The article I hoped would not be read!
This article, by Chris McMillan of Oliver Wyman, talks about GDPR and introduces the concept of "Data Passporting".
"Data Passporting" - the idea of consumers taking control of the data relating to them, storing it in a central portal and selecting which third parties are allowed to access it.
Chris talks about this in the context of broad consumer markets - insurance companies, for example - but it is essentially the idea that underpins GatedTalent. GT is designed to help executives share information with recruiters in a private manner and at no cost to the executive. To the best of my knowledge, there are few if any products that are comparable in our space - and we were keen to keep it that way!
At the time I came across the article, we were a long way down the track in the development of GT, and we had spoken to enough Search firms to know we were onto something. We also knew that - once we went public in September 2017 - it would be very difficult for anyone else to mimic our concept prior to the GDPR deadline in May 2018. The last thing we wanted was anyone else having the same idea!
Data Passporting services - be they storing financial information for the use of insurance companies or storing biographical information on behalf of executive search firms - depend on scale. We expect to achieve this - we anticipate that our Search Partners will invite over 1,000,000 of the leading executives in the World on to this platform in the coming months. Once an executive registers on one such site, she is unlikely to join a second, I suspect, and so being "first to market" with this model was important to us. Hopefully we've achieved that.
However, thanks, Chris, for giving me sleepless nights!
In addition to rivals poaching data, we could see a company – such as one of the global technology giants – create “data passports” for consumers.