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Deephaven
Deephaven Deephaven

Recent headlines about digital innovation highlight NFTs, blockchain, and metaverse. However, in terms of influence, these are arguably trumped by the more subtle, but also more impactful development of the modern technological era: the rise of data.

Data has become the currency with which businesses trade. Almost 90% of all data was created in the past couple of years. Now, corporations' enterprise valuations actively incorporate the data they've accumulated. Companies that are data-driven have been shown to be six times more likely to retain customers; through the use of data, streaming giant Netflix save $1 billion per year on customer retention.

The newly pivotal role being played by data in companies' success has led to a heightened sense of jostling for data-superiority across a number of industries. It has also ballooned innovation and investment in software solutions to derive value from that data. Competition is often championed above collaboration. This risks slowing innovation.

The New York-based data-software company, Deephaven Data Labs, is taking a radically different approach. The firm is providing the public with access to a series of components used to construct its unique data system. In making these products open-source, Deephaven is actively encouraging a collaborative approach to evolving the framework, with the intention to enhance and personalize data experiences for thousands of users.

Open-source software is invaluable, with nine in ten companies utilizing it. Related services have generated revenue of almost $33 billion this year alone. Deephaven emphasizes that accelerating the evolution of data projects and making independent technologies work well together are the primary motivations behind their decision to open their software.

Deephaven has developed an advanced data system, one particularly relevant for modern, real-time loads. Spawned from Wall Street trading, the company sees all industries moving quickly in the direction of real-time and dynamic data. While it continues to offer an enterprise product available via typical license subscriptions, it is making various software components available for anyone to edit, customize and optimize.

Peter Goddard, CEO of Deephaven, underlines, "We are keen for our software to help as many people and businesses as possible. In addition, introducing these open-source products allows us to work with diverse talent across geographies and industries to develop innovative new applications for our software components. This is the most effective way to develop software, and at Deephaven, we don't see any value in being possessive of or secretive about our insights."

Peter makes the analogy that the enterprise system is like a race car, while the open-source community products are akin to its engine, tyres, and chassis. Evolving components collaboratively in the open maximizes innovation. Co-developers and other community players can use those components (i.e. those metaphorical engines, tyres, and chassis) in whatever way they want. However, Deephaven assumes some enterprises will want to buy a car, not assemble their own, and Deephaven positions itself accordingly.

Currently, Deephaven has made dozens of different open-source products available. Its three flagships are Deephaven-core, Barrage and Web-UI. Deephaven-core serves as a query engine, particularly compelling at handling real-time data – on its own or in the context of historical, static data. In addition, the product supports real-time AI, applications, and user experiences. Think "ticking dashboards" here.

Barrage, another of Deephaven's open-source products, is an excellent example of the benefits of open-source strategies. It is an extension of another famous open project called Apache Arrow. Barrage extends the concepts and technologies of Arrow also to support dynamic, real-time data. Without forming a joint venture or otherwise coordinating, developers from Deephaven are able to evolve and interoperate with coders from other companies to deliver a shared utility valuable to the community.

The third product offers yet another slant on the value of open source. Deephaven's enterprise customers appreciate the user experience the company provides on the web. In the open-source Web-UI project, Deephaven has provided a shell for other data software companies to use, allowing people to collaborate instead of compete in such development to benefit everyone.

The emergence of data-software and data-analysis as key tools for bolstering productivity has, in many ways, fostered a much more competitive, territorial corporate world. By making its products open-source, and focussing on the collective power of innovation, rather than solo success, Deephaven is riding the wave to make collaboration fashionable again.