I recently read somewhere that “data is gold in the information age.” If that’s the case, then meaning and sentiment are diamonds. Open Amplify is Africa.
Let’s start from the beginning. Currently, the Socialize conference is happening at the New Yorker Hotel here in NYC, where a host of IT and marketing firms are exhibitting their technologies and experts are doing panels that people have to pay $400 so they can learn how to “monetize social media”… I missed that part, but during the reception in the expo hall yesterday evening, I ran into this gem:
At the Open Amplify booth was gentleman named Jim Miller, who blew me away with their demo after I had him alter its inputs to detect whether their magic was all smoke and mirrors… It was not. It’s the real deal.
Open Amplify has this amazing API which allows developers to send in ANY string of text to their servers (like a newspaper article, tweet, or blog post like this) and their servers spit back values that specify what the text is about. They’ve spent the last 8 years working with top linguists, programmers, and professors from esteemed universities to bring their “meaning platform” to market.
Industries I think this will have a large impact on:
Derivatives markets: now startups can launch funds with as little as a couple hundred grand, and with the proper applications on top of Open Amplify, compete with the (almost gross) returns of the big guys in the private equity and derivatives trading sectors.
Advertisers and brands: now advertisers will be able to mine Twitter, Facebook, Tumblr and other social networks to see how different demographics really perceive their brands and ads… and then move on that insight to vastly increase their return on investment.
Everyone else: Think SparkNotes for everything in your life that’s not a picture or video.
Looks like I just found another project to pursue. If you wanna launch a fund, ping me, and let’s have some fun!