The Department for Business & Trade, Challenge Works, Smart Data Foundry and the ODI are calling on individuals, innovators, entrepreneurs, academia and civil society to join us in identifying innovative ways in which smart data could make a difference for consumers, small businesses and wider society.
Between 26 October and 8 December 2023 we are running an open call for cross-sector smart data use case ideas. We’re inviting individuals and organisations to share their bold cross-sector use case ideas for a consumer-driven smart data economy.
In this discovery challenge, we are specifically looking to identify leaders in the space with the most promising cross-sector smart data use case ideas. The most promising cross-sector use case ideas submitted in the open call will be selected by an expert panel and further defined in collaboration with those submitting them with the help of expert input. The discovery challenge will culminate in a March 2024 event for the emerging smart data community where the most promising ideas will be pitched, with financial awards available from a prize pot of up to £20,000 (individual prizes up to £5,000 each).
Following the discovery challenge, our aim is to launch a smart data challenge prize in 2024. Participants in this prize will benefit from a share of up to £750,000 and access to a bespoke data sandbox enabling them to prototype and test a range of cross-sector smart data use cases.
To learn more and enter, visit the Smart Data Discovery Challenge website.
What is smart data?
Smart data is the collective term for technologies and policies that will enable individual consumers and small businesses to securely share data that organisations hold on them with other authorised organisations they trust. These, in turn, will be able to use that data to provide consumers with innovative services.
Smart data is already a reality in the UK for bank current accounts, in the form of Open Banking. In the future, it could expand into a range of other consumer sectors, including energy, retail and transport, as well as other financial services such as savings and investments, mortgages and insurance.