The Australian government has partnered with start-up incubator Pollenizer to establish the Datastart innovation program supporting entrepreneurs who want to create new business models by using public sector data.
Datastart will seek to leverage the over 7500 sets of data available through data.gov.au, with entrepreneurs asked to come up with innovative and creative ways of using the stored information to solve domestic and global problems.
Applications for Datastart are open now.
The program will select 20 finalists for a showcase event in on January 18 next year, and will hold information workshops to help participants get started throughout the country in November.
Finalists will take part in a five-day workshop in Sydney, and build, test and present their ideas to a panel of judges.
The winner will receive incubation support from the government and Pollenizer, including a nine-month success core program, a Sydney central business district office and client-facing facilities, plus training.
A team from the Prime Minister's department will assist with access to public data, technical support and customer discovery.
Should the winning idea be worth investing in, Right Click Capital and Pollenizer Ventures will fund it to the tune of $200,000.
Professional services firm Price Waterhourse Coopers believes data-driven businesses will contribute some $100 billion to the economy in 2033, an estimated 4 percent of the gross domestic product in 18 years' time. In 2013, PWC estimated data-driven innovation added $67 billion to the Australian economy.