The Business Economics And Opportunity Of Open-Source Data Science


TechCrunch

Editor’s note:David Smith leads the open source solutions group at Revolution Analytics (a subsidiary of Microsoft). He writes daily about applications of R and predictive analytics on the Revolutions blog and is the co-author of An Introduction to R. 

Mythology can be a useful tool for uniting cultures and countries. It’s somewhat less useful for understanding the rise of modern technologies. Here are two myths that are widely associated with the big data revolution:

Myth 1: It arose spontaneously, without precedent

Myth 2: It’s largely hype, with little practical business value

Dispelling Myth No. 1

Let’s take a look at the notion that the big data revolution was some kind of “overnight sensation” that magically appeared with no warning.  In reality, the big data revolution began more than a decade ago. It was ignited by search companies like Google and Yahoo, whose business models required new frameworks and techniques for…

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