Big data is the “ultimate intelligence” behind building cheap and affordable businesses, said Christopher Schroeder, US venture investor and author of Startup Rising in an interview with TA Telecom at Egypt’s largest entrepreneurial summit held this month.
Schroeder was among prominent international speakers at the RiseUp Summit, held annually to equip young entrepreneurial talents with the key to startup success; providing them with an opportunity to mingle with top experts, attend workshops and showcase their ideas to potential investors.
“This is the most exciting time to be alive and the most exciting time to be building companies because you can build it cheaply and affordably through amazing resources you can find online,” Schroeder told TA Telecom.
Schroeder explained that having access to information about what people do and think in real time is the ultimate goal for businesses.
“With so much data available, we don’t have to guess,” Schroeder said.
Optimistic about the future potential of entrepreneurship in the Middle East, Schroeder said he witnessed entrepreneurs working harder and building things better with so much ambition over the past three years.
“There are always challenges of all different types but great entrepreneurs just keep walking through and doing things,” said Schroeder adding, “Entrepreneurship is a risky thing even under the best of circumstances.”
Schroeder emphasized that when an entrepreneur successfully implements a new idea, everyone else is empowered to follow suit. “Success breeds success,” he said.