The availability of data sources and advances in analytics and artificial intelligence offers the opportunity for organizations to develop new data-driven products, services and business models. Though, this process is challenging for traditional organizations, as it requires knowledge and collaboration from several disciplines such as data science, domain experts, or business perspective. Furthermore, it is challenging to craft a meaningful value proposition based on data; whereas existing research can provide little guidance. To overcome those challenges, we conducted a Design Science Research project to derive requirements from literature and a case study, develop a collaborative visual tool and evaluate it through several workshops with traditional organizations. This paper presents the Data Product Canvas, a tool connecting data sources with the user challenges and wishes through several intermediate steps. Thus, this paper contributes to the scientific body of knowledge on developing data-driven business models, products and services.