You likely already understand the potential of data to transform your city. But a new report from Council Advisor TM Forum suggests another good reason to invest in data: It can give your economy a huge boost. In fact, just some of the data collected by the world’s cities could be worth $7 trillion.

We’ve long believed in the economic power of data. Las Cruses, NM, uses data to give itsbusinesses a competitive advantage. Quebec uses its data to help businesses and job seekers find each other. Palm Springs, CA, used data to make its downtown more attractive to out-of-towners, the people who did most of the shopping there.

But if money is holding your city back from doing projects like these, the TM Forum report suggests some may be willing to pay you to unlock your data. We share a few findings and tips below, but don’t forget the big one: Don’t do anything that jeopardizes the public’s trust! Your citizens are watching. — Kevin Ebi

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