One of the great joys of working with the members of PDEC 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 second 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.
Part Three today looks at Mydex as a Community Interest Company and why this is so important.
We are a CIC a “Community Interest Company”
That means we operate as a disciplined, commercial entity. However, two thirds of any profits go back to our social purpose which is to ‘help individuals realise the value of their data’. Critically, we are asset locked: that means there is no trade sale, flotation or exit strategy for the shareholders. Our shareholders are in it for the long term. This means three important things.
- First, we serve the individual – their empowerment is our core aim, it shapes all that we do.
- Second, it means we have avoided diversions caused by the wrong sources of funding where the short term demands of investors can divert us from our long term strategy.
- Third, we are not built for exit. We are built for sustainability and long term duration. (We believe investors can and will make lots of money, but only by committing to long term mission).
And those three things mean that large organisations and governments can work with us safe in the knowledge that we will be here not only next year, but in five years time, and in 20 years time. To repeat: we are here for the duration.
We are positioning ourselves as the neutral zone (Switzerland) of personal data. We are neutral. We are not competing with any companies or app developers over the monetisation of data or personal services. We are acting as the infrastructure and platform for the trusted use of data. This means everyone within the ecosystem can work with us, confidently and safely.