“Money For Nothing and the (K) Nearest Neighbors Are Free”, Doctor Mark Knopfler
Kaggle is a fascinating example:
Kaggle is an innovative solution for statistical/analytics outsourcing. We are the leading platform for predictive modeling competitions. Companies, governments and researchers present datasets and problems – the world’s best data scientists then compete to produce the best solutions. At the end of a competition, the competition host pays prize money in exchange for the intellectual property behind the winning model.
The biggest challenge right now is for $3M , to improve the broken American health care system 🙂 with 951 teams competing at this stage.
If we want to go for higher numbers: google paid $12B for Motorola patents. Most of these patents have probably never been used and are not-so-important-or-smart.
While I believe most software patents are idiotic, this is how the game is played these days. And in some sense it is encouraging that Intellectual property, in the form of Algorithms starts showing its economical value.
And the people with skills are doing well. From “Big Data Skills Bring Big dough” in GigaOm
If you can claim to be a data scientist and have the chops to back that up, you can pretty much write your own ticket even in this tough job market. A quick search of the popular job posting sites –Indeed.com,SimplyHired.com, or Dice.com – shows a huge demand for data scientists or anyone who can demonstrate other “big data”skills.
And , most importantly, the funniest show in TV right now (except for Fox News) is Big Bang Theory, focusing on Algorithms to making Friends.
The German version is even funnier