matt turck

Internet of Things Meetup

matt turck — Fri, 10 May 2013 19:34:01 +0000

At the April #NYDBM, we explored the fascinating intersection between Big Data and the Internet of Things.

One of the reasons why volumes of data have been escalating prodigiously over the last few years has been the proliferation of sensors of all kinds (in cell phones, cars, industrial plants, etc.), providing a unique articulation between the online and physical worlds. The concept of an Internet of Things (and its cousin for the manufacturing world, the “Industrial Internet”), where objects, devices and machines are connected and operable through a network, is not a new concept, but it is now quickly accelerating. In the Internet of Things, all objects become represented by data, and the intelligence is pushed above the level of the devices themselves, to the cloud where big data technologies help operate the devices with new levels of efficiency, factoring in not just the individual circumstances of that specific device but also those of connected devices as well as the external context affecting the network at any point in time.

We started with a few spotlight presentations by three pre-funding startups in the space:

Canary (fka ForceField Labs): Connected device for home security and monitoring
Placemeter: Smart in-store sensors capturing customer data(part of the current Techstars NYC class)
Dash Labs: Connected car platform (also part of current Techstars NYC class)

We then featured the following speakers:

Alex Hawkinson, CEO, SmartThings
Peter Semmelhack, CEO, Bug Labs and author of a new book, “Social Machines”
Jon Bruner, data journalist at O’Reilly and author of a new report on “The Industrial Internet”
Steve Schlafman of Lerer Ventures
Phin Barnes of First Round Capital

Canary:

Placemeter:

Dash:

Peter Semmelhack:

Jon Bruner:

SmartThings:

Panel:

Cloudera, Greylock, Platfora and Think Big Analytics

matt turck — Wed, 03 Apr 2013 17:20:50 +0000

We had an all star event on March 19 at the New York Data Business Meetup with some great presentations and discussions (and some fun stuff as well: see Jeff Hammerbacher’s first few slides about how the term “data scientist” came to existence).

Many thanks to the people who made it possible:
- Silvio Galea and Annie Dane for hosting us at the very cool WeWork space in SoHo
- David Raviv for doing amazing work with the videos
- Shivon Zilis for taking great pics and being all around super helfpul and resourceful

Here are the videos, in order of appearance:

And here are some pics:

Big Data 101 Presentation

matt turck — Tue, 02 Apr 2013 16:49:56 +0000

A few weeks ago, I was invited to do a couple of guest lectures at NYU (as part of the excellent “Ready, Fire, Aim” entrepreneurship class that Lawrence Lenihan, now my partner at FirstMark, has been doing for a while there) and at The New School (as part of a Big Data course organized by Debra Anderson and Greta Knutzen). Thought I’d share the slide deck I had prepared for those classes. Very much a Big Data 101 class for a college-level audience that had had little or no exposure to the key concepts prior to the class.

Joining FirstMark Capital

matt turck — Tue, 05 Mar 2013 15:05:12 +0000

Today I’m very excited to announce that I’m joining FirstMark Capital as Managing Director. My main investment focus will be on areas that correspond to my professional background (B2B, enterprise, Big Data, fintech, education, etc.), but I will also happily be open to any big idea involving technology.

As anyone who follows the venture capital industry knows, opportunities of this nature and quality don’t come by very often, and I’m incredibly grateful and honored by the trust that the FirstMark team has placed in me.

At a time when venture capital has been facing substantial challenges and transformation, FirstMark is in my opinion a perfect example of “VC done right”, resulting in much deserved early success:

