Open Data Building a Stronger Economy

Every day young startups and large companies are using open government data to build new products and services that address real challenges for Americans. Fueled by open data, these enterprises are hiring people in cities and towns across the country. Open data are also helping the Federal Government to be more efficient, effective, data-driven, and transparent.

We’ve seen the power of open government data in action—and it pays off. McKinsey & Company released a new report that reinforces the importance of the Obama Administration’s work to make government data more accessible and useful for citizens, companies, and innovators, while continuing to ensure privacy and security. According to the new report, open data can generate more than $3 trillion a year in additional value in seven key sectors of the global economy, including education, transportation, and electricity. In another important step, the Open Data Institute announced the creation of a new international open data network. As a part of this, the Knight Foundation also announced it will be seed-funding a US Open Data Institute modeled after the nonprofit Open Data Institute in the United Kingdom, which aims to promote collaboration among governments, organizations, and businesses to catalyze the adoption of open data.