Connect with us

Entrepreneurship

Data: The Next Frontier

Published

on

“More data don’t guarantee better decisions. … The right data, however, do,” said Dr. Michael Hasler, program director for the business analytics Master’s program at the McCombs School of Business. The idea of “Big Data” is ubiquitous, and companies often believe they need to become part of the big data push without necessarily understanding why or how. But at the Texas Enterprise Speaker Series, Hasler reminded the audience gathered at the J.J. Pickle Research Campus that data’s real value isn’t in merely being collected, but in how it helps us make better decisions.

“Data is the new oil,” explained Hasler. “And just like oil, data in its unrefined state is really difficult to use. In its unrefined state, it’s a bunch of zeros and ones. We have to clean it and organize it in order to use it.”

Data Must Be Saved

Dr. Niall Gaffney, director of Data Intensive Computing at the Texas Advanced Computing Center (TACC) at The University of Texas at Austin, agrees. “Data unto itself is worthless,” he said. “It’s like that junk drawer that you’ve got in the kitchen. There’s a lot of useful stuff in there — if you had it organized and set up right.”

And Gaffney knows a little bit about big data. Not only is he on the leadership team at TACC, which houses Stampede — one of the biggest supercomputers in the world — but he is also a former Hubble Space Telescope data scientist who was instrumental in the development of the Hubble Legacy Archive (HLA), a project that catalogued 23 years’ worth of Hubble images and information to make that data available for open research.

The HLA was an ambitious endeavor and one that would not have been possible had decades’ worth of researchers not made one crucial decision: to save their data. Even when the technology didn’t exist to examine it — even before they knew exactly what questions they wanted to ask of it — they preserved it.

“For data to work for you,” Gaffney explains, “you can’t lose it. … It can’t be recreated. You never know how you’re going to use it in the long run.”

Data Must Be Organized

Once scientists began combing through half a petabyte (524,288 gigabytes) worth of data that had been amassed, they noticed something surprising: While plotting supernovae in deep space, they found they were brighter than they should be at such a great distance. They deduced that the only way this could be explained was that the universe is expanding faster today than in times past.

“So when you come up with something like that, you come up with something called Dark Energy,” Gaffney said. “And when you come up with something called Dark Energy, you win one of these: a Nobel Prize.”

Gaffney’s point is simple and applicable to all fields, from astronomy and physics to business or medicine: Data saved is data used — whether today or in 20 years — and we can’t always predict how that data will be applied.

The HLA has simplified the research of three new Nobel Laureates and countless other astronomers, and it has also contributed to something you might have on your smartphone right now: Google Sky Map. During Gaffney’s time at the Space Telescope Science Institute, he and his fellow scientists approached Google and asked if the tech giant had considered turning the view of Google Earth outward,  toward space. His team, along with other groups working to collect and organize astronomical data, contributed their findings from the HLA so Google could build an accurate, responsive, and interactive view of our galaxy and beyond.

“You may think that it’s a really hard thing to put together a Google Earth — and it is — but it didn’t start as just Google Earth. It’s a complex set of simple questions that go into building these things, and how you really harness the power of data is by asking a lot of little questions that you can answer, and assembling that into a grand-scale answer,” says Gaffney.

Data Must Provide Insights

To be useful, data must be stored and organized. To be valuable, data must provide insights. Whether it’s studying deep space supernovae or analyzing consumer-buying habits, the right data enable us to make better decisions.

But the data-driven world is changing rapidly. In 1993, 100 terabytes of data were transferred over the Internet. In 2013, 200 terabytes of data were transferred across the Internet … per second. The volume, velocity, and variety of data are increasing exponentially, and this can make it very challenging to sift through and find relevant correlations that produce usable results, especially for those managers not accustomed to working with large, dynamic data sets.

But learning to do so, argues Hasler, is essential. Big data can mean big value — hundreds of billions of dollars, in fact. Geotracking and geofencing technologies, which rely on big data, has the potential to be worth $600 billion annually to the global economy. That’s the kind of decision-making power data can bring to corporations, but it also requires professionals who can do the work.

