The chapter discusses the challenges and opportunities associated with Big Data, emphasizing the growing recognition of its value and the recent government initiatives to address its challenges. The authors highlight that while Big Data holds significant promise, there is no clear consensus on its definition and many myths surrounding it. The introduction outlines the multi-step process of data analysis, from data acquisition and information extraction to data analysis and interpretation, each step presenting unique challenges. The panel aims to explore these challenges, identify differences between Big Data and past Very Large Database techniques, and discuss how the data management industry and academia can collaborate to solve these challenges. The panel includes experts from various institutions, such as the University of Pittsburgh, University of Michigan, University of Pennsylvania, Cornell University, University of Toronto, and Microsoft, who will contribute their expertise to the discussion.The chapter discusses the challenges and opportunities associated with Big Data, emphasizing the growing recognition of its value and the recent government initiatives to address its challenges. The authors highlight that while Big Data holds significant promise, there is no clear consensus on its definition and many myths surrounding it. The introduction outlines the multi-step process of data analysis, from data acquisition and information extraction to data analysis and interpretation, each step presenting unique challenges. The panel aims to explore these challenges, identify differences between Big Data and past Very Large Database techniques, and discuss how the data management industry and academia can collaborate to solve these challenges. The panel includes experts from various institutions, such as the University of Pittsburgh, University of Michigan, University of Pennsylvania, Cornell University, University of Toronto, and Microsoft, who will contribute their expertise to the discussion.