August 21, 2018

Open Data Drives Profits: An ED PerspectiveBill Arent, Director

Economic & Urban Development

1. How Data/ Open Data is Driving Private Industry

2. How Open Data Benefits Economic Development

3. How We Currently Apply this to our Work

Open Data from an Economic Development Perspective

1. How Data/Open Data is Driving Private Industry

Why is Data Important to Economic Growth?- Data-driven Companies are our Largest Companies

Source: Visual Capitalist

Why is Data Important to Economic Growth?- Data is Changing the Face of Business: AI/Deep Learning

• AI could potentially create $3.5 Trillion to $5.8 Trillion in Annual Value in the Global Economy (Notes from the AI Frontier, April 2018 Discussion Paper, McKinsey Global Institute)

"AI is in an 'amazing renaissance'."– Jeff Bezos, founder and CEO of Amazon

"In the long run, I think we will evolve in computing from a mobile first to an AI first world."– Sundar Pichai, CEO of Google

2. How Open Data Benefits Economic Development

Common Data Demands of ED Clients

• Household Demographic Data

• Labor Force/Occupational Data

• Industry Sector Data

• Company History Data

• Wage Data

• Cost of Doing Business Data

• Incentives Data

• Tax Burden Data

• Logistics Data (Air, Rail, Ground Transportation)

• Real Estate (Site) Data

• Access to Capital Data (VC Flows, Small Business Finance)

How do ED Clients – Companies – Access Data?

• Search

• Peer Networks

• Website

• Social Media

• Site Selection Consultants/ Real Estate Brokers

• National Datasets (BLS)

Companies expect a community to publish its data on its website and keep it current.

A community that doesn’t do this is telling companies: CLOSED FOR BUSINESS.

Open Data means:

• Companies accurately understand a community.

• Companies make informed decisions.

• Companies understand industry trends at the community level.

• Companies learn where to find their talent.

Downside: Companies can “redline” communities based solely on data without understanding a community and what it has to offer.

Upside: Communities can tell their story their way using data visualizations, dashboards, such as …

3. How we are applying this to our (ED) Work

Open Data can help Nevada become an industry leader in:

Entrepreneurship

Smart City/Mobility/IoT

Personalized Medicine - NIPM

Entrepreneurship is strong in Las Vegas

Source: 2017 Kauffman Index of Startup Activity, Ewing Marion Kauffman Foundation

http://www.kauffmanindex.org

• Majority of New Connected Car Buyers are Willing to Trade Personal Data for Improved Safety and Driver Services, According to New Otonomo Study

• A new study conducted by Otonomo and Edison Research shows that even in thewake of high profile privacy breaches, the vast majority of new connected carbuyers still show interest in sharing their personal data to gain information forspecific service offerings, such as safety alerts, maintenance warnings, and trafficupdates.

• The study also shows that transparency and trust are critical now to consumerconfidence, with 64% stating they want to be told exactly what data is beingcollected, how it is being used, and by whom.

• Confidence in automakers as trusted stewards of data was high, with 71% of newcar buyers and 77% of connected car owners stating they were confident orsomewhat confident that car manufacturers would properly secure their data.

Smart City/Mobility/IoT- Connected Cars: Open Data vs. Consumer Privacy?

Source: https://otonomo.io/pr/majority-of-new-connected-car-buyers-are-willing-to-trade-personal-data-for-improved-safety-and-driver-services-according-to-new-otonomo-study

Nevada Institute of Personalized Medicine

August 21, 2018

Open Data Drives Profits: An ED PerspectiveBill Arent, Director

Economic & Urban Development702-229-6856

barent@lasvegasnevada.gov