The Smart Data Challenge Prize is a £600,000 challenge prize funded by the Department for Business and Trade, designed to identify and develop Smart Data use cases across the economy.
Building on the success of the Smart Data Discovery Challenge launched in 2023, this prize will now move beyond ideas and demonstrate how cross-sector Smart Data solutions might work in practice, generating insight into the opportunities and the challenges of Smart Data-powered innovation.
The Prize will give up to ten selected innovators the opportunity to prototype Smart Data solutions with high potential impact in a specially created Data Sandbox.
The selected innovators will benefit from grants totalling £50,000, as well as a range of non-financial support. Following the prototyping phase, the winning team will receive a further £50,000, and two runners-up a further £25,000 each.
The Smart Data Challenge Prize is an initiative of the Department for Business and Trade (DBT) on behalf of HM Government.
The Smart Data Challenge Prize is funded by the Department for Business and Trade
The Smart Data Challenge Prize is being delivered for DBT by Challenge Works
The Smart Data Challenge Prize is being supported by The Open Data Institute
The Smart Data Challenge Prize is being supported by the Smart Data Foundry
The Smart Data Challenge Prize is being supported by NayaOne
Smart Data will help propel a new category of start-ups and scale-ups just as Open Banking did for fintechs, where 82 firms alone have raised over £2bn of private funding. Expanding Smart Data beyond Open Banking provides the opportunity to offer consumers and SMEs greater choice and improved services. The Smart Data Challenge Prize will showcase the innovative solutions that could be possible in a Smart Data economy. The prize is the next step to create the right environment for Smart Data to kickstart economic growth.
