In [a few] years, “we will be talking about systems that use Android and iOS, fast networks, and powerful machine learning….they are going to use the crowd to learn something.” This knowledge will become a marketplace.
For example, “I know nothing about dermatology and I have $1 million,” proposes Schmidt. “I am going to run to dermatologists and pay them $1 to categorize skin samples. I am going to put them in a machine learning system, run the samples, have them categorized, and I am going to sell the same service to the dermatologist because my system is more accurate than the individual dermatological categorization.”
To build the next $100 billion business: crowdsource information, learn it, and then sell it.