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Matt Turck

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29
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2016-05-30
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2016-05-30
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1
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  1. “Great, thanks so much, Harry, for having me and for the kind words. And congratulations on everything you do. This podcast has been a lot of fun to listen to it.”

    2016-05-30 · The Twenty Minute VC · 20VC: Is Big Data Still A Thing with Matt Turck, Managing Director at FirstMark Capital · IDENTIFIED FROM THE TRANSCRIPT · source

  2. “And companies and the quality of the results, again, is truly impressive. And I think as an industry, it just gives a sense of what is truly possible there.”

    2016-05-30 · The Twenty Minute VC · 20VC: Is Big Data Still A Thing with Matt Turck, Managing Director at FirstMark Capital · IDENTIFIED FROM THE TRANSCRIPT · source

  3. “Yeah, it's a semi public one, and interestingly enough haven't made investments in quite a while now, and that's part of the reflection of broader concerns around the environment and finding the right opportunity, doing the right thing at the right price and all the things. But the most recent investment I made, which is in semi-stealth, but coming out of steel is very, very in a matter of days now, is a company called Hyperscience, which is based here in New York and that does precisely AI for the enterprise. So it's a variation on deep learning. It's given me an opportunity to observe firsthand, truly the power of those technologies. It's really quite amazing. So those guys offer essentially predictive analytics across a range of different use cases.”

    2016-05-30 · The Twenty Minute VC · 20VC: Is Big Data Still A Thing with Matt Turck, Managing Director at FirstMark Capital · IDENTIFIED FROM THE TRANSCRIPT · source

  4. “Of its kind in the country, and another one called Hardwired NYC, which covers hardware and software startups and something that has something close to 5,000 members. So all of this works very well together and forces me to basically stay on top of an industry that I'm passionate about, but at the same time, given what I was mentioning earlier about constant bandwidth challenge, I've sort of kicked my own butt if you want.”

    2016-05-30 · The Twenty Minute VC · 20VC: Is Big Data Still A Thing with Matt Turck, Managing Director at FirstMark Capital · IDENTIFIED FROM THE TRANSCRIPT · source

  5. “Yeah, so I think I do it as a thought exercise. Part of the idea is really to open source the effort. And it's been tremendous how those deep dives just generate all sorts of new conversations with people who hadn't had a chance to meet. That has a forcing function as well of just making me just constantly read and constantly meet new companies and whether small, large companies really stay on top of an industry. So I find it interesting to do. I find that it pays also the rewards. It works very well with all the things I do on the community building front and event front. So as perhaps you know I run a couple of large events, one called data-driven NYC, which has almost 11,000 members and is the largest community.”

    2016-05-30 · The Twenty Minute VC · 20VC: Is Big Data Still A Thing with Matt Turck, Managing Director at FirstMark Capital · IDENTIFIED FROM THE TRANSCRIPT · source

  6. “Of a form of naivete where you want to think about not just all the potential obstacles when you meet a founder in a company, but also think about what this could look like if everything goes right. And the more you do this, the more you work with companies, the more reasons you have to be seeing all the bad stuff that can happen to those companies, but you want to constantly just keep this fundamental and strong intuition at the core of what you do every day.”

    2016-05-30 · The Twenty Minute VC · 20VC: Is Big Data Still A Thing with Matt Turck, Managing Director at FirstMark Capital · IDENTIFIED FROM THE TRANSCRIPT · source

  7. “A very large number of partners and billions of dollars in the management is that you essentially run something that in many ways feels like a strong itself, including the fact that we need to own fundraising every two or three years and hire great people to be part of the team. And in some ways challenges or milestones that startups can experience themselves. So that's a very technical aspect. I think the higher level aspect is that I find there is this interesting tension between becoming a deep student of a specific industry, like big data on Internet of Things when it was these different areas and the industry in general is already understanding all the nuances of how companies become successful. So all of that on the one hand. And the other hand, remaining deeply optimistic and almost cultivating a little bit.”

    2016-05-30 · The Twenty Minute VC · 20VC: Is Big Data Still A Thing with Matt Turck, Managing Director at FirstMark Capital · IDENTIFIED FROM THE TRANSCRIPT · source

  8. “much more in the trenches and it's a combination of generating and then analyzing and processing a massive amount of deal flow if you're so lucky that people want to reach out. That's one aspect. The second aspect is that we make a very strong commitment to our founders. So first Mark is one of those firms that doesn't make tons of new investments a year, very much of a sort of classic series type model, but spends a lot of time with our companies and our founders. So as you build a portfolio that tends to add up quite a bit. And the last part is that being a partner at the firm especially not a firm that has”

    2016-05-30 · The Twenty Minute VC · 20VC: Is Big Data Still A Thing with Matt Turck, Managing Director at FirstMark Capital · IDENTIFIED FROM THE TRANSCRIPT · source

  9. “That's a great question. I think there's one very technical thing about managing bandwidth. There is this image of VCs that maybe had some basis a few years ago as people who sort of decide when they want to have a meeting and play go.”