The McKinsey Global Institute reports “that there will be a shortage of talent necessary for organizations to take advantage of big data” in the years ahead. How much of a shortage? By 2018, U.S. organizations will need more than 1.5 million managers and analysts who can turn data into decisions.

Hasler encourages business leaders to ask themselves the following questions before jumping blindly into the numbers:

What data do I already have?
What other data do I need?
How can I get that data?
What skills and tools do I need?
How do I protect and store my data and protect my customers’ privacy?

After all, he says, it’s not the data itself that is crucial for success — it’s knowing how and why to apply it.

“Analytics do not begin with data,” he said. “They begin with problems and opportunities.”

__________________________________________________

About the Author

This article was written by Adrienne Dawson a writer at Texas Enterprise an organisation created to share the business and public policy knowledge created at The University of Texas at Austin with Texas and with the world. see more.

Entrepreneurship

Science is the Next Big Thing in Startups

Published

on

From pharmaceuticals to petrochemical processes: Newcomer companies and investors and investors alike are setting their sights on science. How the start-up scene moves beyond the mobile apps bubble…

For the last two years Silicon Valley analysts and venture capitalists are anticipating the burst of yet another bubble. This time, under the risk are the mobile start-ups which constitute the biggest share of the market. Out of 50 companies listed in Forbes’ “the hottest startup of 2015” (by valuation) only six companies are based on innovations in other-than-mobile area, one company provide cleaning services, while the rest are diverse mobile apps.

Meanwhile many products listed can be barely called innovative. A significant proportion of the listed start-ups are texting apps, apps for people search (starting from business partners to life partners) or delivery services. While those services can definitely facilitate one’s life, in general they differ from their predecessors by only a narrower audience.

Many venture investors expect stagnation if not decrease on the markets, which is why they start to transfer their capitals from start-ups offering customers software to start-ups offering specific solutions for existing businesses. Such companies are expected to demonstrate more stability in the near future.

The Market for Mobile Apps Might be Saturated

Back in 2012 a talented entrepreneur could walk into a venture capitalist’s office, say his startup was a mobile-first solution for pretty much any problem (payments! photos! blogging!), and walk out with a good-size seed investment. “That pitch was enough to get going,” says Roelof Botha, a partner with VC firm Sequoia Capital. “It’s not enough anymore.”

“I think investors are bored with investing in another messaging app. And our idea is crazy enough that it might just work. ”, has declared in 2014 Nadir Bagaveyev a founder of a start-up using 3-D printers to make rocket engines. By 2016 the company attracted investors funding sufficient to launch its first rocket.

Pharma and Biotech Start-Ups in High Demand

Currently the most successful science-based start-ups are the companies offering innovative solutions in the field of pharmaceuticals and biotechnologies. It’s noteworthy that despite the previous revelations and even judicial proceedings the list of the most expensive start-ups still includes Theranos, blood analyzing laboratory, whose story did not descend from the main pages of the global leading media from 2014.

It first amazed the audience with its fantastic take-off and then with its collapse. One of the crucial parts of the success story of this start-up is its fundamental difference from the majority of the services produced in the Silicon Valley. Unlike the others, it was not a story of yet another beautiful gadget for communication or mobile app, but the story of the scientific idea which intended to conquer the world.

The great success stories in other scientific areas are now happening on occasional basis. However certain facts allow to predict that the situation is to change soon. One of such factors is growing interest among the big corporations to attract innovative solutions from outside to develop their businesses.

Given the accelerating pace of scientific and technological development of the world, the activities of internal R & D departments are often turn to be insufficient to ensure stable development of innovative business. Outsourcing of the R&D may become the efficient mechanism to stimulate the growth of the company. And high-tech start-up can certainly benefit from it.

Start-Up Technology for the Petro-Business

In December, 2016 world leading companies in the field of gas processing, petrochemicals and chemicals announced their intentions to enforce their R&D capacities by attracting start-ups. 3M, AkzoNobel, BASF, The Dow Chemical Company, DuPont, Henkel, Honeywell UOP, LG Chem, Linde, Sibur, Solvay and Technip together created a global stage for startups and investors.

