The Art of Bitfulness

In May of 2017, the cover of the Economist proclaimed that Data is  “The world’s most valuable resource”. The proof of this proclamation can be seen by the domination of Tech Giants in virtually all major global markets. Moreover, they are quickly gaining ground & unseating incumbents in more traditional industries such as transportation, media, entertainment, advertising and payments. In the talk embedded below, I explain why this is a strategic challenge for India. Fuelling the rapid growth of tech giants is the Data of users such as you and me. For Data controllers, Data is the ultimate truth about what your customers like, dislike, need, and pay for. With the power of AI, Data knows when, where, and how much their customers will pay, even before they do. This can be seen in all markets disrupted by Data giants, who have consistently outgrown competition and established their dominance. I present some examples in my slides embedded below. Moreover, the virtuous cycle of data feeds itself. More Data helps create better products. Better products have more users, who in turn, create more Data. This property of Data creates winner-take-all scenarios. Data controllers understand this new power equation, and have rushed to create platforms. Platforms accelerate the creation of new and engaging products. Other companies, even competitors, are invited to build products on the platform. Large platforms then become the fertile grounds upon which all user interactions take place, and the data of those interactions is captured by the underlying platform alone Data is being locked into silos, so that the value extracted from the data does not have to be shared with anyone, not even with the users who helped create it. This sort of Data Domination, does not leave any oxygen for challengers to outgrow the giants. For such a powerful resource, that can change the face of $100B+ industries seemingly overnight, we seem to have very few regulations around it. This article was originally published in Product Nation by iSpirt.
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