Data Science is booming nowadays all across the world, there are many startups related to data science which are coming up in the different parts of world. For example – Second Measure (startup based in Silicon Valley) analyses anonymised purchases from U.S. shoppers to deliver valuable insights into company performance and consumer behaviour, Actian (based also in Valley)enables data-intensive enterprises to run mission-critical analytics and data management workloads, Turing Analytics (based in Bangalore, India) implements neural networks and machine learning to provide visual recommendations and visual searches with quick and real-time data analytics solutions.
Why Data Science?
There is a lot of opportunity to draw out the value out of the data which is collected by different companies and offering that data processing may be a service. Let’s say your local retailer have a lot of data about it’s customers and then there does exist an opportunity to analyse that data and drawing meaningful insights out of that data. For instance by analysing that data we can come to conclusion that this year in particular month the demand of one specific would go very high based upon data from previous years, thus retailer can stock pile that product in a specific month. These kind of little insights truly helps businesses to make more money. So there does exist large opportunity for Entrepreneurs to analyse the data which is just sitting around. There are a lot of benefits of using data science in a startup environment, some of these are as following: –
- Identifying key business metrics to track and forecast
- Building predictive models of customer behaviour
- Running experiments to test product changes
- Building data products that enable new product features
Startup ideas for Data Science Domain
- Tracking Data – A Data Science Startup can be made around concept of helping businesses to track their customer’s data.
- Data Pipelines – Creating a startup around concept of helping businesses to put their data into databases/cloud for long term usage
- Business Intelligence – Building a startup around making sense out of data specifically for the business purposes
- Exploratory Analysis – Starting a company which can help other businesses to analyse their data and draw meaningful conclusions out of that
- Predictive Modelling – Creating a startup around concept of helping businesses to make predictive models, in order to help them predict sales etc
- Recommendation Systems – Building recommendation systems for different kind of businesses is a great startup opportunity merging together concepts of data science and Machine learning