Open data fuels economic growth. Many believe in the theory and ask for the proof. A new report by Nesta and the ODI adds to the evidence of the impact of open data. The report’s analysis, undertaken by PwC, examines the effects of the Open Data Challenge Series (ODCS) and predicts the programme will result in a potential 10x return (£10 for every £1 invested over three years), generating up to £10.8m for the UK economy.
In this article, Jeni Tennison (Technical Director and Deputy CEO) and Jack Hardinges (Research Assistant) of the Open Data Institute discuss the power of open data as assessed through economic theory.