Considering the unpredictable nature of the current administration, it is imperative that we as entrepreneurs remain attentive... particularly on the topics that could impact our businesses. A more recent action item, the FCC Net Neutrality vote, has garnered heavy social media commentary and media criticism among outlets of all facets.
During the holiday break we spoke briefly with IT Expert Delvin T. Huffman, to gain more clarity on what the vote means, so that we could decipher how this would potentially affect small business owners. Since that conversation, Sen. Edward Markey has launched an effort to reverse the repeal and restore #NetNeutrality. (This is great news!)
In case you missed this whirlwind of political-tech talk, we've outlined 4 key points below to help you play catch-up!
1. What is Net Neutrality?
Implemented by the Obama Administration in 2015, #NetNeutrality required Internet Service Providers (ISPs), like Verizon and Comcast, to treat speed of access equally. This prevents high speed companies from creating/monetizing relationships with data providers in a more competitive sense. For example, Time Warner couldn't monetize a relationship with Yahoo to offer higher speeds for them, but slower traffic on Google.
2. What did the Federal Communications Commission (FCC) Vote?
Per Variety.com "The FCC voted 3-2 to get rid of rules that prohibit Internet Service Providers from blocking or throttling content, or from selling so-called “fast lanes” to sites that want speedier access to consumers."
3. How could this affect Entrepreneurs?
Net Neutrality kept the playing field equal by prohibiting a "pay-for-play" structure that favored big media companies. Most entrepreneurs rely on fast Internet access as the crux of their business's IT infrastructure, and this vote introduces potential barriers that could affect their bottom line in a few different ways.
4. The Good News:
As mentioned earlier, Sen. Edward Markey has launched an effort to reverse the repeal and restore #NetNeutrality. As of today, he has received most of the 30 Co-sponsors required to bring this to a vote, so there is hope that all will be restored to what the Obama Administration initially envisioned.
Comment below or follow @GlambitiousIAM on Instagram to let us know your thoughts on the Net Neutrality vote!