Data-Driven Innovation

Abstract

Big data and data-driven innovation are creating significant information monetization opportunities. Former European Research Commissioner, Maire Geogeghan Quinn, coined the phrase ‘Knowledge is the crude oil of the 21st century’ and it aptly describes the opportunity. Even this analogy is not powerful enough as data or knowledge does not get used up as it is shared or used up, as it is a non-rival good. In fact, it often multiplies. Debra Amidon, Piero Formica, and others have defined the three laws of knowledge dynamics which underpin the practice of data driven innovation.