Supernova Award Category
The Problem
Data is the lifeblood of the digital economy, yet 78% of consumers think it’s hard to trust companies with the use of their personal data.
As a result, individuals increasingly falsify the personal information they provide to organisations whilst engaged in online transactions. This type of behaviour, resulting in poor quality data, puts up to 30% of enterprise revenue at risk.
As consumer trust in personal data practices declines, organisations are also feeling the effects of increasing regulatory pressure. The compound effects of this rapidly changing marketplace, is forcing organisations to fundamentally rethink how they collect, use and exchange personal data across all digital interactions.
The opportunity to this societal shift presents however is significant. BCG estimates that by the year 2020, 1 trillion Euros of new economic value can be created through digital identity and personal data services, if trust and transparency are established
The problem for global organisations is no longer simply how to comply, but rather, how to take advantage of new personal data economy in ways that builds trust, increases transparency and enables new forms of shared value. Meeco provides a unique solution to both individuals and institutions to co-create this new value.
The Solution
In 2007 I began to observe how organisations valued customer data, whilst increasingly customers were feeling disenfranchised. The economic analysis and behavioural observation led to a key insight; data was fast becoming a valuable asset, this would lead to the need for customers to control personal data.
In 2012 I reviewed Facebook’s IPO filing and noted that many of the key risks highlighted the threat to their econonic model if the ownership and control of personal data moved from organisations to individuals. The synthesis of my research led me to found Meeco and begin to develop the architecture that would enable this capability. Initially bootstrapping a small team we focused on identity & personal data market whilst developing a prototype mobile application.
In 2013 we began to raise capital (total AUD$3.2M) with a clear vision of the platform architecture to enable a multi-sided personal data market connecting customers directly to enterprise.
July 2014 Meeco launched.
The results
Since launch we have continued to develop the Meeco platform including the introduction of a consent manager, enabling customers to control the date and duration of the data they share; think Snap Chat for enterprise. We've developed peer-to-peer encrypted messaging & enabled data and documents to be exchanged with total user control.
In late 2015, we began the next stage of strategic growth by introducing the platform to enterprises. The accuracy and contextual nature of data managed by customers creates significant value to organizations seeking to develop tailored and personalised services and experiences.
Meeco is now gaining traction within global enterprises through our approach and capabilities that enable compliant, privacy enhancing and innovative customer journeys to be designed quickly. These journeys are fuelled by greater levels of trust, a privacy-first approach to customer engagement and are enabling new value streams to be co-created directly with customers.
In addition, Meeco does not require organisations to adopt a new technology stack. Meeco leverages leading open standards, and adopts an API driven approach to integration.
By giving data back to the individual through Meeco and providing full control over how it is used and exchanged, the organisation is now able to open up new levels of trust, resulting in more accurate data exchange and the ability to provide personalised solutions.
Small data = big insights via customer consent powered by Meeco.
Metrics
Meeco has received the following awards for our pioneering work in the emerging identity, privacy & personal data marketplace
2016 IDnext, EEMA, TDL Innovation Identity Award
http://blog.meeco.me/meeco-wins-identity-innovation-award/
2016 – Digital Catapult Showcase, London https://www.digitalcatapultcentre.org.uk/showcase/
2015 – Amply FinTech Festival, People’s Choice for Innovation http://blog.meeco.me/the-internet-of-you-wins-peoples-choice-award-at-am...
2015 – European Cloud & Identity Conference, EIC Special Award http://blog.meeco.me/meeco-receives-european-identity-cloud-award/
Named in Top 20 Australian Start-ups to watch in 2016
http://www.startcon.com/blog/2016/20-aussie-startups-you-should-keep-an-...
Profiled in PWC/QUT white paper on Digital Identity 3.0
http://www.chairdigitaleconomy.com.au/wp-content/uploads/2015/08/Digital...
Featured by Forrester "When Customers Take Control" alongside Acxiom McKinsey, Neustar, Harvard & Facebook
https://www.forrester.com/report/Brief+When+Customers+Take+Control/-/E-R...
Featured in Facebook white paper; A new Paradigm for Personal Data https://www.facebook.com/anewdataparadigm/
Raised AU$3.2m in Seed funding
http://www.businessnewsaus.com.au/articles/meeco-wants-you-to-have-your-...
Established global revenues through Meeco Me2B Labs, a prototyping platform where we engage with enterprises https://meeco.me/labs/
The Technology
The Meeco platform enables mobile and web based applications via
An API driven Platform
Ruby on Rails RESTful Web services (PULL)
Authentication via local accounts, OAuth Consumer or OAuth Provider
Flexible data model where every item and slot has a unique UUID
Data sets can be customised and exchanged in any combination
Data stored in Meeco is encrypted on a per user basis
User data store can be syncronised with external stores, or replaced with alternate stores.
Disruptive Factor
The Meeco Life Management Platform is a first in customer centred technology.
There have been endless challenges in defining the experience, developing the architecture, incorporating open standards whilst simultaneously developing a multi-sided market. We are four years into the journey since founding Meeco and now beginning to see that platforms like Meeco will be game-changes over the next five years.
Every day we challenge the status quo by inviting enterprise to image their products and services from the perspective of the citizen, customer, employee, patient and student. We see this fundamental pivot is driving business model innovation and believe that enabling customers to control their data will transform economic models in the same way just-in-time inventory management transformed manufacturing.
Welcome to the future, where customers help define and enable the value chains they participate in.
Shining Moment
Despite being endlessly told from 2007 to 2014, it was not possible, feasible or desirable, we kept going.
Despite being told enterprise would not be interested, our Meeco Me2B Labs are proving the value of working directly with customers to co-create new value.
Despite being told there were no driving regulatory factors, significant legislation has been introduced in Europe that will accelerate the adoption of our technology like Meeco.
Despite all the odds, the odds are moving in our direction.