Net neutrality refers to the principle that internet service providers (ISPs) must treat all data on the internet equally, without discriminating or charging differently by user, content, website, platform, or application. This ensures an open internet where users have equal access to all content and services, which is crucial for maintaining a level playing field for startups and promoting innovation. Violation of net neutrality could lead to a tiered internet, where wealthier companies pay for faster access, potentially stifling competition and limiting consumer choice.