From the course: Open Data: Unleashing Hidden Value
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Monetizing open data
From the course: Open Data: Unleashing Hidden Value
Monetizing open data
- [Narrator] A question that I receive often is, "What is the return on investment for an open data program?" It's an important question because agencies with limited budgets have to make priority decisions on where to spend money every day. Investing money in people in open data take both of those things away from investing elsewhere in a community. There is a sense that open data is good to have, but not essential. In particular, if a return on investment is not clear, open data will not be addressed by the majority of agencies that still have not yet made a commitment to it. One of the follow up questions that is often popular as a result is whether it is possible for open data to be a source of revenue for a government agency? If this were possible, not only could the revenue pay for building and maintaining the open data program, but any additional funds could be used to supplement other revenue sources from important government programs. Let's explore these two questions. I'll…
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