FedDev Ontario announced yesterday up to $3 million in funding for Communitech to establish the Open Data Exchange (ODX).
Open data is structured data that is machine-readable and freely shared, used and built without restrictions.
The project is expected to result in the incubation of 15 new data-driven companies.
It is also expected to create a total of 370 direct and indirect jobs, and to leverage $3 million from project partners and an additional $50 million in venture capital and other financing.
The ODX will support the development of industry standards for open data, build a national marketplace where commercialization of open data can flourish, and support a pan-Canadian open data innovation community that will incubate the next generation of data-driven companies.
The purpose of the ODX is to unlock the economic potential of open data for the Canadian economy, by supporting a sustainable collaboration between the private sector, academia and government.
The ODX is a key component of the Government of Canada’s Action Plan on Open Government 2.0 and supports the goals of Digital Canada 150.
Budget 2014 allocated $3 million over three years for the creation of an open data institute. Funding for ODX is being provided through a non-repayable contribution under FedDev Ontario’s Investing in Commercialization Partnerships initiative.