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Smart data from energy meters could soon be used alongside digital information collected in other sectors to form new support mechanisms for vulnerable customers and small businesses.
The idea is one of the main aims of a government-led competition aimed at creating a smart data bank.
Launched by the Department for Business and Trade, Challenge Works, the Open Data Institute (ODI) and Smart Data Foundry, the competition is calling on individuals, innovators, entrepreneurs, academia and civil society to share ideas for “ambitious and feasible solutions that could harness smart data across different sectors of the economy to benefit individuals and small businesses in the future”.
The Smart Data Discovery Challenge is particularly keen to encourage ideas that cut across sectors, including: energy; financial services, retail, transport and home buying.
Chris Gorst, challenges director at Challenge Works – a Nesta enterprise, said: “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.
“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.”
Kevin Hollinrake, minister for enterprise, markets and small business, said: “Smart data has the potential to help create solutions to real life issues that consumers face on a daily basis as well as supporting small firms across the country and helping to grow the economy.
“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 nations’ innovators and entrepreneurs, particularly in the energy, SME finance and home buying sectors.”
Contributions taken forward will be supported with mentorship and guidance and the best will be rewarded with undisclosed cash prizes.
Louise Burke, chief executive at the ODI, said: “Innovators that take part in the Smart Data Discovery Challenge will join a community of cutting-edge and creative thinkers to help us to shape the direction of a potential Smart Data Prize in 2024.
“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.”
The Smart Data Discovery Challenge’s open call for ideas runs from 26 October to 8 December 2023. A longlist of ideas will be selected based on published assessment criteria.
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