Promoting Entrepreneurship and Innovation Through Business-to-Business (B2B) Data Sharing
Summary
To bolster competition, entrepreneurship, and innovation, the next administration should facilitate business-to-business (B2B) data sharing between startups and data-rich, established companies. Asymmetry in the digital economy is an existing market failure that, if left unchecked will continue to intensify to the detriment of consumer choice and our collective security.
Leveling the playing field requires policy to remove barriers to entry created by data advantages and to promote market competition through increased access to big data. Specifically, we propose that the Small Business Administration’s Office of Investment and Innovation establish a data-sharing program that gives entrepreneurs access to the data they need to improve algorithms underpinning their products and services. This would support a thriving and diverse ecosystem of startups that could in time yield valuable new markets and products.
Modernizing ClinicalTrials.gov will empower patients, oncologists, and others to better understand what trials are available, where they are available, and their up-to-date eligibility criteria, using standardized search categories to make them more easily discoverable.
The current lack of public trust in AI risks inhibiting innovation and adoption of AI systems, meaning new methods will not be discovered and new benefits won’t be felt. A failure to uphold high standards in the technology we deploy will also place our nation at a strategic disadvantage compared to our competitors.
We need a new agency that specializes in uncovering funding opportunities that were overlooked elsewhere. Judging from the history of scientific breakthroughs, the benefits could be quite substantial.
A shift toward more circular, transparent systems would not only reduce waste and increase efficiency, but also unlock new business models, strengthen supply chain resilience, and give consumers better, more reliable information about the products they choose.