The UK government has launched a new initiative designed to help develop and fund technology that uses smart data.

The Department for Business and Trade, Challenge Works, the Open Data Institute (ODI) and Smart Data Foundry are asking innovators, entrepreneurs and academia to share ideas that could benefit individuals and small businesses in the future.

Smart data enables individuals and businesses to access and share their data simply and securely with authorised third parties, with Open Banking being one use case.

The government said it will back the best ideas with mentorship, guidance and funding. It added that the move will help creators develop their initial ideas into feasible concepts with potential to move into development.

The scheme is encouraging ideas which cover a wide range of sectors including financial services, energy, retail and transport.

“Smart data has the potential to help create solutions to real life issues that consumers face on a daily basis as well as supporting small firms across the country and helping to grow the economy,” said Kevin Hollinrake, minister for enterprise, markets and small business. “Smart data is already helping consumers via Open Banking and I am excited to see what other game changing technology this challenge launching today will produce from our nations’ innovators and entrepreneurs, particularly in the energy, SME finance and home buying sectors.”

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