Results: Probably in large part because FirstMark’s philosophy has been to focus the light entirely on their entrepreneurs, I don’t think people have quite caught on to just how impressive a firm FirstMark has become in the short span of five years since its creation. In many ways, FirstMark is one of the industry’s best-kept secrets: their first fund ($200 million) is one of the very best of its vintage, and the follow up fund ($225 million) has already had some real breakouts.
Disruption & Innovation: A quick perusal through the FirstMark’s portfolio immediately tells a story of thoughtful but gutsy bets in a number of highly disruptive plays. Beyond the more visible runaway hits (first VC money in Pinterest), FirstMark has invested in companies reinventing education (Knewton), finance (SecondMarket), television (Aereo), news distribution (NewsCred), gaming (Riot Games) and… your brain (Lumosity).
Founder/CEO Support: Perhaps the ultimate testament to FirstMark’s approach in my opinion is that the CEOs of its portfolio companies simply rave about the firm. The FirstMark team brings a tremendous amount of intelligence, hard work, experience and connections to the table, as well as a fair amount of New York-style hustle.
Community and Portfolio Services: The venture capital model has been gradually evolving over the last few years from a capital-centric model (where VCs provide mostly funding and oversight) to a service-centric model (where money is increasingly commoditized and VCs add value by providing a suite of operational services that enable entrepreneurs and their startups to fully realize their success potential). FirstMark is one of the few funds, typically part of a new generation of VCs, that have made a true commitment to providing operational services to their portfolio companies, whether in terms of recruiting, research or knowledge sharing. In my own community-building endeavor (the monthly Big Data event I run, see below), I have experienced firsthand both the level of effort required to pull this off and the tremendous benefits one gets in return, and I was extremely impressed with the current programming and roadmap for community that FirstMark has put in place, with apparently a lot more coming.

Beyond the intrinsic qualities of the firm, perhaps the most important factor that drew me to FirstMark is the effortless personal fit I have with its partners and team. Venture capital can be a tough business, with its fair share of ego and difficult types, so it’s an extraordinary privilege to get to work with a team of highly intelligent, humble, focused, talented and overall great group of individuals.

I will certainly miss my friends at Bloomberg, a company for which I have developed a profound admiration over the years, but I couldn’t be more happy and excited about the future. I look forward to being even more active in the startup community and interacting with many of you.

For those of you in NYC who are wondering, I will still very much continue to run my Big Data meetup (the NYC Data Business Meetup) and in fact I will use the opportunity to take it to the next level over the next few months – stay tuned.

Quantopian, Plaid and ZestFinance

matt turck — Fri, 01 Mar 2013 15:58:06 +0000

Our February NYC Data Business Meetup was focused on the intersection of data and finance (both market and consumer finance). Quantopian, Plaid and ZestFinance presented.

We also had a great panel presenting the customer perspective on Big Data (hype vs. reality), from a financial institutions’ viewpoint, with the following speakers: Mike Simone (Global Head of CitiData Platform Engineering), Emile Werr (Head of Enterprise Data Architecture, NYSE EuroNext) and Raj Patil (up until recently Data innovation CTO at UBS, now an entrepreneur). Unfortunately, due to standard policy at some of those institutions, we can’t publicly post the video of the panel.

The slides are here:

Quantopian

Plaid

ZestFinance

Here are the videos, in order of appearance (we also had a great “customer panel

Bloomberg App Portal:

Quantopian:

Plaid:

ZestFinance:

Panel:

A Guide to the Berlin Tech Ecosystem

matt turck — Wed, 30 Jan 2013 14:03:43 +0000

The rise of Berlin as an entrepreneurial center is not exactly news, and a number of U.S. VC funds or angel investors have been active there for a while. My overall impression, however, is that many U.S.-based entrepreneurs and investors have only a fuzzy idea about what is going on over there, and arguably in Europe in general – a missed opportunity in my opinion, and perhaps one of the several reasons why Europe is still a largely underserved opportunity in terms of venture capital investment. The globalization of entrepreneurship has been one of the key trends in our industry. At this stage, there’s enough evidence of global success stories coming out of Europe that smart U.S. investors should be routinely investing in the area, despite the traditional issues associated with early stage investing in Europe (multiple markets, multiple languages, tax and regulatory issues, different attitudes towards risk/failure, etc.).

From that perspective, I thought it might make sense to share notes (very much in note format) from recent travel to Berlin (among other reasons to speak at Data Days, a fun event) and a number of conversations with Berlin-based entrepreneurs and investors in other contexts. This is meant to be a “beginner’s guide” for outsiders like me, not the ultimate reference on the topic.