“The petrochemicals industry can and must rely on the potential of open innovations to facilitate further inventions and implementation of new solutions in all major application areas, from construction and medicine to packaging and 3D printing. Thanks to the participation of international partners, IQ-CHem is now the largest global project within the industry which attracts innovative solutions and provides for their implementation into practice,” said Vasily Nomokonov, Executive Director of Sibur, a company which coordinates the project.

Positive Experience in Chemicals and Beyond

Some of the listed companies have already gained positive experience in working with start-ups which may have driven them to elaborate a systemic approach to attract innovative companies.

At the beginning of 2016, SIBUR and RRT Global start-up reached an agreement to build a pilot plant for isomerization based on RRT Global technologies in Sibur’s Industrial Park SIBUR “Tolyattisintez”. According to Oleg Giyazov, co-founder and CEO of RRT Global cooperation with a large corporation bring significant advantages to his company.

“By cooperation with Sibur we get a huge industrial experience that enables us to develop technologies and solutions better fitted to the market demand. This advantage is often not given due attention, but we, on the contrary, see significant opportunities in it. Currently, RRT Global cooperates with several companies around the world” he said.

Another petrochemical leader BASF enjoys successful cooperation with Genomatica start-up. In 2013 BASF started the production of 1,4-butanediol based on renewable feedstock (renewable BDO) using Genomatica’s patented process and in 2015 the license was expanded to the Asian market.

Unlike traditional forms of cooperation between a start-up and a venture capitalist, a cooperation between start-up and a relevant corporation allows to minimize the risks associated with investing in a potentially promising idea where the key word is “potential” (but not “guaranteed”). While delivering services in the same field as the start-up the corporation gets an opportunity to more effectively and accurately estimate the market value of an innovative idea and to support its implementation.

Structural Changes Ahead: Outlines of A Coming Market

In the short term prospective, possibly in 2017, the global start-up market will face structural changes – both in terms of start-ups professional orientation and of funding mechanism. In the future science-based start-ups will dominate the market and will change our lives at a deeper level than the way of sending a text message or searching the restaurant for an evening meal. To be more concise this is already happening in the pharmaceutical industry, and the other scientific areas are to follow.

_________________________________________________

About the Author

This article was written by Dominik Stephan of Process Worldwide. See more.

Continue Reading

Callum Connects

Norman Tien, Founder of Neuromath and Early Math Matters

Published

on

From a young age, Norman Tien, found his passion helping students as a math tutor and went on to translate that into a successful business.

What’s your story?
From the age of 14, I knew I would be in business for myself and started designing my company logo.

Growing up in a poor family, I worked part time while I was in school. That’s when I started tutoring and realised I had a gift to help students “see” mathematics. I delivered good results, and my students started to love math as well.

A turning point was when I was down with dengue fever and I realised I had to grow my business to the next level. I started a learning centre and that was the beginning of Neuromath. The initial years were tough as costs went up while my personal income took a dive. I almost gave up, but I pushed through.

Today, we have 3 specialty math enrichment centres managed and delivered by my dedicated team of teachers.

What excites you most about your industry?
“How to win” has always influenced how I position myself in the industry. I researched the psychology of learning, why some students are so naturally good at math, while others struggled. I managed to find the connection, and have always sought out niches to position myself so I can win.

In the beginning, I fused academic delivery with psychology to differentiate my services. Now I have a good team of teachers fully equipped with a psychological skillset.

In the next evolution of our business, we will incorporate technology into education in order to customise each student’s learning experience based on his or her needs.

What’s your connection to Asia?
I was born and educated in Singapore. One key driver why I started a business was, as a youth, I witnessed how my dad struggled daily as a taxi driver trying to make ends meet.

That said, I am very blessed to be in Singapore and to be given the right education. I see this as a very important factor to my success today.

Favourite city in Asia for business and why?
Singapore – well, for one, most of my businesses are here. Singapore is convenient for business and is very well governed. There are rules and systems that make the entire entrepreneurial journey more secure here. One big plus is the location: Singapore is a hub that allows us to connect to the world.

