Small and Medium-sized Enterprises (SMEs) play a vital role in the global economy, yet they often face challenges due to limited access to financing. To address this issue, we propose the implementation of Prosperity Data Networks (PDNs), a cutting-edge tool that leverages Artificial Intelligence (AI). PDNs are AI-powered, community-controlled and governed digital data repositories, drawing on principles from influential economists Friedrich Hayek and Amartya Sen. By democratizing access to valuable data on SMEs, PDNs enable lenders, investors, and policymakers to make more informed decisions, promoting inclusive economic development and entrepreneurship. PDNs’ community governed framework aligns with Hayek's emphasis on individual liberty and decentralized decision-making, empowering communities to have a say in their economic future. Utilizing advanced AI technologies, PDNs analyze vast amounts of data, leading to improved understanding and risk assessment for SME financing. Moreover, PDNs incorporate Sen's inclusive conception of economic development, which embraces a wide array of factors including healthcare, education, political freedom, and social opportunities. This comprehensive approach fosters a positive environment for SMEs, encouraging them to adopt sustainable practices and contribute to the overall well-being of the economy.
By Jascha Stein, Mei Lin Fung, Bitange Ndemo, Sean Flynn
View the publication here.