Overall, there’s plenty of reasons to be excited about Berlin. While some claim that the real action has already moved on to other locations (like Istanbul), the Berlin tech ecosystem is still early, and in many ways trailing other emerging global tech centers like London and NYC, probably by a few years. The fundamentals, however, are encouraging, particularly considering that the government (very active both in London and NYC) has been largely absent from the development of the Berlin ecosystem, so pretty much everything that has been happening there so far has been driven by raw, grassroots entrepreneurial energy.

Many thanks to Christophe Maire (currently CEO of Txtr), Jess Erickson (General Assembly Berlin), Koen Lenssen (Tengelmann Ventures) and Saskia Ketz (SumAll) for reviewing this post.

Key characteristics

Unique

Just like New York or San Francisco are not like the rest of the U.S., Berlin is not like the rest of Germany
Artistic (buoyant contemporary art scene), rebellious culture (or “counterculture”), which seems to translate well into design talent
Innovative and fun (renowned nightlife)
Cheap, large apartments – particularly compared to tech centers like London, NYC or SF where finding affordable housing is an extraordinary challenge. Some say that this won’t last long if Berlin continues on its current trajectory; at the same time, the city is very large and housing supply may exceed demand for a while.
Socially open, no class system, left leaning with an openly gay mayor (Klaus Wowereit) from the SPD (social democratic party), in power since 2001.
Capital of one of the world’s largest economy, yet due to history, no local industry – local talent does not have many other options
Traditional economic centers in Germany such as Munich, Frankfurt and Hamburg lag behind in terms of tech startup activity – which doesn’t mean that those cities do not have interesting companies: for example, Hamburg seems to have a gaming cluster (Bigpoint, Innogames, GoodGames, etc.), and both Facebook and Google have offices there; Munich has West Wing (online shopping club for Home & Living, received $50M of investment in June 2012), Frankfurt/Wiesdaben is active in social entrepreneurship (Hans Reitz/Grameen). But Berlin seems to have strong gravitational pull; for example, when airbnb arrived in Europe, it set up shop in Hamburg after acquiring German clone Accoleo , but subsequently moved moved all operations to Berlin. Twitter also chose Berlin over other German cities to base its operations. MTV has been there since 2004 (after moving from Munich).

Immigrant-friendly

Part of the European Union (doesn’t solve all labor laws issues, but helps tremendously in terms of recruiting talent from other EU countries)
Just about everybody seems to speak English
International founders: perhaps ironically, a number of Berlin startups, including some of the most prominent ones, were founded or co-founded by non German nationals, including Souncloud (Swedish founders), Gidsy (Dutch founders), Amen (one American co-founder), Incrediblue (Greek founders), Readmill (Swedish founder), GoEuro (American), rules.io (American), GetYourGuide (Swiss), etc.

Solid supply of technical talent

For now at least, there’s much less of a talent war than in other tech hubs, particularly SF and NYC, but some say it is changing fast.
Strong German work ethic (one of the reasons for an overall low employee turnover, together with restrictive laws around employment termination and the German social structure in general).
Solid universities, although fairly theoretical: Humboldt, Technical University, Freie Universiat. Berlin also has two of Germany’s top art and design universities: UdK and Weißensee
Geographically close to cheap talent: Leipzig, Warsaw, etc.
There’s some history of large tech companies like Siemens having a strong presence in Berlin, but by the sound of it, at this stage startups are the only game it town in terms of recruiting top technical talent

Increasingly solid community infrastructure

Lots of co-working spaces: Agora Collective, Ahoy, Betahaus, ClubOffice, Co.Up, LaunchCo, Mobilesuite, Raumstation, St Oberholz, Tante Renate, etc – some spaces are essentially cafes, others are actual office spaces with scheduled activities.
More on the way: The Factory
Several accelerator programs: StartupBootcamp Berlin, Mcube, Hubraum, Project A, YouIsNow, Berlin Startup Academy
Education: General Assembly now offers enterpreneurship courses in collaboration with BetaHaus
Press: Berlin has its own industry blogs, including Venture Village and Silicon Allee. Techcrunch (largely Mike Butcher) covers extensively Berlin startups.

