Privacy Issues With Data Monetization

Many startups collect data from users that is useful to other companies.

Those companies are not interested in the raw data but rather the insight into the behaviors of the users.

For example, users who use the app at the same time of day give an indication of their schedule.

This can be used by other companies such as providing ads to that user at that time.

In monetizing your data, consider the privacy issues that come with it.

Consider taking these steps to ensure the privacy of your users:

Make clear your data policy to users.

Collect only the data you need.

Anonymize the data so no one’s personal identity is made known.

Give the user the ability to opt out of the data-sharing process.

Give the user the ability to delete their data.

Provide security around the data you are collecting to prevent unauthorized use of it by hackers.

Abide by the current regulations set forth by the industry, the state, and other authorities around data usage.

Data monetization can create new revenue streams for your company, but you must ensure the privacy of users. 

 

Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding.

Let’s go startup something today.

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Hall T Martin is the director of Investor Connect, which is a 501(c)(3) nonprofit dedicated to the education of investors for early-stage funding. All opinions expressed by Hall and podcast guests are solely their own opinions and do not reflect the opinion of Investor Connect. This podcast is for informational purposes only and should not be relied upon for the basis of investment decisions.