Posted on: Monday 23rd of June 2014
Today sees the global launch of the most ambitious initiative yet in the new personal information economy.
Respect Network is the first global private network of personal and business clouds, designed to enable members to share sensitive private data over trusted private connections. The idea is to make this trusted sharing of sensitive data as easy as public sharing of data via Facebook, LinkedIn and Twitter is today.
Respect Network has gathered 70 companies and open source projects from around the world to share its commitment to personal control over personal data. It has launch events planned in London (today), Tel Aviv, San Francisco and Sydney. Its goal is to sign up a million consumer members “to change the future of privacy and personal freedom online”.
This launch is one of a growing number. Ctrl-Shift’s monitoring of the market is now tracking an average launch rate of one a week for new personal data management services aiming to help individuals assert more control over their data and get more value from it. Our new research into this emerging market, Personal Information Management Services: An analysis of an emerging market, suggests it could grow to be worth £16.5bn, or 1.2% of the UK economy.
Speaking about market developments at the Respect Network launch in London, Ctrl-Shift CEO Liz Brandt stressed that organisations wanting to stay on top of this market and realise the opportunities its presents need to start preparing now. “It takes time to make sense of what a new market means to the business, what options it can explore, and how best to seize the opportunities. Brands that wait too long risk losing the initiative and being left behind.”
A fast emerging market
In a new market like this, not every new initiative will succeed. To take a parallel, when the motor car industry first got going in the US, six hundred new car companies launched with names like The 3 Popes, Rambler, Locomobile, Autocar, Franklin, Knox, and so on. From that initial list of 600 only three prospered: Cadillac, Ford and Studebaker. But it was their collective activity that created the excitement and interest that drove the market forward.
This is what happens when new markets start forming: intense activity as visionaries and entrepreneurs see and seize the opportunity, followed by a sorting process as the market learns about what works and viable approaches are sifted from non-viable.
Respect Network’s bold initiative is evidence that the first crucial stage is now fully under way.