This paper provides an overview of the key regulatory topics introduced by the EU Data Act and their implications for data-driven companies across various disciplines, including legal management, open data innovation, data commercialization, and ICT security. By redefining data access and sharing rights, the Data Act encourages the development of new business models, products, and services while posing significant challenges across these domains, which are highlighted in this paper and the ongoing research project “Data Act Pioneer.” The legislation introduces various legal requirements, such as contract management, data protection, and safeguarding trade secrets amidst expanded data access rights. The paper also addresses how the Data Act may influence industrial innovation processes by enabling open access to machine data, promoting data literacy, and fostering co-creation within the digital economy. Additionally, it touches on the commercialization potential of data assets, the security requirements for ICT systems, and the strategic adjustments necessary for companies to stay competitive in this evolving regulatory environment.