The Smart Data Discovery Challenge has been created to drive innovation in data solutions for individuals and small businesses
The Department for Business and Trade, Challenge Works, the Open Data Institute (ODI), and Smart Data Foundry have invited innovators, entrepreneurs, and academics to submit Smart Data solutions.
The Smart Data Discovery Challenge aims to recognise leaders in the field of Smart Data. The open call encourages individuals and partnerships to share ideas on cross-sector Smart Data applications for small businesses.
The importance of Smart Data
Smart Data helps consumers and small businesses to access and share data with third parties securely and easily. This enables third parties to offer innovative services. Open Banking is a prime example of Smart Data in action and has played an important role in the UK’s fintech industry.
“Smart data has the potential to help create solutions to real-life issues that consumers face daily as well as supporting small firms across the country and helping to grow the economy,” said Kevin Hollinrake, minister for enterprise, markets and small business.
“Smart data is already helping consumers via Open Banking, and I am excited to see what other game-changing technology this challenge launching today will produce from our nation’s innovators and entrepreneurs, particularly in the energy, SME finance and home buying sectors,” he continued.
The Smart Data Discovery Challenge is particularly interested in financial services, energy, retail, transportation, and home buying.
Furthermore, the challenge is open to exploring the potential data that can be unlocked from other sectors, such as telecommunications.
The challenge aims to nurture innovators and partnerships, helping to turn their ideas into viable concepts for further development. The most promising contributions will receive mentorship and guidance, and the top contenders will be rewarded financially.
The Smart Data Discovery Challenge can change government policy
Participating teams help shape the government’s perspective on Smart Data in the UK and may even influence the creation of a Smart Data Prize in 2024.
“A Smart Data economy could unlock transformative innovations just as open banking did for fintech. It is a new frontier and would represent a massive change to how individuals and small businesses take control of their data,” said Chris Gorst, challenges director at Challenge Works.
“We want innovative thinkers from across industry and society to recommend new Smart Data solutions that could make a difference for consumers and SMEs, to identify where obstacles need dismantling and where risks need mitigating,” he continued.
“Innovators that take part in the Smart Data Discovery Challenge will join a community of cutting-edge and creative thinkers to help us shape the direction of a potential Smart Data Prize in 2024,” added Louise Burke, CEO of ODI.
“We want creative people from across industry, academia and civil society to join the conversation about opening up services using Smart Data to make people’s lives better and enrich our national data infrastructure,” he concluded.
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