The two Itsmydata founders, Michael Giese – formerly employed by Schufa and major insurance companies – and Alexander Sieverts – a former managing director at a data analysis firm – are veterans when it comes to data and its use. Giese and Sieverts met at a conference. They were supposed to present a study there – without really knowing each other or the study's contents. What seemed like a foregone conclusion, the two succeeded. This laid the foundation for a long-standing friendship – which has now also led to the founding of Itsmydata.
The idea of the Munich startup Sounds simple – and is unique so far. Using the platform, users can first find out which data is stored by which of the 100 currently listed companies, insurance companies, or associations. In the second step, they can request deletion – or work with the data independently and monetize it. Only the users can control who gets access to the data or who the Munich startup should submit a deletion request to. If someone decides to monetize the data themselves, they are giving the companies targeted access to their own anonymized and encrypted data. And Itsmydata's business model adds a transaction fee to the fixed price, which is billed to the purchasing companies.
Itsmydata closes a justice gap
founder Alexander Sieverts explained:
"Itsmydata closes a justice gap. We know that data is important for many companies and business models – and essentially priceless. At the same time, personal data is the property of every individual. Therefore, it cannot be the case that others make money from it – possibly without the consent of the data subject."
A good idea, because we often don't even know who has collected which of our data, even if we handle it carefully. And anyone who has experienced how difficult it is to actually have data deleted by some companies despite the new GDPR will definitely be happy to use the Munich startup's service. After all, who doesn't want to regain control over their own data?
The founders also took this approach. When they founded the company in 2017, they believed the whole world needed to be passionate about this topic. However, public awareness of data and data security is growing only slowly. Ultimately, the founders almost failed because of themselves. Sieverts explains why:
“We had fallen in love with the idea of the (data) sovereign citizen, but underestimated how long it would take for the topic to reach the mainstream of society.”
Compete against the big guys – and prevail!
He continues:
"In the beginning, we struggled with the information-sharing behavior of some companies—especially those who, by nature, aren't keen on sharing their data. Fortunately, things have changed. We're now seeing that more and more companies are keen to provide transparency to their customers and make data available to them as a download or even via an interface."
Fortunately, the founders were able to prevail. Business is currently doing well. The team has now expanded to twelve members. Michael Giese says:
"We've already achieved a lot. Especially with the successful launch of our creditworthiness certificate, which we launched as an alternative to the Schufa credit report. Our certificate is based on users' self-reports and can compare the scores of all major credit agencies."
At just under 7 euros, it is also much cheaper than the previous alternative.
Munich stands for more sustainable start-ups
By 2021, the two founders plan to have convinced more than 100,000 users of their idea. Itsmydata also plans to expand from Munich into other industrialized nations. The founders welcome having their headquarters in the Bavarian capital, although they are critical of the high cost of living and rents. Giese says:
"I have the impression that Munich is underestimated. This is where the more sustainable startups are taking place. And given the numerous established, successful companies, there are better opportunities, for example, for collaborations and customer relationships in the insurance and automotive sectors."
Of course, Itsmydata also benefits from this.
