Chapter
The Economic Logic of Business Models in the Age of Data
57:33 - 1:02:54 (05:20)
In the age of data, the value of a business model is its ability to collect, store, analyze, and sell data, rather than the product itself. Data aggregators buy data from whoever first came up with the idea of measuring how fast people buy stuff online, regardless of the product, and then sell it to companies like Facebook or Google for targeted ads.
Clips
The finance industry has been using computer science and models for predicting future stock returns with great success, and with the advancements in AI, there is a huge transformation happening.
57:33 - 59:05 (01:32)
Summary
The finance industry has been using computer science and models for predicting future stock returns with great success, and with the advancements in AI, there is a huge transformation happening. There is a lot of interest from investors in AI startups, but it's important to know which ones to invest in.
ChapterThe Economic Logic of Business Models in the Age of Data
Episode#144 - Martin Schmalz - Artificial Intelligence, Big Data & China
PodcastModern Wisdom
The prevalence of AI is due to the cheap availability of data, which results in its high demand and availability.
59:05 - 1:00:07 (01:01)
Summary
The prevalence of AI is due to the cheap availability of data, which results in its high demand and availability. Unless there is a compelling reason for the data collection to become expensive again, the trend is not a fad.
ChapterThe Economic Logic of Business Models in the Age of Data
Episode#144 - Martin Schmalz - Artificial Intelligence, Big Data & China
PodcastModern Wisdom
The economic logic of business models changes as data itself becomes valuable, with the whole point of some business models being to collect data, which has nothing to do with the product.
1:00:07 - 1:02:54 (02:46)
Summary
The economic logic of business models changes as data itself becomes valuable, with the whole point of some business models being to collect data, which has nothing to do with the product. The collected data is then sold to data aggregators who sell it to companies like Facebook or Google to target ads.