Funding for a new National Institute for Smart Data Innovation (NISDI) in Newcastle was announced by Chancellor Osborne in last month’s Budget, which is set to support 1000 jobs in the region.
The institute will bring together industry, the public sector and world-leading academics to develop the skills, ideas and resources needed to exploit the opportunities offered by the explosion in digital data.
Led by industry and Newcastle University, NISDI will enable businesses to extract value from smart data and increase competitiveness.
Based in a new building on the Science Central site in Newcastle, NISDI will focus on realising the potential of big data to address specific challenges in areas including health, automotive and manufacturing.
Professor Paul Watson, director of Newcastle University’s Digital Institute, said: “Newcastle is already home to one of the fastest-growing digital clusters in the country. By providing world-class facilities and expertise all under one roof, NISDI will act as a beacon for Smart Data innovation, accelerating innovation and helping the region, and the rest of the UK, to become global leaders in this increasingly important sector.”
Councillor Nick Forbes, leader of Newcastle City Council, added: “Local people will benefit from the creation of over 1000 jobs in the city’s booming digital tech sector, helping them to develop the skills of the future. The institute will make a big contribution to the economic growth of the city and the wider region. It will have national and international significance, cementing Newcastle University’s role as the country’s leading centre for research in computing science.”
A key partner of the new centre will be Dynamo, the industry-led initiative set up to grow the technology sector in the North East.
Chair Charlie Hoult said: “This is great news for the region. Dynamo has always placed the region’s strengths in technology in a wider context and it is testament to the strength and depth of support for innovation and collaboration that the Institute will provide a further platform to engage both nationally and internationally.
Richard Baker, head of strategy and policy at the North East LEP, commented: “We are delighted that the Chancellor has confirmed funding for the new National Institute for Smart Data Innovation and congratulate Newcastle University, and partners from across the North East, who came together to make the proposal, in securing this investment.
“The North East has a strong profile as one of the UK’s leading digital economy hubs and this investment is in recognition of the region’s potential to provide national leadership working with big data applications.
“The Smart Data Institute will provide a national and international focus for new skills, ideas and resources in a rapidly growing part of the global economy, with a current annual value of $125 billion.”