I wrote recently about the birth of data-driven capitalism (https://reconnomics.com/?s=datalism&submit=Go), and the monetizing is now officially underway, notes Tom Simonite in a post on the MIT Tech Review website:
A startup called Datacoup is far from the only tech company hoping to get rich by selling insights mined from your personal data. But it may be the only one offering to give you money for that information.
Datacoup is running a beta trial in which people get $8 a month in return for access to a combination of their social media accounts, such as Facebook and Twitter, and the feed of transactions from a credit or debit card. The New York City-based startup plans to make money by charging companies for access to trends found in that information, after it has been removed of personally identifying details.
Most people already trade their personal data every day. By typing into Google’s search box, or using a grocery store loyalty card, they get a free service or discount in return for letting marketers glean prized traces of their behavior. Now Datacoup CEO and cofounder Matt Hogan says he is offering a way for people to get involved more directly in the market for information about their activities. “If a consumer wants to make an educated decision, they should be able to sell their data to who they want,” he says.
Whatever happens to Datacoup, this model — paying for information even at the individual level — is the future, and this early indicator is a startup worth watching.