Inspired by governmental institutions publishing data for more than a decade, also private sector organizations have started engaging in open data initiatives in recent years. While monetary expenses to engage in open data are tangible, its benefits remain vague, thus fueling the open data paradox. We conduct a set of expert interviews to untangle this paradox to elicit potential benefits that may originate from engaging in open data in the private sector. Our preliminary results show three distinct groups of benefits: internal improvements,
innovation driver, and external visibility. With this paper, we lay the foundation for a comprehensive model on exploring open data benefits. For practitioners, we showcase a novel path to extract value from data and to monetize it.