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Do or die: two ways to manage the upcoming EU General Data Protection Regulation



Let's face it. We are lazy. As lazy human beings we value services that make our lives easier. We can connect with our friends on Facebook, buy stuff on Amazon, search for information on Google, socialise on Twitter, watch interesting talks and videos on Youtube - and it's all for free! Everything's good. From companies' perspective, everything is great! People are happy and have no idea what is happening behind the scene or understand that they are the product that is being sold to third parties like advertisers.

In the days past, companies didn't have these massive amounts of data about us. They couldn't even imagine what that could be worth (billions of euros, that's right). But neither did individuals imagine that we would be the currency for the companies to trade with. We're talking of course about our personal data.

Today, companies like Facebook and Google are one of the biggest companies on Earth, and their business is based on the data they are collecting about us. We take for granted that these services are free to use, but they are not free at all. We pay for them with our data. Our personal data.
This arena is about to change in 2018, when the General Data Protection Regulation (EU GDPR) kicks in. Individuals will have more control over how their data is going to be used. What this means in practice is that, upon request, organizations must hand over the data they have collected of the respective individual in a machine readable, and hopefully, understandable format. This change will spur new business models for all the actors in the market, including the companies who use and generate data for the individuals. It can also generate totally new business models and opportunities for companies in different sectors.

As we see it, there are two ways to go about this:

1. The easy way: Hire lawyers and make sure your company is in line with the regulation and keep on doing business as usual.
2. The rewarding way: Study and discover new business models and opportunities and be among the first in the market to reap the benefits.

For those who would choose the second option, stay tuned for our following posts about business models and personal data ecosystems.
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