The U.K. government has launched a £10 million competition to find the Internet of Things (IoT) project that offers the greatest benefit to people living in cities.
The competition is being run by the Department of Culture, Media and Sport (DCMS) and Innovate UK, the government department that funds and supports SMEs with high growth potential. The £10 million prize is part of the £40 million IoT investment announced in the government’s March 2015 budget.
The DCMS said hopeful projects must be a collaboration between several businesses and at least one local authority and one local enterprise partnership – one of which must also lead the project.
To be in with a chance of winning the £10 million, entrants should demonstrate that their IoT project offers a specific benefit to citizens, the city region, and the environment. They must also spell out the economic benefits and ensure it comes with appropriate data security and privacy features. Entries must also be able to work across a variety of sectors, including social care, transport and housing.
"The U.K. technology sector is renowned for its creativity and pioneering research and development. This competition will be instrumental in discovering new connections between city services and their users, and identifying many more advantages that the Internet of Things could offer," said digital economy minister Ed Vaizey, in a statement on Monday.
Citing consultancy firm Arup, the DCMS said the global value of the IoT sector is expected to exceed £255 billion per year by 2020.
"The U.K. has the opportunity to become a world-leader in this sector, boosting the economy and creating the jobs of tomorrow," said Nick Appleyard, deputy director for government partnerships at Innovate UK.
Hopeful applicants need to submit their entries by noon on 30 September.
