Home Opinion The Open Data Is a Great Base For Entrepreneurship

The Open Data Is a Great Base For Entrepreneurship

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What is Open Data?

By open, we must understand that the data is accessible, reusable (including commercially) with sufficient quality, including the fact that openness and updating are a long-term commitment for the Data publisher. This is a rapidly developing field. If interested, the Open Data Institute publishes great knowledge content to get deeper understanding of the subject. Open Data gives you ideas.

When I talk with friends who want to launch a start-up, the discourse is often the following: “I have no idea.” Obviously, with my brother, we were lucky in our entrepreneurial journey with CommoPrices – the main portal for commodity prices. We identified a real need for market intelligence on raw materials. The discovery of some datasets made us thrive. Taking a look into the datasets available is a simple way to imagine services, starting from tangible elements: data.

Open Data is trendy!

Open Data, like Big Data, is everything. The beauty of the model is that the value does not reside in the possession of the data, but in its reuse. If the Open Data still comes today primarily from administrations, a number of companies are interested in it to foster open innovation.

We must consider the Open Data as a market, where supply and demand meet, ie data producers on one side and users on the other. Every European country – and many more across the world – have launched national data portals, gathering every dataset open by the government agencies and institutions of the country. France is a trailblazer on the subject along with the US and the UK. In addition to national initiatives, the integration of such data in a single portal is taking shape with the launch of the European Data Portal.

Besides this, the Open Data is trendy because Europe invests in it and encourages its reuse. The program ODINE – Open Data Incubator Europe – is well supported with 5.5 million euros to be distributed as grants to start-ups receiving up to € 100k. CommoPrices  was among the first to join the program! There are still 5 integration waves, all the information can be found here : opendataincubator.eu.

Open Data gives you the ability not to start from scratch

It is important to understand that Open Data helps you not to start from scratch. Such data can be an amazing starting point for your value proposition. However, the need to respond to a real problem is obviously – and will remain – the basis of any entrepreneurial project. In our case at CommoPrices, datasets instantly allowed us to cover a very wide spectrum of raw materials. These data may very well be part of a service offering. Overnight, you are not only “MySuperStartup” but “MySuperStartup backed by data coming from renowned publishers.” » Working with data from recognized institutions gives you instantly authority and credibility, which takes time to gain otherwise!

“Data is the new R&D”

Needless to say, but Data is the heart of the new industrial revolution. What the OECD calls the Data-Driven Innovation is part of three major trends: the strengthening of a globalized value chain, a new concept of capital based on knowledge and finally the development of the digital economy. In this world, data takes a prominent place and Open Data is a key component of Big Data. Being able to exploit all of the available information is a challenge for businesses and an asset of competitiveness for the champions of tomorrow.

Strengthen its value proposition

Adding an Open Data layer to your value proposition brings differentiation to your offer.

An example that seems to me particularly relevant is concerning real estate agencies. Allowing to visualize additional localized information can greatly enhance the experience. Some examples of datasets that may be of interest: information about transport, demography (average age in the neighbourhood), voting trends, school success rates, intensity of shopping opportunities etc. All this information now available thanks to the Open Data can greatly enrich the experience and the value of a flat search portal.

Innovations in this regard may be very numerous. Check the data sets and ideas will come!

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Victor Gross
Victor Gross has a Master in Management from ESCP Europe. In 2014, he started CommoPrices together with his brother Martin. In September 2015, CommoPrices entered the first cohort of ODINE – Open Data Incubator Europe. It was the first startup from the FrenchTech ecosystem to join this selective programme.
Victor Gross

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