One of the joys of working with the PDEC membership is getting to know the people and their companies. It is safe to say that passion is a common trait. We experience this during the monthly PDEC conference calls, as well as in other communications (meetups, calls, workshops and conferences). As a result of conversations during a recent monthly PDEC conference call and subsequent communications, we are pleased to offer a four part blog post series from guest blogger David Alexander.
David is the Chief Executive, Co-Founder and and Platform Architect at Mydex. This is the fourth in a series of four posts in which David will shed light on the development of Mydex as a CIC, and the journey the company has been on, and where it is headed. Enjoy reading it!
Mydex has been a member of the PDEC Start-Up Circle since its inception. In this series of blog posts David Alexander gives an update on Mydex the Community Interest Company, the Mydex Trust Framework, its ISO27001 certified platform and as a certified Fair Data company.
We are doing this in four parts.
Mydex has been members of the PDEC Start-Up circle since its inception. In a series of blog posts over the next few days David Alexander, Mydex CEO, C0-Founder and Platform Architect, is giving an update on Mydex the Community Interest Company, the Mydex Trust Framework, its ISO27001 certified platform and as a certified Fair Data company.
We are doing this in four parts.
You can read Part One and Two on how Mydex has tackled some of the hard problems first.
Part Three looks at Mydex as a Community Interest Company and why this is so important.
Part Four today discusses Mydex’s business model and focus.
What is Mydex’s business model?
Our goal is sustainability over the long term and ongoing execution of our social purpose and mission. To achieve this we have created a simple commercial model that delivers a pay as you go approach for use of the platform. Individuals pay nothing and give up nothing – they are the community we serve. Connecting organisations and apps developers pay. This means it scales easily and there is no barrier to entry. That makes us inclusive and open to all.
Choosing this funding route was another aspect of doing the hard parts first. Our chosen pathway is doubly challenging. But we believe that our success in this approach will mean we have established a secure, sustainable foundation for an irreversible transformation in how individuals manage and control their personal data and its use by others, they will be truly empowered.
And so far, we are being successful. We have survived the hardest part of the journey. We have live personal data stores (try for yourself here). We have contracts with clients. We have apps using the platform. We have many exciting discussions under way and a growing pipeline of organisations and apps developers connecting and planning their connections to the Mydex platform. And as you would expect we have ambitious plans.
So what don’t we do? That is easy and clear. We don’t do consultancy, integration services or application development. Our connecting organisations have suppliers for those or do it themselves.
That’s part of why we believe we will be successful; we are totally focused on doing what we need to do (which is big and ambitious enough) and not dissipating resources on doing things other people are better at doing and already doing.
Mydex CIC has laid the foundations of trust, which are a combination of legal, technical, and commercial elements with independent external verification.
We have provided the means for individuals to securely capture, store, organise and share personal data from all aspects of their lives with whomsoever they need to in a way that places them at the centre of their lives and interactions with the outside world. In short they are empowered and as we all know personal control over personal data is good for everyone…….