The Minister for Digital has confirmed £15 million of funding for a National Innovation Centre for Data (NICD).
Matt Hancock confirmed the funding for the centre, which will aim to power businesses of the future, in line with various government strategies that want Britain to expand on its global competitiveness in the digital data market.
Part of the Digital Strategy that aims to improve digital skills, infrastructure and innovation, the NICD will link students with industry and the public sector, which will help the academic talent produced in the country to develop the necessary skills to solve real problems by using data science advances.
Acting as a beacon for data innovation, the NICD building will provide world class facilities and services under one roof, accelerating innovation by delivering technical and practical data skills that businesses will be able to use to grow their organisations.
Another key element to this is the potential this has to grow the economy, therefore positioning the UK as a global leader in innovation through data.
The importance of this project is magnified by a report last year that suggested that big data analytics could amount to approximately £241 billion to the UK economy between 2015 and 2020 – worth £40 billion a year on average.
The centre, which it is hoped could spawn the next Google or Facebook in the UK, will be based in Newcastle and the city’s university will also provide £15 million in funding for the project which could supply the next generation of skilled researchers.
Studies show that those companies that use data effectively are 40% more likely to be the ones that bring new products to the market place, and productivity is expected to be 10% better according to independent research.
The Minister for Digital spoke about the economic benefits that the NICD could bring.
“We’re determined to unlock the huge potential of big data which could add billions of pounds to our economy – from powering price comparison sites to improving the flow of transport around cities.
“Our new National Innovation Centre for Data will help us achieve this aim by making sure the skills and talent in our universities is being transferred into industry and the public sector.
“It will not only spark innovation among the next generation of tech experts but also help businesses across the whole country capitalise on the immense value of data.”