U.S. Chamber Foundation Report Highlights Benefits of Data-Driven Innovation

Tuesday, October 7, 2014 - 7:45am

Industry Experts Provide Insights on How Data Is Changing Business and the Economy

WASHINGTON, D.C.—The U.S. Chamber of Commerce Foundation today released a report which, through the insights of several notable industry experts, offers a look at current data-related issues and innovations and the ways in which they will shape the future of data-driven innovation and the economy. The report, The Future of Data-Driven Innovation, includes contributions from some of the top minds in business, technology, and economics and presents actions that can be taken today to maximize the value of tomorrow’s digital data.

“Data tells a story, and that story is one of a digital revolution for good” said U.S. Chamber of Commerce Foundation President John R. McKernan Jr. “It is also spurring intense dialogue, which is why we are taking a close look at the issues driving these debates today.”

Through several issue-focused chapters, the report illustrates ways in which data-driven innovation is a force for social and economic good, appearing in unexpected places and unexpected ways. The report finds that the digital economy is generating a large amount of economic value. Big Data in particular is providing new insights and improving efficiency by linking deep layers of information together, while Open Data is launching hundreds of companies and creating jobs across the economy.

The report also explores the notion of companies as data custodians, and encourages policy to bolster the movement of data between functions and institutions while ensuring that ownership, security, and privacy concerns are met. The report’s essays suggest that policymakers should support the data-driven economy with targeted investments towards greater competitiveness, including building a vibrant and dynamic STEM workforce; bolstering data literacy; expanding a robust broadband infrastructure; and adjusting publicly funded R&D to better develop data capabilities and public-private collaboration.

“America’s growth and long-term competitiveness depend on having the sort of innovation and skills that marks the data-driven economy,” said McKernan. “The impact is large and growing across a range of industries, all while creating jobs and opportunity for a host of communities.”

Authors include: Dr. Joseph Kennedy, Kennedy Research LLC; Joel Gurin, The GovLab, New York University; Dr. Matthew Harding, Duke University; Leslie Bradshaw, Made by Many; John Raidt, Atlantic Council & Jones Group International; Benjamin Wittes, Brookings Institution; Wells C. Bennett, Brookings Institution; and Rich Cooper, U.S. Chamber of Commerce Foundation.

A copy of the full report is available here.

The U.S. Chamber of Commerce Foundation (USCCF) is a 501(c)(3) nonprofit affiliate of the U.S. Chamber of Commerce dedicated to strengthening America’s long-term competitiveness by addressing developments that affect our nation, our economy, and the global business environment.

The U.S. Chamber of Commerce is the world’s largest business federation representing the interests of more than 3 million businesses of all sizes, sectors, and regions, as well as state and local chambers and industry associations.