Apply within 28 days
Deadline: May 20, 2019 09:00 AM
Kickoff: Jun 03, 2019
Co-development camp: Jun 18 - Jun 19, 2019
Helsinki, Finland
3000€ + 25000€ poc project + funding from Vake

MyData Business Challenge with Vake

Shortly: Develop a business concept for leading MyData company connecting data-based services with user permissions. This company would have both independent customer relationships and enjoy trust of the whole booming ecosystem.

MyData operator is a platform that connects, with the users permission, various sources of personal data (such as health, energy, consumption, banking, social media, sports data) to the services that need data. This kind of operator makes it easier to develop seamless digital services and enables the user to be better in control of their data and how it is being used. Our hypothesis is that the MyData ecosystem should be built on key companies and open APIs instead of point-to-point connections or one single platform.

In this challenge, we are looking for a potential key company that is willing and able to develop a feasible and viable business on MyData and also act as an operator, with funding from Vake. This company would hopefully become the lighthouse of the MyData ecosystem, helping to identify and attract other relevant players to the ecosystem which would be based on viable, technically and ethically sound business opportunities.

The challenge is hosted by Vake in collaboration with Technology Industries of Finland (Teknologiateollisuus ry).

The concept should answer the following questions

  • How to make it interesting for average consumers?
  • How to make it interesting for data providers?
  • How to make it interesting for 3rd party service developers?
  • How to make sure it’s secure and GDPR compatible?

For more background information about the topic, you can read the following materials:

The challenge process

The goal of the challenge is to develop a concept for MyData operator and test its feasibility in a field study.

In the first phase, teams apply with a simple approach or initial idea. The best 5-8 teams are selected to join an afternoon kickoff and a 2-day co-development camp. During these sessions, teams will work together with experts and develop their initial concept that is presented to the jury at the end of the camp.

The team or teams with the best concept will be chosen to the Proof-of-concept phase, in which the concept will be further developed and tested in a field study. The results of the project and the concept will be presented at the MyData Conference in Helsinki September 25th-27th.

After the challenge, the best team or teams will start negotiations with Vake to fund the development and commercialisation of the concept.

Briefing event on May 10th

We will share more information about the challenge and background information from MyData experts during the application period, to help you get started with your application. Briefing event will take place at Sitra (Itämerenkatu 11-13, Helsinki) on Friday, May 10th at 9-10 (breakfast served at 8:30). Please register for the briefing event by May 6th here.

About Vake

Vake, The Finnish State Development Company, is a forward-looking societal renewer that strives to build a future-proof Finland through active investments and development programmes. The Company promotes pioneering business activities focused on emerging technologies which contribute to the Finnish economy, ownership, skills and jobs as well as wellbeing and security in a globalised economy.

The company was founded in 2016 and has been operational since 2018. It has a balance sheet worth 1.8 billion euros and so far 7 employees.

Available Resources

To help the development of the concepts during the challenge, we have reserved some key people and resources to support your work. As an introduction to the challenge, we will provide the teams with a deep dive into the topic with access to relevant materials and benchmarks (some of which are already listed above). There will also be top MyData experts and business coaches from Vake, Sitra and Teknologiateollisuus supporting and mentoring the teams during the challenge. The decision making jury will also represent these three organizations.

Timeline

  • Briefing breakfast (open for everybody) - May 10th at 9-10 at Sitra (sign up here)
  • Applications close – May 20th 12:00
  • Applicants informed about the selections – May 24th
  • Challenge kickoff (mandatory for all selected team members) – June 6th 13-17 at Vake (Mikonkatu 9, Helsinki)
  • Co-development camp (mandatory for all selected team members) – June 18th - 19th (full days) in Helsinki (exact location TBA)
  • Poc phase kickoff workshop (mandatory for best team or teams chosen by jury) – TBD

Who can apply

Apply with a team of 2-3 people, ideally combining diverse skills and backgrounds in the team. The team must represent a company or other such entity that can collaborate with the host in the possible proof-of-concept project and implement the solution after it with Host’s investment. All applications will be reviewed after the deadline and all applicants will be informed after the deadline. Up to 8 teams will be selected to join the challenge. Please note that the challenge events on June 6th and 18th-19th require mandatory presence (in Helsinki city), so make sure you are available to join them before applying. Names of the companies applying to the contest will be public information, and published with a brief introduction (though the application itself will not be published).

Expected commitment for selected teams

During the challenge, the teams will develop and conceptualise their suggested solutions together with Host’s mentors. The teams are expected, in minimum, to work full-time on the challenge during the kickoff event (0,5 days) and co-development camp (2 days), and invest an estimated 1-2 days of time in between. The aim of the contest is to find one or two relevant concepts that can be validated in the proof-of-concept phase.

After the camp, the best team(s) chosen by the jury are expected to work on their proof-of-concept (POC) project, building and testing the POC together with the host. The project will have a budget of 25 000 euros.

The scope and budget of the project are designed during the camp and in the POC project’s kickoff.

Rewards

Each team that is selected to the co-development camp will be paid a reward of 3000 eur for taking part in the challenge. Rewards are paid against invoice after the team has presented their solution at the end of camp and provided their materials and feedback in the challenge platform. The team that is chosen to the proof-of-concept project will be paid 25 000 euros to deliver the project, with a chance for a significant investment after it.

Terms of participation in the Challenge

The challenge will be organised under general terms for open innovation contests: https://industryhack.com/openterms. The poc project’s agreement will be made with Industryhack’s poc agreement template, in accordance with the general terms mentioned above.

Q&A

In case you have any questions, feel free to post them on this page and we’ll answer them as soon as possible. In sensitive cases you can also contact aino@industryhack.com.

Questions & Answers

In case you have any further questions regarding the challenge, don't hesitate to ask. Your question will be published here and answered by the Industryhack team within one working day.


Vincent Kuo (VXT Research) 5 days, 2 hours ago
Hi Aino,

Cheers for facilitating this important development!

My questions: Is the post-POC stage (i.e. production implementation) under some type of public procurement framework (e.g. innovation partnership), or still to be determined?

Regards,
Vincent
Aino Heiska5 days, 2 hours ago
Hi Vincent,

Nice to hear from you! This is not a public procurement because Vake is not operating under public procurement laws. The post-POC stage funding will be made as a direct investment, loan, contract collaboration or under other funding model which will be negotiated between the winner and Vake.

-Aino

Valto Loikkanen 1 week, 1 day ago
Is the operator company expected to become a Finland only operator, Finland first, European operator, European operator, or no specific expectations or presets in this regards?
Aino Heiska1 week, 1 day ago
Hi Valto, thanks for your interest. At this point we are looking for a "Finland first" approach.