Value of Urban Data

© rzoze 19 - iStock
Alanus von Radecki at the Moving Urban Data Conference in London holding a keynote about the recently launched research project "Value of Urban Data".
© LSE - London School of Economics and Political Science

Alanus von Radecki at the Moving Urban Data Conference in London holding a keynote about the recently launched research project "Value of Urban Data".

© LSE - London School of Economics and Political Science

Petr Suska and Alanus von Radecki discussed how to govern urban data at the Moving Urban Data Markets Conference in London.

Fraunhofer Urban Data specialist Petr Suska at a presentation at the Finance in the Smart City Conference.
© Sebastian Schulze / Fraunhofer IAO

Fraunhofer Urban Data specialist Petr Suska at a presentation at the Finance in the Smart City Conference.

Motivation

 

In the transformations process towards Smart Cities urban data is becoming increasingly important as a basis for public services and urban development. Though intelligent use of data opens the path towards overcoming social inequality, increasing efficiency of public services and public value creation as well as making public investments more profitable, the urban data market today is still in the exploratory phase and there are no universal approaches enabling cities to fully understand the potential of urban data for sustainable and smart urban development. In addition, there is lack of comprehensive city databases and suitable and efficient data-driven business models for Smart Cities operation.

 

Information about the project

 

The project focuses on identifying the greater value of urban datasets and transforming it into pricing and investment schemes. It is aimed at municipalities that are determined to pursue measurable progress in exploring new funding models, utilising the maximum potential of data, while capturing its value, grasping the benefits of Smart City insurance and repositioning digital governance approaches. At the same time, the research is important to financial, banking and insurance institutions that are seeking to invest in sustainable and innovative urban projects, while striving to improve their portfolio of products by better suiting the current demand of cities. It also addresses companies, which want to better understand the value of their own data sets for cities, ways to monetize them and integrate in larger urban development projects.

 

The approximate duration is 2 years. The project is based on a joined funding model:

  • Private companies and finance institutions: 75.000 EUR
  • SME’s and Large cities (>750.000 inhabitants): 37.500 EUR
  • Medium sized cities (>100.000 inhabitants): 20.000 EUR
  • Start-Ups and small cities (<100.000 inhabitants): 15.000 EUR

 

Project objectives

 

The proposed research is aiming to provide in-depth insight into the untapped potential that lies within Smart City data. Moreover, the research will attempt to help cities develop the right balance between monetisation for value and monetisation for creating an equitable data market place. The research will focus on the complexities of the value of data and will develop the following deliverables:

An overview and description of data-based use cases for cities (both holistic data platforms as well as already well-functioning business models)

  • Development of a data value model for and with cities
  • Application of the data value model to the selected use cases in reference cities
  • Pilot projects with selected urban data marketplaces to evaluate best models for pricing and transaction of urban data.

 

Approach

 

The joint platform for sharing data and understanding values and impacts will be set-up and operated through Fraunhofer IAO and Fraunhofer FOKUS. The Morgenstadt joint-up research project is based on the following six work packages, which are coordinated and managed by the Fraunhofer IAO team.

 

WP1: Identification of data sets and making data usable on a pilot platform

Ensuring thorough identification and collection of all the relevant data sets. Further, a pilot platform will be developed to enable the comparable and usable data to be located and subsequently managed at once place. Partners will be invited to provide their own data to a secure project platform.

 

WP2: Identification of potential use cases for cities and municipalities

The partner cities of London, Amsterdam, Berlin, Copenhagen and Dublin developing cutting-edge strategies and approaches towards efficient urban data management and usage will be approached in order to set out potential data use cases that would unlock significant shared value. Facilitated by research additional use cases will be identified and described.

 

WP3: Improvement of data sets corresponding to use cases

In this work package, the identified data sets will be adjusted to the needs and requirements of the particular use-cases within each of the cities. Furthermore, the data will be refined within each of the data sets to ensure their full usability and impact potential.

 

WP4: Develop an evaluation model for estimating and measuring effects and impacts (derived benefits) of the particular use cases

A data evaluation model will be developed in order to assess the various value streams stemming from the data. Value creation areas associated with the use-cases will also be identified and recommended for follow-up. In addition, the potential for trading and exchange of data (with a focus on prospective monetisation) will be reflected in the model.

 

WP5: Cost-benefit model for urban data

The different costs and benefits of data refinement, interpretation and application will be quantified and qualified. Key barriers to the usage of urban data within the respective cities will be clearly defined and recommendations for overcoming those will be provided.

 

WP6: Price modelling and a trading model of data

A price modelling with a focus on the monetary value of data will be performed. Data value capture and relevant instruments will also be recommended to make sure that the value of data is territorially bound, while increasing local competitiveness.

 

For the further information, please contact

Petr Suska (Petr.suska@iao.fraunhofer.de)

 

Further information for download

Value of Urban Data

 

Further information about the joint research project Value of Urban Data you will find in our brochure.

 

    >>Value of urban data | PDF 530 KB

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Finance in the smart city conference

Finance in the Smart City conference hosted at Fraunhofer IAO brought together various Smart City experts, representatives of municipalities, financial service providers as well as a wide range of private companies.