Government to invest £8m in open data fund

The Government has announced an £8m investment in an “open data” initiative that will help businesses gain access to public data to drive the development of new products and services.

Government Open Data
Government to launch open data fund.

The move, announced by cabinet office minister Francis Maude and business and skills minister Matthew Hancock today (12 December), will see the creation of a £7.5m Data Strategy Breakthrough Fund, to which public sector bodies can apply, and an £850,000 open Data Immersion Programme to which companies can apply.

The Immersion Programme will include a number of themed events and competitions run by The Open Data Institute (ODI) to help start-ups and SMEs understand the business opportunities within certain data sets.

Winners will be eligible for investment of up to £25,000 to fund product development.

The stimulus package is designed to encourage economic growth.

Maude says: “This new funding will help us to exploit the power of open data to fuel social and economic growth. It will free up more data for commercial exploitation and help drive innovation in public services.”

Hancock, also the sponsor of the Data Strategy Board, says: “The value and scope for open data is extremely significant. Open data can improve public services, generate new revenue streams for companies and help to stimulate economic growth. That’s why we are backing it through these new investments.

We want to help enable everyone to benefit from open data – whether it’s taxpayers, businesses, the public sector or individuals.”

The move is part of the Government’s ongoing “Open Data” scheme. Last year the Government invested £10m to set up the ODI.

A separate part of the strategy is the Midata scheme, which aims to give consumers access to their own data that has been collected by brands for marketing purposes.

Last month the Department of Business, Innovation and Skills warned it would legislate to force companies to make the data available digitally if they do not do so voluntarily by 2014 because just a few companies have made progress so far.

Read the latest issue of Data Strategy in this week’s Marketing Week magazine (13 December) or online here.

Latest from Marketing Week

NOT REGISTERED? IT'S FREE, QUICK AND EASY!

Access Marketing Week’s wealth of insight, analysis and opinion that will help you do your job better.

Register and receive the best content from the only UK title 100% dedicated to serving marketers' needs.

We’ll ask you just a few questions about what you do and where you work. The more we know about our visitors, the better and more relevant content we can provide for them. And, yes, knowing our audience better helps us find commercial partners too. Don't worry, we won't share your information with other parties, unless you give us permission to do so.

Register now

THE BEST CONTENT

Our award winning editorial team (PPA Digital Brand of the Year) ask the big questions about the biggest issues on everything from strategy through to execution to help you navigate the fast moving modern marketing landscape.

THE BIGGEST ISSUES

From the opportunities and challenges of emerging technology to the need for greater effectiveness, from the challenge of measurement to building a marketing team fit for the future, we are your guide.

PERSONAL AND PROFESSIONAL DEVELOPMENT

Information, inspiration and advice from the marketing world and beyond that will help you develop as a marketer and as a leader.

Having problems?

Contact us on +44 (0)20 7292 3703 or email customerservices@marketingweek.com

If you are looking for our Jobs site, please click here