Still early:

While it’s been growing for a few years now, the tech ecosystem still generally feels early, compared to London or NYC
Berlin was always known for hacker culture (chaos computer club) leading to cutting edge outfits in 90’s (art+com, convergence, gate5).
Started with the Samwer brothers – was a mixed blessing for Berlin. While starting successful businesses, they perfected the art of the startup copycat (with the resulting bad reputation). Examples: StudiVZ (Facebook clone), Citydeal (Groupon clone, assets acquired by Groupon), Zalando (originally a Zappos clone, has expanded beyond shoes since), Wimdu (airbnb clone)
Now produces original startups (readmill, researchgate, goEuro, etc.), with an increasing number with global relevance and aspirations (SoundCloud)
Berlin seems still mostly focused on consumer internet companies (with a good amount of mobile plays), with comparatively fewer B2B or enterprise startups; it is not a full ecosystem yet from that perspective, with some exceptions like cloudControl (European PaaS provider)
While there is a fair distribution of startups across the stages (from seed to late stage), overall the ecosystem is too recent to have a very solid track record of exits. Some examples: ImmoScout (sold to DT for €450m), Idealo (a comparison shopping site, acquired by Axel Springer in 2006), gate5 (today “nokia Maps” employing 800 people in Berlin), StudiVZ (sold to one of its investors, Georg von Holtzbrinck Publishing Group, for €85 million in 2007), MyphotoBook (sold to Holtzbrink), Nugg.ad (provider of predictive behavioral targeting solutions for digital advertising, acquired by Deutsche Post in 2010 for €50M), KaufDa (local search and local promotion search, acquired by Axel Springer), Zanox (acquired by Springer for €250m), Casacanda (online shopping club for daily design inspirations, acquired by Fab.com in February 2012 in an all-stock deal valuing the company at around $10M), Brands4Friends (sold to eBay for €150m, etc.)
Sounds like the government hasn’t quite caught on – in starck contrast to London or NYC. The success of the Berlin ecosystem seems to have been entirely driven by a grassroot, community effort.
There’s less VC money available than in other places like NYC (or to some extent London); companies tend to be very capital efficient and tend to monetize early .
One point people disagreed about: some say the ecosystem is still a bit ”clique-ish”, the community hasn’t yet completely geled as a full integrated, selflessly supportive environment (at least compared to SF or NYC) –others disagreed, citing Berlin’s community as one of its key assets.
Successful entrepreneurs are starting to give back to the ecosystem in the form of active angel investments. Some notable examples: Dario Suter, Fabian Heilemann, Christophe Gras, Christophe Maire, Christian Vollman, Marco Börries, Martin Sinner, Lukasz Gadowski, Michael Brehm, etc.
Rocket Internet (Samwer brothers) plays have alone raised close to 1bn in 2012 alone and breeds large number of 2^nd generation entrepreneurs with international experience. Employs overall 10,000 people in Berlin alone.
Team Europe, project-A and other Incubators breed ambitious international companies (Madvertise, Delivery hero, Sponsor pay)

Notable Startups

Soundcloud: world’s leading social sound platform
Amen: the place for creating and sharing opinions about the extra ordinary things in life.
Gidsy: community marketplace for authentic experiences
6wunderkinder: multi-platform productivity solutions for individuals, groups and businesses
Wooga: third largest social games developer in the world
Delivery Hero: global network of online food ordering marketplaces
Zalando: largest European eCommerce group (including shoes)
9flats (peer to peer apartment rentals)
Lieferheld: platform for ordering and paying food online
EyeEm: smart photo-sharing application for smartphones
Txtr: distributed eBooks platform
Readmill: social and shareable reading platform
Researchgate: community for researcher and scientists
MoviePilot: promotion platform for movies (DFJ esprit)
Monoqi.com: highly curated commerce
Other companies/products that came back in conversations: HelloFresh, Trademob, Travis-Cl, Fort Rabbit, Cobot.

