Nordic Data Sandbox Challenge: Open Bookkeeping Data

If you have ever been interested in financial services, this challenge is for you!

Open data is a key source of strength in Denmark and the Nordics. With easy access to free, public data of high quality, turning use of these data into new business opportunities is at the heart of Nordic innovation. How might access to standardized bookkeeping and integration to other available data sources, such as open banking data, drive innovation?

You have been invited to participate in the Nordic Data Sandbox Challenge, where you can contribute to the solution of challenges in Denmark and the Nordics through the use of open bookkeeping data and API based integration to relevant data sources, such as open banking data and/or relevant public data sources.

If you have a great idea for how open access to standardized bookkeeping data and existing open data might be used to help unburden SMEs in their day-to-day business, look no further.

Prize

2 x 50.000 DKK

Ideas

Challenge brief

The Nordic Data Sandbox is an open call for business ideas utilizing standardized bookkeeping data, publicly available data sources and potential integrations designed to support the delivery of novel and innovative solutions targeting the SME segment in the Nordics.

After an open submission period, selected startups will be invited to the Copenhagen Fintech Lab. Here, Copenhagen Fintech, the Danish Business Authority, Nordic Smart Government, Nordic API Gateway, and major Nordic banks, will provide a week of hands-on, technical sparring and business development support. There is an introduction to the sandbox, optional mentoring, and a final pitch event.

The sandbox concludes with a final presentation of ideas in front of a jury of market experts hosted by the Danish Business Authority. The best early stage idea and the best mature idea are each awarded with 50.000 DKK.

Describe your idea in 3-5 slides and participate!

Data and sources

The Nordic Data Sandbox Challenge utilizes a sandbox environment developed by the Danish Business Authority and the Nordic Smart Government program, featuring fully interactive and open bookkeeping data. The Challenge is also supported by integrations to other open data sources, such as other publicly available data in Denmark, as well as API based integrations to open banking data supported by Nordic API Gateway.

Open bookkeeping data and supporting data sources

Documented on GitHub, this sandbox environment not only shows the future API reference implementation for sharing bookkeeping data (based on business transaction documents), but also contains a full set of test data – invoices for sales and purchases, bank statements, and other core documents that in total constitute a realistic test case end-user company.

With the testbed and the test data provided, covering a full year’s worth of transaction data for a Danish company (formatted to PEPPOL BIS 3.0 compliance and with English description texts), it will be possible to integrate with the future standard interface for business systems. Integrating to the sandbox environment will allow the participants to simulate a range of use cases – including but not restricted to sharing of business data, visualization of data, analytic services and smart combinations with public data sources.

Other relevant data sources:

Danish public data, which may be used for enriching and expanding the scope of solutions, is described at www.grunddata.dk/english. The Danish company registry (CVR) can be accessed in real-time via a REST-interface, as described here. In the registry, you may also find historical annual financial statements in XBRL format https://datacvr.virk.dk/data/. This means that users of the sandbox are not limited to only using invoice data but can also create solutions based on a vast range of financial data sources.

At www.datafordeler.dk you can gain access to different public open data sources that might be relevant in your work for example:

Open banking data and supporting data resources

In addition to the above data sources the challenge and the sandbox offers access and mentoring from the Nordic API Gateway. The Nordic API Gateway offers access to data from all banks in the Nordics and covers both B2B and B2C accounts through one simple API integration. With account aggregation, Nordic API Gateway is making it possible to innovate on top of banking data. For the challenge we encourage teams to combine the open banking data possibility with the use of open bookkeeping data and other sources.

How to contribute to the challenge

What is in it for me?

As a participant, you get:

Cash prize for the winning mature and early team in the Nordic Data Sandbox (DKK 50.000 each)
One week of hands on technical and business sparring with the Danish Business Authority/Nordic Smart Government , and providers of market leading solutions, such as Nordic API Gateway, and an assembly of the largest Nordic banks. Mentoring is optional.
The possibility to take part in incubation, scaling and Nordic Fast Track program through Copenhagen Fintech Lab

Who can participate?

In short, anyone with a good idea.

The Nordic Data Sandbox Challenge is open for anyone with an interest in financial services, use of open data, and innovation.

Students, current, past and future entrepreneurs, employees with established companies - the challenge is open for anyone with a good idea – but to be qualified for the sandbox week you need to have a Danish CVR number.

What does it take to win?

Five of the initial submissions are selected for the Nordic Data Sandbox by a jury of leading market experts.

The jury will look for:

Innovation and novelty of the solution
Use of open bookkeeping data, and supporting sources
Scalability and business potential of the idea
Feasibility and initial roadmap of solution
Team, including market understanding

Submission guidelines

Step 1 – Sign up for the Nordic Data Sandbox Challenge

To participate in this challenge you have to upload your idea/solution here on challenges.dk. You need a userprofile, please sign up for a profile here.

Step 2 – Upload your idea

Spend some time to review the potential data sources and think about an idea. It does not have to be specific or technically in-depth. We will help you get there, but you do have to help us by providing a well thought out concept that we can base an initial evaluation on.
Hit the red button and upload your idea in 3-5 slides.

Step 3 – Get selected for the Challenge

The best ideas are selected for the Nordic Data Sandbox Challenge. Selected ideas are notified directly.

Ideas are selected based on:

Innovation and novelty of solution
Use of open data and supporting sources
Scalability and business potential of the idea
Feasibility and initial roadmap of solution
Team including market understanding

Step 4 – Nordic Data Sandbox Challenge: Come play with us

The selected startups are invited for the Challenge hosted in Copenhagen from November 18th to November 22nd.

This includes optional mentoring from experienced market leaders in growth and business development as well as access to hands-on technical sparring. We help you go from idea to solution.

Step 5 – Final presentations

The five startups present their idea in front of the jury at an event hosted by the Danish Business Authority. The winning early stage and mature idea is awarded a cash prize.

Final selection of winners is based on the same criteria as the initial selection criteria for the challenge with one exception: Teams are also assessed based on progress made (either technical or conceptual) with their idea during the Nordic Data Sandbox Challenge.

Jury

To be announced

Selection criteria

Initial selection of ideas for participation in the Nordic Data Sandbox is based on:

Innovation and novelty of solution
Use of open data and supporting sources
Scalability and business potential of the idea
Feasibility and initial roadmap of solution
Team including market understanding

Background

Automatic business reporting is an initiative under the joint public digitization strategy 2016-2020. The purpose of the initiative is to analyze and test the prerequisites for automation of business reports to the public authorities. The initiative is a joint partnership between The Danish Business Authority, The Danish Tax Agency, The IT and Development Agency of the Danish Ministry of Taxation and Statistics Denmark.