It would be trite to say that when Matt Turck talks about big-data, people listen. But it's true, so I'll say it anyway.
Turck is a managing director at Bloomberg Ventures, the incubation and investment arm of Bloomberg LP, and founder of the NYC Data Business Meetup, the main monthly big-data event in Manhattan.
In addition to organizing meetups and pursuing investment and partnership opportunities for Bloomberg, he helps operate Bloomberg Ventures-incubated businesses. Most recently, he spearheaded the launch of the Bloomberg Institute, which wants to become the world's leading online education and recruitment business for finance professionals.
Before joining Bloomberg Ventures as a principal in 2008, he was a senior director at Oracle. He joined Oracle in 2005, when the company acquired TripleHop Technologies, a venture-backed enterprise software company that Turck co-founded and where he served as president and COO.
Did I mention he started his career as a securities lawyer?
But none of that may be as impressive to big-data pros as the fact that Turck and a colleague recently attempted the near impossible by mapping the rapidly evolving big-data ecosystem. They made a first attempt in June. After more interviews, research, and feedback from people who have a stake in big-data, they released a second version of the map in Ocotber.
"It's still a work in progress and will presumably always be. That's the nature of the beast," he told me. The second version "is even more crowded than the first time around, which reflects the incredible vitality of the big-data space."
I was so impressed with the chart that I decided to ask Turck for even deeper insights -- a state of the union on big-data, if you will. Here are the top five things he thinks you should know.
- We're a bit ahead of ourselves in the cycle. As of now, there's a bit of a gap between all the excitement (in the press, conferences, startups, and venture capital circles) and the reality of what most large companies are doing with big-data technologies (still often just starting to dip their toe in the water, in the form of pilots or lab experiments.)
- Large companies are often right to be careful with adopting big-data technologies. A number of products are still very new and fairly immature, and a variety of early-stage companies are still largely "science projects," so it's important to evaluate those technologies carefully and thoroughly.
- Things are evolving rapidly, however. Big-data (together with cloud computing) is a long-term trend that will play out over a number of years. The needs are real, the technologies to address the needs are maturing quickly, and the excitement draws a lot of smart minds to solving big-data problems, making it a self-fulfilling prophecy that big-data will have a profound impact -- in some ways, a revolutionary impact -- on business and society.
- What's truly exciting is that we have barely started scratching the surface. A lot of progress has been made at the infrastructure and analytics level, but the world of big-data applications (whether enterprise or consumer-facing ones) is just starting. Take a look at the chart above for examples of companies doing great things in those categories.
- Even though the spotlight is on the startups that build new big-data technologies, ultimately the real beneficiaries of big-data will be large companies that will fully leverage those new technologies, along with the customers they serve.
What do you think of his list? Can you amplify any of his points?