We stand on the edge of a new frontier. An enormous amount of data collected by governments is publicly available—and if you know how to use it, the untold riches buried within can be yours. Valuable data is quite literally there for the taking—for free—and intrepid entrepreneurs can build whatever they like with it. Access is getting easier every day, and this valuable public information can give entrepreneurs real insights that will inform tough decisions they may face. For instance, a budding restaurateur considering opening a new location can access demographic breakdowns, parking ticket frequency on the nearby streets, and health code rating information for adjacent eateries. An expanding company can evaluate the least costly locations for a main office by combing through labor and wage statistics.
Open data can also benefit philanthropic efforts. Nonprofit tech company Caravan Studios, a division of TechSoup Global, uses publicly available data and modern technology to address societal ills—something Forbes called social entrepreneurship. Caravan Studios CEO Marnie Webb says, "Technology can be very useful in illuminating issues. Technology can help with data analysis, visualizations, making facts available, which can be useful for advocacy, for decision making, for education. Technology can help drill down into specific areas that can use support or benefit from some other kind of intervention. And technology can help people take action."
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