Unlocking the Potential of Data-Driven Business Models: An Empirical Investigation into the Role of Ecosystems and Fair Data Use

Data-driven business models are expected to stimulate new economic growth by promoting innovation and value creation through data. However, in addition to concerns about privacy and security, there are ongoing discussions about fair data usage at both the EU and global levels. This research analyses how business model change is influenced by the expected economic benefits as well as how involvement in data ecosystems and the adoption of fair data practices can encourage data-driven innovation. We develop and test a structural equation model with a sample of 1,200 European companies. The findings suggest that organizations recognize the potential for new business and innovation opportunities with data-driven business models. Nevertheless, it is essential to engage in data ecosystems and implement fair and sustainable data usage practices in order to realize these benefits.