"Data Trusts" Could Be the Key to Better AI

One of the greatest barriers to adopting and scaling AI applications is the scarcity of varied, high-quality raw data. To overcome it, firms need to share their data. But the many regulatory restrictions and ethical issues surrounding data privacy pose a major obstacle to doing this. A novel solution that my firm is piloting that could solve this problem is a data trust: an independent organization that serves as a fiduciary for the data providers and governs their data's proper use. Research shows that companies are becoming increasingly aware of the value of sharing data and are exploring ways to do so with other players in their industry or across industries.