digital markets

The European Union has designated six Big Tech companies as "gatekeepers" to the Internet—Alphabet, Amazon, Apple, Meta, Microsoft, and ByteDance (TikTok's parent company). Experts & pundits are calling this designation under the EU’s Digital Markets Act the most significant action against Big Tech ever taken. As the U.S. Congress continues to avoid significant legislative action, Europe has stepped into the void. Will this be another example of the so-called Brussels effect, where European policy becomes de facto regulation for the entire Western World? How will the companies respond, and what impact will it have on consumers? Joining Evan is FAI Director of Outreach Luke Hogg, whose tech policy research focuses on decentralization and innovation. Read his recent piece on the "Brussels effect" for Pirate Wires here.

Paul Scully, Minister for Tech and the Digital Economy, addresses criticism of the UK’s semiconductor strategy and explains why the government is avoiding a “subsidy race” with the likes of the US. The MP for Sutton and Cheam outlines the goals of the Digital Markets Bill, and explains how existing regulators will create a “baseline” while building up an understanding of AI risks. Elsewhere, he discusses the Online Safety Bill, investment zones and Tech Nation.     

Scully was appointed Parliamentary Under Secretary of State (Minister for Tech and the Digital Economy) at the newly created Department for Science, Innovation and Technology (DSIT) in February. He held the corresponding role at DSIT’s precursor, DCMS, from October 2022 and has been an elected MP since 2015. He is also Minister for London and was appointed to that role on 13 February 2020.

(1:49) From her first digital project, a 2001 website sold one year later, to several other digital assets, Fernanda tells us about her background in marketing and business.

(5:03) Fernanda gives us her opinion about what she thinks is digital transformation by stating that being active on social media, and having an app or a website, doesn’t necessarily mean a company has transformed itself digitally.

(10:36) Big corporations, such as retailers, should not only build their commerce online but improve their communication with customers, understand how to use the content to their advantage, and use social media for engagement.

(13:26) Fernanda states how implementing the same strategy a retailer has on-site online, only restrains a company’s digital evolution.

(16:22) Fernanda mentions the lack of know-how and the pretense of fast and easy results when companies become (or try to become) digital markets. 

(19:49) Fernanda and Luis agree on how leaders must change their mindset about continually experimenting in the digital world.

(22:53) Even though big retailers have huge needed assets, such as their physical stores, Fernanda considers that, soon or later, they will be forced to merge into digital, and get the best of both worlds. 

(24:58) With a never-ending check, and a huge retail store in her hands, Fernanda confirms what she would do as the next steps of business improvement. Curiously, she starts by buying start-ups.

(29:22) For small entrepreneurs, Fernanda considers that some of the most significant advantages nowadays rely on the amazing possible distribution channels, the control of the customer experience online, and the choice of the prices and promotions of your products.

(35:05) Luís adds the relevant opportunity of testing new products fast and efficiently with no restrictions, as another advantage of selling online.

(36:38) Fernanda states that the biggest struggle of selling Nolita’s food products worldwide is to comply with the food restrictions of each country.

(38:39) Fernanda advises the audience to understand the importance of relationships in the business world, connecting a solid network with successful businesses.

(41:46) For young leaders, the journey shouldn’t be a lonely process, but a diverse and challenging one, surrounded by different-minded people, as Fernanda advises.

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