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Open Data: Unlocking $3 Trillion of Untapped Value
The Open Data 500 is a study conducted at New York University’s GovLab and funded by the Knight Foundation. The purpose of the project is to promote the dissemination and use of data collected by the government. The project encourages the creation of new open data companies and promotes the use of open data by existing companies.
Research by McKinsey suggests that by sharing government data openly with business, more than $3 trillion a year in new value can be generated. Open data can become the foundation for new products and even new market segments. Open Data can also be used to improve the efficiency and effectiveness of business operations.
Joel Gurin, senior advisor at the GovLab and director of the Open Data 500 project, said that “2014 feels like the year open data is coming of an age as a source for business ideas… People are doing more than developing apps… They’re building something bigger. We’re seeing it all over the country. While California and New York are way ahead, there are companies in Massachusetts, Washington, Virginia, Illinois, Texas, and beyond. We’re seeing [open data] businesses in 36 states. This is the kind of tech that can be applied everywhere… In talking to federal agencies there’s a large enthusiasm for it, but it’s very hard to do. We believe that by setting up really effective information lanes about the business uses of open data and by bringing government and business together in roundtables that we can help government agencies prioritize the data they think are most important based on user need.” That makes the problem of utilizing government open data more manageable.
Mark Doms, undersecretary of commerce for economic affairs, said that “there’s a tsunami of information. We’re faced with ‘how do we make that tsunami more valuable?’ How do we make this information more valuable?’ We want the best data in the hands of the end users.”
