Source: Challenge Works
Ten pioneering teams have been named as the finalists for the Smart Data Challenge Prize, and will now advance into the prototyping phase with access to a specially created synthetic data sandbox enabling them to further test their solutions.
The finalists offer products with the potential to transform everyday services across the housing, finance, energy, and transport sectors – from platforms that simplify buying a home, to tools to help small businesses cut energy costs and systems to support gig workers manage their finances.
Each team will be awarded £50,000 and a tailored package of non-financial support to test and develop their solution in a bespoke, secure Smart Data Sandbox – built by NayaOne using synthetic data provided by bigspark – with the aim of creating better services and outcomes for people and businesses.
Who are the finalists?
- BelowZero
- Debit Score
- Digital Property Pack by Moverly and OPDA
- GlowTrack
- Mycelium Network
- Nigel by Beyond Encryption
- Open Transport
- Rodeo
- Smarter Contracts
- VoltView
Testing in the sandbox
The Smart Data Sandbox, built specifically for the prize to provide secure, synthetic data, represents 5,000 individuals and 100 small businesses over a one-year timeline. Finalist teams must use at least one of the synthetic datasets provided in the sandbox as part of their solution, but are also welcome to bring any data they have the right to use into their secured area of the sandbox.
Through the prize, the government aims 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 for innovators, and identify exactly what data would need to be unlocked to bring the most innovative ideas in the Smart Data space to life in the long term.
“Our Plan for Change is harnessing new technology to deliver for working people and businesses and Smart Data will be crucial in this transformation. This prize supports Britain’s world-class entrepreneurs and innovators to develop the technologies that will lead the world and seize the opportunities of the future making the UK a better place to live, to work and to run a business,” said Justin Madders MP, Minister for Employment Rights, Competition and Markets.
What’s next?
Teams will now begin developing their ideas into a working Smart Data prototype. In addition to the grant of £50,000, teams will also receive mentoring, training and the opportunity to meet with key industry stakeholders.
In the autumn, teams will demonstrate their prototype and make a final submission. After which, the Smart Data expert judging panel will select one winner with the most promising Smart Data solution, awarding them the winner’s prize of £50,000, with two runner-up teams receiving £25,000 each.
Further reading: Smart Data Challenge Prize launches in the UK