Angels, seed investors, founder collectives or micro VCs

Rocket Internet (Dealstreet, Wimdu, GlossyBox, Westwing, 21Diamonds, payleven)
Team Europe (Delivery Hero, Lieferheld, Madvertise)
Christophe Maire: Swiss serial entrepreneur, currently CEO of Txtr, investor in soundcloud, Amen, EyeEm, LoopCam, Appaware, PhoneDeck
Klaus Hommels: Swiss leading European angel investor
Ashton Kutcher: investor in Amen, Gidsy, Soundcloud
Martin Sinner: MD at Idealo and active angel

VCs

US funds: Highland (Wooga, getyourguide), Union Square Ventures (Soundcloud), Kleiner Perkins (Soundcloud), GGV (Soundcloud), RedPoint Ventures (9flats), JP Morgan (Zalando), kinnevik (RocketInternet), Benchmark, FounderFund (Researchgate), Spark Capital (getyourguide)
International funds: Index Ventures (Soundcloud, Gidsy), Atomico (6Wunderkinder), Balderton (Wooga), DST Global (Zalando), Kite Ventures (Delivery Hero, Lieferheld), ru-Net (Lieferheld), Sunstone Capital (Amen, Gidsy), Wellington Partners (EyeEm, Readmill), e.Ventures (9flats, kaufDa, Dealstreet), Passion Capital (EyeEm), Mangrove Capital Partners, Partech, b-to-v Partners, etc.
German funds: Earlybird, HV Holtzbrinck, IBB (ClipKit, cloudControl), Earlybird Ventures, BMP Media Investors, Tengelmann Ventures, Dumont Venture, High Tech Gründerfonds (a public private partnership with 10+ corporate investors, currently investing out of a €293.5 million fund), GMPVC (German Media Pool, invested in 9flats).
Corporates: BDMI, T-Venture (ClipKit, 9flats, 6Wunderkinder).

SumAll, SimpleReach, Hadapt and ClearStory

matt turck — Wed, 30 Jan 2013 13:44:56 +0000

Our January NYC Data Business Meetup was focused on data analytics.

Here are the slide decks:

Here are the videos:

SumAll

SimpleReach

Hadapt

ClearStory

Panel Discussion

New toy at the office

matt turck — Mon, 28 Jan 2013 23:05:16 +0000

Joseph Turian, Sqrrl, Infochimps and MemSQL

matt turck — Tue, 15 Jan 2013 17:56:17 +0000

The December NYC Data Business Meetup was focused on big data infrastructure companies, with the co-founders of Sqrrl, Infochimps and MemSQL presenting to a full house. We started the evening with a presentation by prominent data scientist Joseph Turian.

The slides are here: Joseph Turian, Sqrrl, Infochimps and MemSQL.

Here are the videos:

Intro

Joseph Turian, “How to do AI in 2013″

Oren A. Falkowitz, Co-Founder & CEO, Sqrrl

Dhruv Bansal, Co-Founder & Chief Science Officer, Infochimps

Eric Frenkiel, Co-Founder & CEO, MemSQL

And here are a few pics (photo credit: Shivon Zilis):

Recorded Future, Lex Machina, DataMarket and numberFire

matt turck — Thu, 10 Jan 2013 13:44:33 +0000

The November NYC Data Business Meetup was focused on “vertical-specific” applications of big data – startups leveraging the big data stack to offer new solutions to specific industries, such as finance and government (Recorded Future), the legal industry (Lex Machina), energy (DataMarket, although it offers data sets for other industries as well) and sports (numberFire).

The slides are here: Recorded Future, Lex Machina, DataMarket and numberFire.

Here are the videos:

Christopher Ahlberg, CEO, Recorded Future:

Josh Becker, CEO, Lex Machina:

Hjálmar Gíslason, CEO, DataMarket:

Nik Bonaddio, CEO, numberFire:

Panel discussion:

Some pics: