Academics are increasingly turning to corporate datasets as they look for new ways to conduct research. However, acquiring these datasets from corporations can be a challenge due to a variety of legal, ethical, and practical considerations.
In this blog post, we'll explore the process of acquiring corporate data for academic research, including the common methods that researchers use and the challenges and limitations they encounter. We’ll then talk about the benefits of using corporate data for research, and how Dewey is unlocking access to third-party datasets to power academic research around the world.
Challenges in Acquiring Corporate Data for Academic Research
The process of acquiring corporate data for academic research poses several challenges. While corporate datasets can provide valuable insights into business operations, consumer behavior, and industry trends, obtaining these datasets practically, legally, ethically, and affordably can be a challenge.
Getting in touch with the right company contacts
Because data companies carefully curate their marketing channels based on their target customers - who in most cases are not academics - there is typically not a straightforward way for researchers to request access to data, paid or not. Traditionally, to acquire third-party data from a corporation, academics have to move through that company’s B2B sales channel. This is problematic because it places researchers in a marketing and sales funnel not intended for them, wasting both their time and that of the sales reps they are put in contact with. Many organizations do not have academic programs in place, so conversations often stop here.
If a company does offer data to academics, and a researcher is put in contact with the right person, the researcher then must work through whatever process the organization has designed for granting access. Academics typically have to make a case for why the data would be valuable for research, and why it would benefit the company to provide it to them at a price the research team can afford.
Acquiring corporate data affordably
Perhaps the biggest challenges academics face when sourcing third-party data is the cost associated with acquiring corporate data. Since data companies create their data products for specific users, usually at other businesses, they also price their datasets for other corporations, not academics. The high cost of third-party data is a significant barrier for academic research teams, but some companies do offer data free of charge or at discounted prices in special cases.
Some academic research teams are able to pay full price for the data they need by securing grant money, but this can add another layer of complexity into the acquisition process. Grants can take a long time to be approved, and often have a lengthy and in-depth application process that teams must work through in addition to their efforts with the data company itself.
Navigating legal agreements to access corporate data
Even if the data is available for purchase at an affordable price, there may be restrictions on how the data can be used, which can limit the scope of the research. Many research teams struggle to ensure that the data is obtained in compliance with the data company’s legal and ethical requirements, which can be a complex and time-consuming process. In fact, the definition of what constitutes legally acquired data for research purposes has been tightening in recent years, as discussed in this article on the American Economic Association's website.
Data companies may be reluctant to share their products with academics due to concerns about data privacy and intellectual property rights, or even exposing their secret sauce to their competition. Additionally, companies may not have a clear process for providing access to their data for academics, or the data may be stored in a format that is difficult to use or requires specialized software not available in academia.
Benefits of Using Corporate Data for Academic Research
Despite these challenges, there are many benefits in using corporate data to pursue new and innovative research topics. Corporate datasets can provide valuable insights into business operations, consumer behavior, and industry trends that would otherwise be difficult to obtain.
Developing solutions to critical issues
Academics leveraging corporate data can conduct research on real-world problems and issues. By analyzing third-party data, researchers can gain a better understanding of how businesses operate, how consumers behave, and how industries evolve over time. This knowledge can be used to develop more effective policies, practices, and products that can benefit society as a whole.
Innovating in real-time
Another benefit of using corporate data is the ability to conduct research that is both timely and relevant. Corporate datasets are often updated in real-time or near real-time, which means that researchers can analyze the most recent data available to gain insights into current trends and developments. This can be especially valuable in fast-moving industries where new technologies and business models are emerging rapidly.
Uncovering new insights
Third-party data can also be used to validate existing theories or test new hypotheses. By analyzing the large datasets typically curated by companies, researchers can identify patterns, correlations, and causal relationships that may not be evident in smaller samples they’ve collected themselves. This can help to validate existing theories or generate new hypotheses that can be tested in future research.
Fostering collaboration
In addition to these research-focused benefits, using corporate data for academic research can also provide opportunities for collaboration between academia and industry. By working together, researchers and businesses can develop more effective solutions to real-world problems and challenges. Students and researchers can also make valuable industry connections that could lead to employment opportunities later on.
Introducing Dewey as an Efficient and Affordable Way to Access Corporate Data
Dewey was founded to alleviate the challenges academics experience when acquiring corporate data for research, enabling research teams to reap the benefits of leveraging third-party data.
Dewey’s data marketplace allows researchers to browse and access a variety of corporate datasets, including financial, geospatial, mobility, and other popular types of data. We handle all relationships with data vendors, eliminating the need for researchers to negotiate with salespeople at data companies or navigate complex legal agreements. After subscribing to Dewey, all academics need to do is browse and download available data to get started with their research. What used to take up to a year of negotiating costs, uncovering grant money, and receiving delivery of data can now take minutes.
There are different subscription options available to researchers, including a free starter tier that allows users to download sample corporate data and cleaned, standardized versions of open source data. Dewey also provides individual faculty and student subscriptions, as well as large and small team subscriptions, so researchers can choose the option that makes the most sense for them. You can learn more about Dewey’s different subscription options here.
By providing an efficient and affordable way to access high-quality data from different industries, we’re democratizing access to data and driving innovation. The Dewey community already consists of over 10,000 academics from around the world leveraging corporate data in their research. Check out some of the innovative research that’s already been published by this active community, and subscribe now to unlock your own access to third-party data.