In 2013 A study from McKinsey estimated that open data was able to unlock $3-5 trillion across 7 sectors.
Successful open data initiatives do more than simply put data on the web. The most data-savvy organisations put in place frameworks and programmes to support and incentivise innovation.
The Open Data Incubator for Europe supported European digital businesses to fast-track the development of innovative products and services that used open data as part of their business model and reveal its underlying value.
The programme included running a 6-month virtual incubator for open data entrepreneurs across Europe, as well as developing an ecosystem of open data initiatives and stakeholders to strengthen the European data economy.
ODINE ran from 2015 to 2017 and was funded with a €7.8m grant from the EU’s Horizon 2020 programme and was delivered by Open Data Institute, Wayra, the Guardian, Telefonica, University of Southampton, Open Knowledge Foundation and Fraunhofer Institute.
During the 20 months of the incubation period, our project team selected, funded and supported 57 startups and SMEs from 18 European countries. The companies employed 278 people and generated €23.7m in sales and investment in 51 individual investment rounds, with an average investment of approx €350k.
Organisations and individuals in Europe were invited to contribute to the commercial open data community by offering office space, mentoring, facilitating events, fostering collaborations with industry and data owners, providing investments and more. A full list of partners is available here.
An externally-commissioned impact study assessed that the value generated by the ODINE startups is expected to be €42M by 2020, with a 540% ROI from the €7.8m total investment by the European Commission. The full report is available here.