FROM BIG DATA TO SMART DATA. OPPORTUNITIES FOR ENTREPRENEURS USING DATA SPACE ECOSYSTEM APPROACH

This paper is a theoretical and conceptual approach for entrepreneurs that would like to create new business based in the context of the European data strategy. The paradigm shift is happening, data reveals that we are passing from consuming a data volume of 33 zettabytes in 2018 to 175 zettabytes in 2025. In order to demonstrate the value of Data Space technology for entrepreneurs it has been applied a literature review methodology. For newly emerging topics (such as Data Space) the purpose is rather to create initial or preliminary conceptualization rather than review old big data concepts. One of the key insights of the present article is to confirm how data’s increasing ubiquity and abundance makes is vital in every sector, and businesses of every size are becoming more dependent on data management. In the case of Data Space technology there is a clear problem between technology itself and its business application or business model and therefore we have a knowledge gap. Thus, it is necessary to spread out the Data Space concept to the entrepreneur’s ecosystem so their flexibility and speed in order to adapt or create new business could help reducing the mentioned technology-knowledge gap (how to monetize or create new business models). In order to demonstrate the value of the technology and derivate business opportunities for entrepreneurs this theoretical review presents the basic concept of Data Space and its association with MDVC (multilateral data value chain) development in different sectors.