Is the phrase "The next big thing" considered a formal or a slang phrase?
Especially when communicating with a professional committee.
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X is the next big thing in mobile technology.
The phrase is oft used in headlines, news reports as well as trade magazines, especially for technology.
It may be used for other fields such as entertainment, for example, to refer to an upcoming star, but the usage is less common and a hence little unorthodox.
However, as far as the technical world goes, it is a perfectly acceptable buzz word and something that gives impetus to your presentation as well as makes it less stiff.
The only exception is if all committee members are stiff collared and in their seventies.