pathdoc - stock.adobe.comNewsGovernment, Nesta and ODI issue 600k smart data challenge to technologistsDepartment for Business and Trade, Challenge Works and the Open Data Institute have issued a Smart Data Challenge to app developers and entrepreneurs with a total prize fund of 600,000ByBrian McKenna,Enterprise Applications EditorPublished: 15 Jan 2025 15:41 The Department for Business and Trade, Challenge Works and the Open Data Institute have issued a Smart Data Challenge with a total prize fund of 600,000.The three entities have said the prize money will go to the most innovative apps and technologies and that they encourage entrants from the data and innovation sector to enter. They are especially keen to see ideas that can be applied in financial services, energy, retail, transport and home buying.In support of the challenge, Justin Madders, minister for employment rights, competition and markets, said: Smart data has the potential to supercharge a wave of innovative startups right across the country. As weve seen with open banking, which has raised over 2bn of private funding, I hope other sectors can take advantage of the competition to provide real change for consumers and boost economic growth right across the nation.The government hopes that the UKs past role in promoting open banking, which allows for financial data to be shared between banks and other third parties through application programming interfaces (APIs), can be a model for using smart data to improve services for consumers and small businesses.The three sponsoring entities said the biggest hurdle facing data technologists is a lack of real-world smart data. Successful teams will gain exclusive access to a smart data sandbox that has been built for the prize to test and develop their ideas into working prototypes.The idea looks to be to reward cross-sector technologies that benefit consumers and small to medium-sized enterprises (SMEs), increasing competition and growing the economy.The sandbox comprises synthetic data which is data artificially made, not generated from real-world activities from multiple datasets about people and businesses across 11 data domains, including banking, insurance, investing, property, energy and retail. The sponsors said the prize money will go to those who identify use cases that use multiple datasets and show benefits for people and business that will last. The Smart Data Challenge Prize is ... calling on diverse innovators from across industry, academia and civil society to enter their smart data solutions that will make peoples lives better and easier Holly Jamieson, Challenge WorksHolly Jamieson, executive director of Challenge Works, which is part of Nesta, a government-supported charity that encourages innovation, said: The Smart Data Challenge Prize is an open innovation competition it is calling on diverse innovators from across industry, academia and civil society to enter their smart data solutions that will make peoples lives better and easier. Challenge prizes have a proven track record of creating opportunities for innovative entrants, startups and entrepreneurs because they support the best ideas no matter their origin.Louise Burke, CEO of the Open Data Institute, said: The biggest obstacle facing smart data innovators right now is the lack of real-world smart data available to them. To experiment, iterate and scale proofs of concept, innovators need access to high-quality, robust and secure data to demonstrate how their ideas will create lasting benefits for people and businesses. The smart data sandbox will bring together data on people and businesses across 11 broad data domains. It will enable innovators to develop their ideas into prototype solutions to demonstrate the viability and benefits of smart data in different sectors.The Smart Data Challenge Prize follows on from a smaller Smart Data Discovery Challenge, which was launched under the Conservative government in October 2023 and named winners in March 2024.The winners of that smaller-scale challenge include Rodeo, an app to help gig workers understand their variable pay to plan their finances, and Mealia, an app that integrates supermarket data to recommend cost savings and healthier eating.Challenges being targeted by this new competition include the cost of living, the transition to clean power and net zero, improving access to services, creating a competitive level playing field for SMEs, and supporting vulnerable customers.In May 2025, 10 finalists will be supported with seed funding of up to 50,000, mentoring and access to the sandbox. In autumn 2025, an overall winner will be awarded 50,000. There will be two runner-up prizes of 25,000.Through the prize, the government hopes to gain insight into a range of in-depth, tested use cases across a variety of sectors, providing a clear picture of the potential barriers to development.Entries to the Smart Data Challenge Prize must be UK-led. The closing date is 14 March 2025.Read more about smart dataSmart data promise could founder against paywalls: The Open Data Institutes head of public policy examines the governments smart data plan, which could boost competition and empower the public, but needs to be set up to allow rapid creation of new markets without barriers.Government-led Smart Data Discovery Challenge launched to stoke innovation: A government-led coalition has launched an open-call competition for ideas using smart data to help support individuals and small businesses, emulating open banking.Government launches public consultation on smart data: Smart data review aimed at encouraging new data services to help customers of utilities and banks.In The Current Issue:Interview: Wendy Redshaw, chief digital information officer, NatWest Retail BankPreparing for AI regulation: The EU AI ActDownload Current IssueThe UK government's AI plan covers all the bases but needs a dose of pragmatism Computer Weekly Editors BlogData engineering - TetraScience: From lab to enterprise, what scientific data teaches us CW Developer NetworkView All Blogs