In the recent past, new names have found their way into the Forbes Billionaires lists. A good number of these are Big data experts; those who were able to see and seize opportunities that many people have been looking at but not really comprehended. These individuals have gone beyond the bars to establish multi-billion empires. Interestingly for them, it wasn’t so many struggles for them. They just had the ability to collect, interpret and use big data in a way that the world has never seen before. Even more, they didn’t have to approach unique markets.
In the recent past, new names have found their way into the Forbes Billionaires lists. A good number of these are Big data experts; those who were able to see and seize opportunities that many people have been looking at but not really comprehended. These individuals have gone beyond the bars to establish multi-billion empires. Interestingly for them, it wasn’t so many struggles for them. They just had the ability to collect, interpret and use big data in a way that the world has never seen before. Even more, they didn’t have to approach unique markets. As simple as solving car problems and helping people choose their favourite movies, these outstanding entrepreneurs have been able to make fortunes out of basics. So how have they managed to put big data into work and generate unfathomable wealth in the process? Find out.
1. Uber-Travis Kalanick
On top of the list of the recent newcomers in the Forbes Billionaire’s list is the CEO of Uber. The fact that he dropped out of college did not stop him from being valued at $5.3 billion based on the recent statistics. Uber, the mobile-based service, connects customers who need a ride with a chain of drivers ready to give them a ride.
Uber technology monitors data of the journey its user take. With this information, they can estimate the demand, allocate necessary resources, and even determine fair rates. More interestingly, the company monitors public transport network and the areas they access. This way, they are able to focus more on the less-served areas.
2. Netflix- Reed Hastings
After his brief experience with Marine Corps and Peace Corps, Hastings stepped out to study computing at Stanford University. He later formed his first Company, Pure Software back in 1991. He went further to establish Netflix together with Marc Randolph. When it started, it was a basic DVD by email business. Several years down the line, Reeds has made it to $1billion in net worth. Even more interestingly, he is one of the board members of Facebook, yet another giant beneficiary of Big Data.
Big Data Analytics has played a critical role in transforming Netflix into a platform that serves people their respective needs. Using data from over 55 million subscribers in their client list, they are able to analyse and make necessary recommendations to their customers. Their data strategy has one main aim; predicting what you might want to watch next. With its regular crowd source competition on best predictive algorithms, most remote DBA experts would admit that the journey of Netflix profiting from big data is one that has just began!
3. Palantir, Alexander Karp
With help from the CIA, Karp managed to develop a viable platform for combatting terrorism and dealing with huge financial frauds globally. With his company, he has the US government as one of his biggest customers. Through Palantir, the authorities are able to predict fraudulent transactions and placement of bombs by the roadside. Although most of its operations are kept secret for security reasons, it is evident that Palantir gathers and uses suspicious data, especially those pertaining to fraudulent transactions.
Using big data from DNA databases, varied social media platforms, occasional tips from informants and surveillance data records, they are able to predict criminal activities at high accuracy levels. Over the years, Palantir has broadened its scopes to include Pharmaceutical companies and financial firms.
4. Airbnb, Brian Chesky
The 33-yearl old face behind Airbnb is reported not to have had entire ownership of his home ever since 2010. Using his service, he is able to connect travellers with homeowners who are willing to let out their houses on short term. Ever since its launch in 2008, over 24millions bookings have been made in 34,000 cities across the world. Technically, it means they have amassed close to half a petabyte of data on people’s travel habits.
With the data, they have been able to improve their services in order to capture more closely related aspects. With the recent updates, the products include data-driven features intended to help users connect easily with others. Even more, customers all over the world have been able to share out their stories with other concerning their experiences. As long as travelling and big events exist and people own homes (which isn’t stopping), they will remain in business.
5. Virtu Financial- Vincent Viola
Currently estimated at $1.7 billion net worth, Viola Vincent is the proud founder of High Frequency Trading platform, Virtu. He took advantage of big data algorithms to establish the company in 2008. The developed trading algorithms are used in trading sticks, equities, currencies, and even options in the international market. Thousands of trades are made through HFT, making little margins of profits from several trades. With its real time risk management strategy, the company has turned out to be one of the most profitable in its record. Just recently, it announced that is has only made loss on one day ever since its establishment; that is an incredible statistic!
6. Snapchat, Even Spiegel and Bobby Murphy
They duo made news in 2013 when they refused $3 billion offer from Facebook, which wanted to buy it off. As it turned out, it was a worthy decision because just the previous month, Snapchat was valued at around $19billion. Murphy and Spiegel first met in 2013 where they were undertaking their studies.
With lots of picture messaging services evident at its time of launch, Snapchat might have started as a gimmick. However, it is only them who were able to realise that many people did not want the pictures they shared with their friends to last forever. They took advantage and developed a platform that made people feel secure.
With many others in the limelight, several entities have been able to capture big data analysed it and made great fortunes in the process. There is no doubt that the associated benefits of big data capture are satisfying immense. One just needs to figure it out and make it work!