In the context of Virtual Enterprises (VEs), the intersection between big data analytics, data ownership, and regulatory compliance raises significant challenges. This paper presents a novel framework for redefining data control within VEs by transferring ownership from Data Controller entities to individuals. Central to this framework is the proposed novel notion of the Data Capsule, which empowers individuals with personal data sovereignty i.e., with the ability to dictate the terms and conditions of their data usage directly. The Data Capsule system leverages ontologies, semantic technologies, and blockchain to homogenise heterogeneous data, enable annotation, enforce governance rules, and assure transparency. This framework addresses the unique data management needs of VEs by promoting transparency and allowing all participants to openly state the level and type of engagement permitted with their data. By making individuals the primary custodians of their data, this paper intends to enhance privacy, security, and ethical data handling while avoiding the possible drawbacks of profit-driven approaches. The paper additionally considers compliance with pertinent legislation including the European Union’s General Data Protection Regulation (GDPR), the Data Governance Act and the AI Act. The suggested framework provides considerable benefits to SMEs in VEs, such as competitive advantage and cost savings. This paper outlines a research plan, provides a state-of-the-art analysis, establishes the system’s objectives, and aligns the framework with the needs of VEs.