    2016-05-30 · The Twenty Minute VC · 20VC: Is Big Data Still A Thing with Matt Turck, Managing Director at FirstMark Capital · IDENTIFIED FROM THE TRANSCRIPT · source

  10. “In general, that's an interesting question. Starting with the classics, Fred Wilson, Chris Dixon, Radfell, and all the things, and I think that's really part of what all of us should be reading on a daily basis. There are a handful of blogs that I find particularly interesting and thoughtful. One that comes to mind is Trot Tekory. I also like broader blogs, not this little bad tech or that touch about tech, but not all the time. I think Wadebook, why is particularly interesting? And actually to your question about AI, there's two or three blog posts that he did there on AI that were particularly good introduction to AI for anybody that's curious about the topic but doesn't want to spend hours and hours reading books.”

    2016-05-30 · The Twenty Minute VC · 20VC: Is Big Data Still A Thing with Matt Turck, Managing Director at FirstMark Capital · IDENTIFIED FROM THE TRANSCRIPT · source

  11. “Yeah, so there's a whole series of those. I find the difficulty of a lot of those books is that there's two types of books. There's one book which is deeply technical and for the business user or somebody who's curious about AI, then you end up feeling overwhelmed fairly quickly. And then there's a different type of book, which talks about very fundamental and important issue around is AI dooming us of a machine arriving and taking And I think that's saying this facetiously, but it's a fundamentally important question. So I actually find that I've learned a lot more around AI by just reading a lot of stuff online, typically in shorter formats. There's all sorts of people to follow on Twitter and blogs to read and all the things. And I would recommend that as an approach as opposed to a specific book.”

    2016-05-30 · The Twenty Minute VC · 20VC: Is Big Data Still A Thing with Matt Turck, Managing Director at FirstMark Capital · IDENTIFIED FROM THE TRANSCRIPT · source

  12. “So, you know, if you do something like image processing, which is something that deep learning is particularly great at, you need to think of a business model and a way of penetrating the market that somehow doesn't put you in a direct collision course with Google because Google already does and will want to do this at scale because it's absolutely part of their core mission.”

    2016-05-30 · The Twenty Minute VC · 20VC: Is Big Data Still A Thing with Matt Turck, Managing Director at FirstMark Capital · IDENTIFIED FROM THE TRANSCRIPT · source

  13. “Yeah, so that's a great question and that's certainly something that I think about a lot, I think, from a founder, startup perspective and from an investment perspective. I think one needs to think about applications where you have a good chance to build something reasonably quickly and something that's not going to be absolutely in collision course with something that's core to the goals of the world. I think there's going to be a whole range of interesting and compelling AI vertical applications and X.ai that you mentioned is certainly one of them and certainly at the forefront of that trend with a rare opportunity to become a category defining company. But I think one needs to be very careful in how they think about it.”

    2016-05-30 · The Twenty Minute VC · 20VC: Is Big Data Still A Thing with Matt Turck, Managing Director at FirstMark Capital · IDENTIFIED FROM THE TRANSCRIPT · source

  14. “Work that NVIDIA did around GPUs that when all of this intersected then deploying sort of was resurrected and its worth became truly apparent to everyone. So AI is a child of big data. At the same time, AI is really enabling big data to truly deliver its promise. The great thing about big data is that you have plenty of data, but of course it doesn't do you any good unless you can really do actual analysis and actual predictions with it. And that's exactly what AI and these various forms and machine learning in general enables. So this whole series of big applications around predicting churn, predicting security intrusions, predicting which one of your employees will possibly quit. Sorts of different things that AI enables as long as you have the data and as long as you can process it fast enough.”

    2016-05-30 · The Twenty Minute VC · 20VC: Is Big Data Still A Thing with Matt Turck, Managing Director at FirstMark Capital · IDENTIFIED FROM THE TRANSCRIPT · source

  15. “Yes, so AI, from my perspective, is very much a child of big data. So the fascinating aspect of AI is that a lot of the current resurrection of AI is around deep learning specifically. And deep learning for the most part was really developed by some particularly forward-thinking researchers like Yab Lakhan, Jeff Hinton, that group. And it's really only up until recently when those algorithms intersected with big data, so specifically the ability to process very large amounts of data quickly and also with all the latest developments around processing powers and especially all the”

    2016-05-30 · The Twenty Minute VC · 20VC: Is Big Data Still A Thing with Matt Turck, Managing Director at FirstMark Capital · IDENTIFIED FROM THE TRANSCRIPT · source

  16. “Well, I think that's what all those companies have been hoping for. And I think it will eventually happen, but it's unclear.”

