer. If this is something that solves a big problem for them and you are providing 10x the value any other solution is, then you should be able to convert them in less than 12 months.
- Don't think your expectations of revenue are correct. They are not. Until you've talked to over 100 potential customers and signed a few, you have no idea of the willingness to pay for your product.

Tread carefully, but I do think this is the right approach. Good luck!