Can we turn a boring acronym into an exciting business idea?
Behind the unsexy name of GDPR lies a big headache for most companies. Which means there's probably a few opportunities for creative entrepreneurs like yourselves folks :) It essentially is a new piece of European regulation enabling individuals to get control over their personal data. You already know that Google, Facebook,.. make a living out of it, enabling advertisers to reach you in very targeted ways. Most large corporations (HSBC, Coca Cola, Tesco, ...) collect as well your name, email,.. for marketing purposes. And they are supported by a myriad of specialized data companies growing in their trails (Experian, Zeta,...). I had a chat with one of our advisors and the time for us to sip a cup of coffee, we came up with these 4 ideas - Can you come up with better ones !? If yes, hit reply now Francois
Why not creating a service offering people to opt out from all marketing campaigns from all of these companies : Would you pay 5£ for that?
Or to collect (and resell to others) their data from a data rich company (eg your social graph from Facebook, your transaction history from your Bank, your online browsing habits or geo-localisation presence from your Mobile Network,..) in exchange of a fee this time? On this one, I’d give permission to the startup to re-sell my data (that they’d collect from data rich companies on my behalf) in exchange of a few £ per months.
More sneakily, a lawyers agency could push customers to group into class action if they foresee potential breaches in a particular company (and get a cut of the 4% gross turnover fine promised by the European regulator, or a cut of a private settlement)? For those of you living in the UK, that probably remind you of the PPI claim companies which sprouted a few years ago, now a hundred millions worth industry.
If you were there a year ago, I already told you here about how personal data could be use by European states to collect tax from Google (we are talking billions here), Facebook, Amazon & co - wouldn't it be the perfect time to make this happen?
Have a think for a few minutes, and let me know your thoughts, I bet you can impress me with a couple more ideas! And if so, you'll get the support of one of our mighty advisors.