    2016-05-30 · The Twenty Minute VC · 20VC: Is Big Data Still A Thing with Matt Turck, Managing Director at FirstMark Capital · IDENTIFIED FROM THE TRANSCRIPT · source

  17. “The traditional adoption cycle, probably more the early majority. And a lot of those people are still very much on the fence and are looking at the big data landscape and all those different vendors and are worried that the whole thing is just too complicated and having to work with all these different companies and stitch all the solutions together and make them work is too daunting. So for those companies, the good news is that the ecosystem is very much maturing and a lot of the early companies and early startups are starting to become formidable, much more mature companies and those people to get to the diplomat phase are going to those large companies to get to the deployment phase are going to need start investing and jumping on board and trying those products.”

    2016-05-30 · The Twenty Minute VC · 20VC: Is Big Data Still A Thing with Matt Turck, Managing Director at FirstMark Capital · IDENTIFIED FROM THE TRANSCRIPT · source

  18. “In different types of adopters, and of course they were the very early adopters and those are people that started those Hadoop test pilots maybe five, six years ago when there was this whole hyper-Around Hadoop, those companies have been experimenting with the technologies, have been working with different vendors, hired all sorts of people internally, sometimes people whose titles did not exist, those data scientists and those chief data officers. And those companies are starting to see the rewards, I think, of those early efforts. So they go in from those early pilots to departmental deployments, and now you're starting to see some companies that run on those big data infrastructure at scale in production enterprise-wide. And then you have a second group of companies, which is, you know,”

    2016-05-30 · The Twenty Minute VC · 20VC: Is Big Data Still A Thing with Matt Turck, Managing Director at FirstMark Capital · IDENTIFIED FROM THE TRANSCRIPT · source

  19. “Reasonably sometimes very new companies that didn't have any legacy infrastructure that they needed to deal with. Now there's a separate group of companies, which is really pretty much of the rest of the world. And those are companies that have a legacy infrastructure. And in general, I have an infrastructure that works. So for those companies, it's been much more of a tricky exercise to adopt big data technologies because of course presumably the infrastructure as of now more or less works and it's not like they are able to rip and replace overnight their legacy infrastructure that may not have all the belts and whistles that works and replace it by all the most modern data technologies. So for those companies getting to the deployment phase has been a longer exercise and because it's such a large group of companies, there's”

    2016-05-30 · The Twenty Minute VC · 20VC: Is Big Data Still A Thing with Matt Turck, Managing Director at FirstMark Capital · IDENTIFIED FROM THE TRANSCRIPT · source

  20. “Yes, so it's a complex question as obviously it's somewhat case specific. What I'm seeing is that large companies, so there's really two types of companies, right, that have been adopting those big data technologies. So one is the first group that was really a whole series of sort of internet native companies. And when you look at the history of big data, a lot of the tools were created by the Googles and the Yahoo's and LinkedIn and Facebook. So those internet native companies that had those massive amounts of data that they needed to deal with and basically build their own technology, build technology for their own needs and became not only developers, but adopters at scale in production of those technologies. So that's one alone. With those guys going for them is that as”

    2016-05-30 · The Twenty Minute VC · 20VC: Is Big Data Still A Thing with Matt Turck, Managing Director at FirstMark Capital · IDENTIFIED FROM THE TRANSCRIPT · source

  21. “Consolidate all the information that a company gets from multiple channels, whether that's online, mobile, call center, and all sorts of different sources and crunching all of this cheaply enough, fast enough, enabling a real actual campaigns being built on top of the data crunching. All of this is really becoming a reality. We have a company in the portfolio called ActionIQ that does exactly that. And interestingly, what those guys are doing would simply not have been possible to do up until two or three years ago when the emergence of frameworks like Spark made possible with an Olympic impossible to be processing those massive amounts of data and something that's pretty close to real time.”

