Proposals sought for research and development projects in harnessing data
The Technology Strategy Board will invest up to £7m into collaborative research and development projects that will lead to new technologies and strategies that enable businesses to extract greater value from large and diverse sources of data.
Project proposals will be sought in the following two broad areas:
- Harnessing diverse data sources - such as ways to model and assess the value of data to a business, novel approaches to integrating internal and external data sources, and ways to monetise and share data assets across organisations;
- Making sense of 'big data' - such as new or enhanced algorithms that significantly speed up data analysis, novel visualisation technologies that put complex and 'big data' in the right form to be easily understood and explored.
The UK has world-class strengths in many areas of relevance to data exploitation and is well-placed to take a lead in harnessing large and diverse data sources. While many businesses are highly data-driven, using internal data generated by their own activities, external data sources present huge opportunities for business - especially new and small enterprises that may not have built up significant internal data assets. The estimated indirect value of public data alone is between £10 billion and £100 billion. The potential value of other external sources of data could be at similar levels.
The competition opens on 13 September 2010 and expressions of interest must be submitted by 21 October 2010. Full proposals must be submitted before the competition closes on 16 December 2010. Projects are expected to last for no more than 18 months and Technology Strategy Board investment in each project is likely to be between £100,000 and £500,000 (though projects outside this range will be considered).
Further information about the Harnessing Large and Diverse Sources of Data funding competition will be available shortly through the Competitions page of the Technology Strategy Board website: http://www.innovateuk.org/competitions.ashx.