Good morning from London, England, thanks Andrew for the invitation to join the community.
I am Benjamin Falk, founder and Chief Talker at YoDa (your data), a new AI powered personal data robot lawyer algorithmically exercising consumer rights over their personal data.
Personal data is an information good, just like a book, a movie, a song, or some software. Imagine how the market for these goods would operate if there were no intellectual property protection? I would sell a copy of my book to someone, and they would turn around and reproduce it a million times. All the value from my creativity and hard work would accrue downstream. That’s why artists receive royalties every time their work is recreated. The market for personal data is broken because there are no IP-style laws protecting its use and reuse, or compensating the “artist” who created the information good, i.e. you. We all “sell” our personal data to Facebook, and Mark Zuckerberg receives the royalty every time it is reproduced!
But Europe is leading the way towards a new equilibrium. The EU’s General Data Protection Regulation (GDPR) gives regular people like you and I copyright-style ownership and control over all their personal data, no matter who is storing it. So we are creating the platform that allows consumers to monitor and enforce this “copyright”, as well as generate royalties in the not-to-distant future. We are backed by Entrepreneur First and PUBLIC, and are currently fundraising. You can follow us on Twitter @yoda_your_data.
The article that has influenced by thinking most recently is this one from the UK Treasury titled “The Economic Value of Personal Data” coinciding with the announcement that Jason Furman would join the UK Government as a competition advisor.
Looking forward to discussing with everyone on here.