Each day, there are over 5.5 million devices connected, and Gartner predicts there will be nearly 21 billion connected things by the year 2020. From smartphones to tablets, televisions, vehicles and beyond, the influx of data is vast and at times can be somewhat overwhelming.
With the rapid expansion of the connected universe over the past few years, there has been a scramble to find data science experts to help dissect data. Similar to the elusive social media professional, it can be difficult to find the right person with the right set of skills for the right project.
Many companies understand the value in collecting and decoding their customers’ data to help refine product or service offerings and customer service. Cutting through all of the data noise is an invaluable capability to have for any organization moving forward. Through analyzing the right data at the right time with the right data scientist in place, businesses can uncover a myriad of insights that were once not possible to obtain.
One company that's looking to help businesses locate the best data expert fit is Cambridge-based startup company Experfy. Through its on-demand big data and IoT marketplace, Experfy helps pair companies with well-vetted data analysts. To help further its commitment to the data science cause, the company also provides extensive training to ensure quality data professionals. We sat down with Experfy's founder and co-CEO, Harpreet Singh, to discuss his company and its impact on the data community.
PYMNTS: In your own words, what is Experfy about?
HS: Experfy is a Harvard-incubated on-demand consulting and training marketplace for Big Data and IoT. With over 30,000 experts, Experfy is the largest consulting marketplace that delivers the highest quality of talent to enable companies to meet their short-term needs. We also provide a robust training platform where our experts are delivering highly specialized courses intersecting with different verticals and use-cases to enable companies to up-skill their existing employees.
PYMNTS: What's the story behind how Experfy started?
HS: We witnessed a growing scarcity of talent in Big Data, IoT and emerging technologies. My co-founder Sarabjot Kaur and I decided to address it by launching a scalable marketplace platform.
PYMNTS: How does the pricing model work and how does Experfy get paid?
HS: Experfy takes 20% commission on the total transaction in the consulting marketplace and 50% commission on the course revenues in the training marketplace.
PYMNTS: Who does Experfy see as its competition?
HS: On the consulting side, our competitors are professional services firms. On the training side, our courses are sufficiently niche that we don’t have a direct competitor.
PYMNTS: Since its inception, how much has Experfy grown year over year? What does it attribute this to?
HS: Our company has grown to over 30,000 data experts and we have executed over 200 projects. The growth has been steady and is now becoming exponential.
PYMNTS: How many rounds of funding has Experfy received?
HS: We have raised a seed round of $1.5m. We are backed by the futurist Peter Diamandis, the Chairman of X PRIZE.
PYMNTS: As most startups have their fair share of hiccups, can you share a few lessons learned or anecdotes?
HS: Two-sided marketplaces are incredibly hard to build. It takes time to build the engine of growth. Most marketplace give up too soon. The key to success is being persistent.
PYMNTS: What are Experfy’s 2017 goals?