At Data Pitch, we understand that data has the potential to create huge value for businesses, that startups and entrepreneurs have the initiative and ideas to create solutions to sector challenges, and that large organisations can unlock hidden potential in their businesses by sharing data and collaborating with startups.
As the three-year programme came to a close, we commissioned a study to explore the impact of the programme on its participants, interviewing startups and data providers about their experiences over the course of their participation.
The study, which used both qualitative and quantitative data, evaluates the short and long-term impacts of the Data Pitch programme and puts forward recommendations for future open innovation and data sharing programmes.
Below we highlight our key learnings and takeaways from the assessment, as well as sharing our insights on how other European accelerators might benefit from the findings:
- More time is needed to connect startups with data providers. The programme’s impact could be enhanced with a more lengthy selection process that includes a ‘mini-acceleration’ period focused on data providers to prepare them for working with startups on their challenges.
- Data Pitch enabled data-driven innovation that would have not otherwise occurred. In providing a platform for data providers to try out open innovation in a low-risk setting, the programme addressed a gap in the innovation support landscape. Data Pitch also succeeded in laying the groundwork for a sustainable European data innovation ecosystem.
- A clearer focus on startups at ‘acceleration-stage’ maturity could increase overall performance. The programme worked particularly well for startups who already had a product or service that could be developed further.
- Data Pitch’s pan-European approach was a huge bonus. Startups who were based outside of traditional innovation hubs, such as London and Berlin, found that the cross-national setup afforded them more opportunities than they would usually have access to. While it made “serendipitous interactions” less likely, the virtual set-up gave them access to a much wider array of data.
- Access to data can affect startups’ ability to attract funding. The study found that startups that could access data outside of the Data Pitch programme attracted, on average, €141,000 more in additional funding than startups that could not access other data. The data provided by the data providers was, therefore, an invaluable asset to many of the cohort’s startups.
Read the full Data Pitch Data Impact Assessment here