What’s the best piece of advice you ever received?
船到桥头自然直 –
There is a Chinese saying that when a boat goes near the pier, it will automatically align itself (with the current). It means we don’t have to worry too much, that things will take care of themselves.

A mentor once challenged me: “But who can guarantee you can even reach the pier?”

It is such a highly competitive world we are in, who can guarantee success? This is the ONE question that has been etched in my mind for decades. The Chinese saying always comes to mind when I am positioning, designing and strategizing for my business.

Who inspires you?
Mr. Lee Kuan Yew – The fact that he started ruling the country just like a startup. With limited resources, he was able to find a strong positioning to differentiate his country from the rest of the of Asia. With hardwork and proper planning, he transformed Singapore from a fishing village to a prominent financial hub in Asia.

Because Mr. Lee Kuan Yew positioned Singapore so well, government owned companies, such as Singapore Airlines, have emerged as the best in the world.

His story inspires me, spurs me to understand that success is not by chance but by design – every little step, all the strategies are all planned out. Not at all by chance.

What have you just learnt recently that blew you away?
My business coach, Marshall Thurber, shared with me the power of the “Trim Tab” – a small part of the rudder system in a ship. This Trim Tab, despite its small size, is able to influence the entire ship’s direction by turning it.

This metaphor helped me see that a man can influence the entire world if the right effort is applied. We are now living in an entirely new world, the way we commute with an app on the phone – that’s the power of the Trim Tab at work.

If you had your time again, what would you do differently?
I would embark on the same journey but I would seek a mentor at a very early age.

I have been through many hard knocks along the way, and I definitely could have shortened the learning curve if I had a mentor to advise me on the many aspects of entrepreneurship.

How do you unwind?
Driving down long highways helps me unwind, that’s when I let my mind relax and wander.

I love long distance driving and riding. My wife gave me a Harley Davidson Tourer for my 50th birthday and we intend to embark on riding holidays together in Asia.

Favourite Asian destination for relaxation? Why?
Hong Kong – I love the fast pace and the vibrance of the city. I love the cars there and it’s a very unique and exciting experience for me. And of course, I love the food there too!

Everyone in business should read this book:
One Minute Millionaire – this book highlights the mindset of an individual that is the key determinant for success in whatever we embark on. As long as we know we have a very strong reason why we need to do it, we can do it!

Shameless plug for your business:
I am the CEO and Founder of 2 Math enrichment brands:
Neuromath is a Specialist Math Learning Centre that helps students from Primary 1 to Junior College, empowering them with strategies, skills and a strong desire to learn and problem solve. We use technology to train students to avoid careless mistakes reclaiming 30 marks or more in Math exams and achieve their full potential in math.
www.neuromath.com.sg

Early Math Matters is a premier Mathematics and Cognitive Development enrichment centre for preschool children aged 3-6 years old. Through purposeful play and our renowned EMM approach, we help learners build a strong foundation for problem solving at an early age, and instil in them a passion & love for math that will stay with them for life.
www.earlymathmatters.com

We are actively seeking passionate teachers, entrepreneurs and investors who are keen to grow the education business with us.

How can people connect with you?
I speak regularly at workshops for schools, parents and platforms demonstrating the use of technology for peak performance in education.

Do contact me at
www.NormanTien.com

Alternatively, you can connect with me:
www.NormanTien.com/facebook
www.NormanTien.com/linkedin

This interview is part of the ‘Callum Connect’ series of more than 500 interviews

Callum Laing is an entrepreneur and investor based in Singapore. He has previously started,
built and sold half a dozen businesses and is now a Partner at Unity-Group Private Equity and Co-Founder of The Marketing Group PLC. He is the author two best selling books ‘Progressive Partnerships’ and ‘Agglomerate’.

Connect with Callum here:
twitter.com/laingcallum
linkedin.com/in/callumlaing
Download free copies of his books here: www.callumlaing.com

Continue Reading

Trending