We spoke to Steven Clark, CEO of "it's Yours." For more information about this company please visit their website: www.itsyoursto.com
Tell us a bit about your business? When and why was it established, what does it offer and to whom?
KEYINSIGHTS-AI Ltd were formed in January 2019 and are based in Stirling, Scotland.
Our brand and trading name is “Control your Data, it’s Yours”.
Our purpose is to empower Data Owners to control and take ownership of their personal data, to give them a choice of how they monetise their data and with whom. To ensure accurate and sought-after data is fed into the data economy to help with products, services and for the good of mankind.
Personal data is the most valued asset in the world. Nonetheless, it is usually traded and monetised throughout, without the consent of the individual. There is an abundance of false and inaccurate circulating in the data economy. Times are tough for most; yet we all own something valuable … our personal data!
We have built a Data Value Exchange platform. Our greatest achievements to date.
A platform which helps individuals anonymously share their data, participate in research, voice their opinions, and earn rewards for doing so.
For Companies we offer access to high value, accurate and verified data, transforming research and insights.
What’s the business’s USP?
- With their consent, Owners can exchange their data for rewards to unprecedented levels.
- Each Data owner initially has 120 data points. 1,000 users on our platform are equivalent to 120,000 data points, each with a value. Our aim is to grow this.
- All data on our platform is verified as accurate. Buyers can acquire data sets or custom-made requests.
- We aren’t just about selling data. Our philosophy is centred around value exchange: which could be service, convenience or reward.
- We give Owners a platform to grow the value of their data and offer high value data (sought-after) to Buyers.
- We create communities or clans, to help people regain control of their data, earn value through insights – all with very little effort on their part!
- The platform won’t retain personal data - it will act as an intermediary between the buying and selling of anonymised data via encryption. Compliant with GDPR.
- The platform is easy to use and autonomous. Data Owners simply tick a box to exchange data.
- Our Survey feature covers many sectors, offering valuable insights. Additional revenue stream for Data Owners.
- Sought-after data tends to be interspersed across many Marketing and Data organisations. Our platform will offer unparalleled access to accurate data in one location!
What investment have you sourced for the business and how has this helped you to go further?
We received a SMART Innovation Grant from Scottish Enterprise in October 2019. This allowed us to build a working prototype. The Platform, along with our website (also built) are the gateways into our business both for clients and consumers.
We require further investment to help scale the platform and quickly gain traction into a billion-pound industry. We have prepared pitch decks and are reaching out to investors with a compelling case as to why an investment in our business will help create high Intellectual Asset value. Companies in our sector are valued based on their user value. Our aim is to grow this to £100 per user by year 3.
What is the most important thing to remember when applying for funding/investment?
It is important we are fully prepared before showcasing to investors. We created a ‘rap sheet’ – a one pager that lists what we do, what we are trying to achieve and how we plan do it. Therefore, be it talking to an investor, a consumer, a client or friends and colleagues, we are all fully prepped.
What is the ethos behind the company and has this changed or developed since you started?
We feel strongly about our business. The Data industry is skewed and unfair. We have a fantastic opportunity to disrupt it and create a successful global company. Part of our ethos is to shape and grow the ‘good cause’ part of Platform – to help launch or improve existing products, services, and shape policies for the benefit of society.
Passion and belief about your brand story will stand most people in good stead when speaking to investors. Always have a plan A and B.
What is the ethos behind the company and has this changed or developed since you started?
We are always collaborating. We have an eclectic set of skills and we use them wisely. Our thoughts are always evolving, our plans continually reviewed – and this is a process we’ll follow as the business continues to grow. We created a top 10 list of objectives covering the short and long term. This helps us focus on the immediate with an eye on the future.
What sources of information or support (organisations, websites, books, podcasts, videos) would you recommend to other companies considering investment?
We have found that Scottish Enterprise offer excellent support with grant funding, to help with financial and investor readiness. Our bank (RBS) offers accelerator programs for startups like ours. Beauhurst is a good source for information on insights into the investment world, which sectors are attracting investment and who are investing.
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