Deep Tech INNOVATION
The knowledge graph for Open Procurement Data In Europe
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Market Maturity: Market Ready
These are innovations that are outperforming in innovation management and innovation readiness, and are considered to be "Ready for the market". Learn more
Market Creation Potential
This innovation was assessed by the JRC’s Market Creation Potential indicator framework as having a Noteworthy” level of Market Creation Potential. Only innovations that are showing multiple signals of market creation potential are assigned a value under this indicator system. Learn more
Go to Market needs
Needs that, if addressed, can increase the chances this innovation gets to (or closer to) the market incude:
  • Scale-up market opportunities
Location of Key Innovators developing this innovation
Key Innovators
SINTEF AS
TRONDHEIM, NO
Higher Education Institute / Research Centre
TICON UK LIMITED
LONDON, UK
Small or Medium Enterprise
OPENCORPORATES LTD
LONDON, UK
Small or Medium Enterprise
The EU-funded Research Project
This innovation was developed under the Horizon 2020 project TheyBuyForYou with an end date of 31/12/2020
Description of Project TheyBuyForYou
Procurement affects virtually every organisation. Public spending alone will soon exceed €2trn per annum in the EU. In times of slow economic recovery and enhanced transparency, there is a pressing need for better management of government finances. The interaction between governments and businesses is key to delivering reformed public services, but it cannot, in its present form, create growth with less investment. In addition, research has already shown that SMEs can compete effectively with their larger counterparts and deliver value for money, provided the right environment. Private sector buyers face similar challenges. They are expected to run efficient, accountable tendering procedures, whether the beneficiaries are company shareholders or taxpayers. This becomes increasingly difficult as the flow of goods, services, finances, and data reaches all-times highs. TheyBuyForYou will deliver the data value chains, enabling technologies, and innovation that are critically needed for this fundamental change to happen. The project will explore how procurement knowledge graphs, paired with data management, analytics and interaction design could be used to reform four key procurement areas: (i) economic development: facilitating better economic outcomes from public spending for SMEs; (ii) demand management: spotting trends in public spending to achieve long-term goals such as savings; (iii) competitive markets: promoting healthier competition and identifying collusions and other irregularities; and (iv) supplier intelligence: optimising supply chains. We will develop an integrated technology platform, with data, core services, open APIs and online tools, which will be validated in 3 business cases in public/corporate procurement in Slovenia, Spain and Italy. The expected impact is substantial, with €200m savings in EU public spending; 25% increase in the value unlocked by enhanced procurement management in the private sector; and 20% more SMEs bidding for contracts.

Innnovation Radar's analysis of this innovation is based on data collected on 03/09/2019.