Deep learning with synthetic data will democratise the tech industry. Evan Nisselson, partner at
LDV Capital, explains
how synthetic data can be used by smaller companies to compete with the major tech giants and their immense datasets. 💯 This fake but realistic data can be used to advance machine learning and help algorithms learn faster:
Now, this advantage is being disrupted by the ability for anyone to create and leverage synthetic data to train computers across many use cases, including retail, robotics, autonomous vehicles, commerce and much more.
Synthetic data is computer-generated data that mimics real data; in other words, data that is created by a computer, not a human. Software algorithms can be designed to create realistic simulated, or “synthetic,” data.
This synthetic data then assists in teaching a computer how to react to certain situations or criteria, replacing real-world-captured training data. One of the most important aspects of real or synthetic data is to have accurate labels so computers can translate visual data to have meaning.
In my eyes interenterprise data sharing is closely related to how you can achieve business benefits from taking part in the ecosystem flavour of a digital business platform.
Some of the data types where we will see such business ecosystem platform flourish will be around sharing product model master data and data about and coming from things related to the Internet of Things (IoT) theme.
Searls raises the following “pro points” for consideration:
- Don’t bet against Google
- Do bet on any business working for customers rather than sellers
- Do bet on developers building tools that give each of us scale in dealing with the world’s companies and governments
- Do bet on publishers getting back to what worked since forever offline and hardly got a chance online: plain old brand advertising
How has Google dodged the data privacy issue? Larry Dignan points out how Google continues to give customers a return for sharing their data:
Whether it’s a helpful Google Assistant tidbit, unsolicited directions from Google Maps, a notification for your flight based on a Gmail entry and learning your screen habits over time, there’s a return on your data. Am I thrilled Google knows so much about me? Not really. Do I get value for sharing my information? You bet.
Are consumers as concerned about data sharing if it benefits them? 🔮
Treating data as a public good and regulating data aggregators as custodians of the public good will level the playing field for data access and exploitation, thus in the long run spurring sustained competition and innovation. This will not only counter monopolistic practices in different industries but also contribute to a more just distribution of wealth.
