The Trillion Dollar Business In Which We’re All Stakeholders.

Open data is transforming economic, social, cultural and political life. McKinsey has estimated that the potential global value of open data is around $3 trillion annually, with $1.1 trillion allocated to the U.S.. The move toward radical transparency has gained momentum but how exactly is it measured, and what are some of the ways in which is impacting the world around us?

In government, it helps tackle corruption, enhances public services and improves public services, providing an ability to collaborate far more effectively with other sectors and citizens overall. In business it leads to social and technological innovations in which everyone is a stakeholder. At an individual level, it empowers citizens to take control of their lives and demand change, thereby impacting decision making processes that stimulate social growth and development in local communities and nationwide. 

“Increased availability and use of data, new ways to leverage the capacity, intelligence, and expertise of people in the problem-solving process, combined with new advances in technology and science can transform governance. Building networks of policymakers, technologists, designers, entrepreneurs, researchers and thinkers from across disciplines [allows us] to gain deeper insights, develop more agile research protocols, and new theories for understanding the transformation of today’s institutions.” —GovLabs