Let us mitigate the adverse impact of data monopolies
- Mandatory data sharing would give new digital players better odds of success and thus foster innovation
According to Forbes, the top 10 global companies by market capitalization in 2023 included four technology companies, one social media platform, and one online marketplace. In 2009, their collective number was one. In 14 years, digital companies, led by data usage, have challenged the neoclassical approach to business. Data is the new oil, analytics the refinery, and artificial intelligence the gasoline powering the digital economy. Interestingly, the marginal utility of data never diminishes. Also, even though data is non-rivalrous, its access and use can be denied.