This document discusses using vector spaces for information extraction. It explains that entities to be extracted or compared are represented as vectors in a large and dynamic space based on the contexts surrounding them. Dimension reduction techniques are needed due to the massive size of these spaces. The document proposes using random projection, which creates a random projection matrix to estimate the vector space in a way that maintains distances between vectors. An example application is described where technology terms are extracted from publications by classifying them based on words and positions in a reduced 2000 dimension space using random projection.