    2016-05-30 · The Twenty Minute VC · 20VC: Is Big Data Still A Thing with Matt Turck, Managing Director at FirstMark Capital · IDENTIFIED FROM THE TRANSCRIPT · source

  22. “Yeah, I think there is a whole generation of big data-driven companies doing very interesting things in marketing tech. So, you know, Martech is a beautiful but tricky market because on the one hand, there is a tremendous amount of money available for the right technologies, and that's a whole train around the CMO becoming a larger purchaser of technology than the CIO. So that's a great part. The more tricky part is that as a result of the above, there is a tremendous amount of companies in that space. So it's very competitive. It's hard to break through. So that's in terms of general landscape. Now, specifically, I think marketing is a perfect area for big data technology to be applied. The old dream of being able to”

    2016-05-30 · The Twenty Minute VC · 20VC: Is Big Data Still A Thing with Matt Turck, Managing Director at FirstMark Capital · IDENTIFIED FROM THE TRANSCRIPT · source

  23. “So if you look at the evolution of the big data landscape, there's really been several phases and a little bit to the earlier question as well. First few years were really about the creation and deployment of that core infrastructure. So, you know, we have all this data floating around and we keep getting more and more and more data every day. Where do we store it? And that's really the infrastructure phase that was Hadoop initially and all the latest framework and many of the NoSQL databases. So that was sort of phase one. The phase that almost immediately followed was, okay, we have all this data.”

    2016-05-30 · The Twenty Minute VC · 20VC: Is Big Data Still A Thing with Matt Turck, Managing Director at FirstMark Capital · IDENTIFIED FROM THE TRANSCRIPT · source

  24. “Yeah, absolutely. I think that we actually just entering truly interesting part of big data. I think everything so far and it's been years in the making has been about the early stage of creation of tools, of creation of companies, startups, of experimentation. And we're just hitting the phase now where people are starting to truly deploy those tools in production at the beginning of the phase where the big data driven applications are starting to appear. So I think we're just getting into the thick of things.”

    2016-05-30 · The Twenty Minute VC · 20VC: Is Big Data Still A Thing with Matt Turck, Managing Director at FirstMark Capital · IDENTIFIED FROM THE TRANSCRIPT · source

  25. “Develop a very powerful data driven culture and be much smarter about one's business. And there's an aspect that I find truly interesting when you have a combination of data tools and data culture and that becomes part of the fabric of every modern business, not just the businesses that have those absolutely massive data sets.”

    2016-05-30 · The Twenty Minute VC · 20VC: Is Big Data Still A Thing with Matt Turck, Managing Director at FirstMark Capital · IDENTIFIED FROM THE TRANSCRIPT · source

  26. “So in terms of what it means, I think there's really two definitions, a narrow one and perhaps a broader one. Narrow definition is really that there's a growing group of companies that have absolutely massive data sets, whether they are fast-growing digital companies or large multinationals. And for those companies, there's a whole arsenal of tools and enabling technologies that enable them to process data faster and cheaper than ever before. And that's really the world of Hadoop and Spark and all those other frameworks. But beyond that definition, there's a broader definition that to me is almost more interesting, which is what I would call the spirit of big data. As every company is becoming a technology company, there's an ever increasing amount of data that's available to them that can be analyzed. So that's an opportunity to”

    2016-05-30 · The Twenty Minute VC · 20VC: Is Big Data Still A Thing with Matt Turck, Managing Director at FirstMark Capital · IDENTIFIED FROM THE TRANSCRIPT · source

  27. “Yeah, absolutely. I think it's a terrific experience to be part of a very large technology company so that you can see an experience what a large company is at scale. So what a truly world-class product organization is, what a truly world-class sales organization is. And so that was extremely formative. So, you know, of course, as all large companies, there's a whole set of issues that come with the territory, but I was actually very impressed by the company altogether and the general spirit of competitiveness and innovation that those guys have managed to maintain several decades into the life of the company.”

    2016-05-30 · The Twenty Minute VC · 20VC: Is Big Data Still A Thing with Matt Turck, Managing Director at FirstMark Capital · IDENTIFIED FROM THE TRANSCRIPT · source

  28. “Then about three and a half years ago, first Mark came knocking. It was an amazing opportunity to join a young venture firm experiencing tremendous momentum. So I jumped on board and became a partner. Love my time at that first mark.”

    2016-05-30 · The Twenty Minute VC · 20VC: Is Big Data Still A Thing with Matt Turck, Managing Director at FirstMark Capital · IDENTIFIED FROM THE TRANSCRIPT · source

  29. “Sure. So I was born and raised in France and originally came to the US to finish school, but I basically fell in love with America in general and New York in particular and never left. A couple of years after I arrived in the US, I became a startup founder right here in New York. I co-founded the software startup that did enterprise search called Triple Hub Technologies. And after I was six years, the company was acquired by Oracle. I joined Oracle as part of the acquisition. I did an extended tour of duty there. And then I left to help start Blomberg Ventures, the incubation and investment arm of Blomberg LP, the financial data company, which has now morphed into Blomogbeta. I know you had Roy from Blomer on a few weeks ago.”

    2016-05-30 · The Twenty Minute VC · 20VC: Is Big Data Still A Thing with Matt Turck, Managing Director at FirstMark Capital · IDENTIFIED FROM THE TRANSCRIPT · source