Open Data. Untapping the hidden value

Oct 2, 2014Industry

During the past years the public administrations from all over the world have been involved in the deployment of public data pools,  sharing data owned by the public administration over an open-shared scheme. The main intention of these practices has been bringing transparency to the public sector and the adoption of new open-government initiatives.

The increase of open data has even brought assessments like “data is the new oil” and the idea of new business generation thanks to its use, will definitely increase income by the administration, so that taxes will be the way to provide economic sustainability to all the open data infrastructure deployed.

Moreover, recent studies point out the potential value of open data, for instance, McKinsey Global states that the use of open data could generate more than $3 trillion a year in additional value only in the US and Deloitte shows how open data creates new opportunities in the UK.

It is also worth to mention the initiative OpenData500 which is currently analysing 500 companies in the US making use of open data somehow in their business processes. This permits to really quantify the value untapped and prove the need of publishing more data to boost innovation.

FIWARE and one of its accelerators, FINODEX, provide both the technical infrastructure and the funds to make this real. On the first hand, FIWARE counts already with a remarkable amount of open data provided by different cities at FIWARE Lab. On the other hand, FINODEX provides the experience and the business modelling skills that a start-up needs to turn their data-based business idea into reality.

In sum, if open data is the new oil, FIWARE and FINODEX are the drills to extract it. Do not hesitate to apply to the first open call for proposals opened from the 7th of October to the 19th of December.

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