3 Ways Generation Z Entrepreneurs Are Capitalizing Off Big Data
They may be just barely out of high school and college, but Generation Z is making use of Big Data in big ways, paving the way for the future.
We all know about millennials. But have you heard of Generation Z? Born between 1994-2004, this group is set to revolutionize the businesses world.
These youngsters can’t remember days without Google and smartphones. And, unlike millennials, they were too young to really suffer from the 2000 and 2008 economic downturns, giving them a brighter view of the world—the vast majority of high school and college students have aspirations of starting their own business
But despite its youth, Generation Z is already in action. Big Data is set to change the world, particularly in marketing, and these kids know it.
And while the process of launching a business is one that takes time and forward thinking, something Fortune contributor Tai Lopez writes about frequently, some Generation Zers don’t feel like waiting around. They are grabbing hold of the awesome power of Big Data and capitalizing on it right now. Here’s how:
They are Actually Using It
This is the most obvious way Generation Z entrepreneurs are capitalizing on Big Data. For older people in the business world, Big Data is new, and many are still trying to figure out what it is. But these kids are learning about it in school, and they can learn about new advances at the click of a button.
While the rest of the world tries to figure out what to do with all this information, those from Generation Z are already running with it. Let’s take a look at some examples:
They Are Making Life Easier
This is one of the key advantages to Big Data. But to use all this information to make life easier, you need to do something with it.
A great example of this is Nick D’Aloisio and the “Summly” app. By using an algorithm to sort through and combine the countless news articles on the web, the app produces 500 or 1000 word smartphone-friendly summaries on news topics of your choosing. The app sold to Yahoo! in 2013 for a cool $30 million, when D’Aloisio was just 17.
This is a classic example of Generation Z using Big Data. They learned about the world through smartphones, giving them a natural understanding for how people consume information. D’Aloisio used this knowledge to his advantage, putting Big Data in action and enjoying a major payday because of it.
They are Recognizing Trends
Generation Z was also the first group to grow up with social media. They have a much better eye for what can go viral, and they are much better at analyzing the data and spotting trends.
That’s what Mark Bao was doing when he started the website “Threewordsme.” He wanted to test his analysis of viral content, to see if he was right. And oh, was he right!
The site, which simply asks people to describe themselves and their friends in three words, received 17 million page views just three weeks after launch. He has since sold it for an undisclosed amount of money, but one that was surely not small.
This eye for social media success is one that older generations are still developing, employing lots of time-consuming trial and error strategies as they go. But youngsters from Generation Z grew up with it, and they have the ability to spot trends and capitalize on them better than anyone else.
Generation Z are Just Getting Started
We have only just begun to see what Generation Z can do. As they finish high school and college and enter the workforce, the sky is the limit for these individuals.
And this is only the beginning when it comes to Big Data. As more and more information becomes available, and with more and more people making use of, the world of business and the world itself is in for big changes.
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