How large data sets create opportunities for entrepreneurs

Large data sets pro­vide oppor­tu­ni­ties for entre­pre­neurs to cre­ate new busi­nesses that help cus­tomers make deci­sions using data and ana­lyt­ics.. I’ve reviewed a cou­ple of them pre­vi­ously: Solum (geo­tar­get­ing fer­til­izer to increase crop yield) and Steet­light Data (opti­miz­ing retail store loca­tion) A recent arti­cle in Slate enti­tled Here Comes the Data Econ­omy describes how star­tups like BrightScope are lever­ag­ing big data from gov­ern­ment sources mashed up with other data to pro­vide a rating/​review ser­vice. the arti­cle also men­tions Weather.com, Accuweather.com which is based on raw data mashed together and sub­stan­tially cleaned up from NOAA. While the arti­cle focuses on gov­ern­ment sources of data and their value in the econ­omy, it begs the larger ques­tion of big data com­pa­nies lever­ag­ing a wide range of data — gov­ern­ment, pri­vate, pub­li­cally avail­able free data — to cre­ate busi­nesses based on data. Exam­ples would be Veromi (iden­tity and peo­ple search), Pan­dora (music), and Health Grades (physi­cian ratings).

What these busi­nesses have in com­mon are com­bi­na­tions of data sets and a derived met­ric to present the infor­ma­tion to the user . We’ll likely see a lot more of these busi­nesses in the near that make big data mean­ing­ful and applic­a­ble to cus­tomer needs. The chal­lenge will be to com­bine the data in mean­ing­ful ways that accu­rately inform deci­sions and then to present the data in an acces­si­ble fashion.

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