In today’s episode of The Startup Chat, Steli and Hiten talk about something that has affected a lot of companies out there, and that is GDPR.
In Europe, the General Data Protection Regulation (GDPR) that came into effect on May 25, 2018. It was designed by the EU to modernize existing laws that protect the personal data of individuals and it has been causing a lot of uncertainty in the business world.
Tune in to this week’s episode to hear Steli and Hiten thoughts on what GDPR is, how it affects startups, how to small startups can deal with it and much more.
Time Stamped Show Notes:
00:43 Why this topic was chosen.
01:29 Why dealing with privacy is so complicated.
02:26 How Europe is very conservative when it comes to privacy and data collection.
04:50 Hiten’s thoughts on how smaller companies can deal with GDPR.
06:33 One theory about GDPR that you should know.
07:00 A theory on why GDPR was introduced.
08:50 How Hiten’s company is dealing with GDPR.
09:35 Why context is super important when you deal with GDPR.
10:04 How Steli’s company is responding with GDPR.
12:23 How companies in Europe and USA are dealing with it differently.
3 Key Points:
Because we live in such a global world, legislation in other parts of the world can affect your business.
It will be easier for newer companies to deal with GDPR.
In theory, as long as you’re trying to do something about it you’re should be fine.
Steli Efti: Hey everybody, this is Steli Efti.
Hiten Shah: And this is Hiten Shah. And today we're gonna talk about four letters, GDPR, that has affected a lot of companies out there, especially obviously software companies. And I think it really is all about privacy. And the reason we're talking about it is we just think it's interesting, not necessarily GDPR as a whole, but the fact that we have such a privacy conscious legislative bodies in Europe that have been pushing GDPR and it's really interesting to hear a lot of the theories out there as to why and all that. But at the end of the day, it has to do with privacy and all of our privacy, basically.
Steli Efti: Yeah. I think there's this growing ... So to zoom maybe at the started the high level view and then zoom into the specifics of how do you deal with this as a startup, especially when you have less resources to deal with some of these things. But on a very high level, I think that there are kind of very big debates and a lot of political shifts going on around the world when it comes to how do we deal with privacy in a world where software companies can capture so much information about the individual users and customers and can keep that information indefinitely and could potentially use that information in all kinds of interesting ways, how do we protect consumers and customers from their information being misused in some way, or their information being not within their control in a sense of they've used a service 10 years ago and that company still keeps their data around and potentially uses that data or sells the data or whatever the hell they do with it? So there's a lot of concerns around privacy and software, I think, going on. Politically, Europe is usually a hyper-conservative political sphere in the world, especially when it comes to privacy and data information. A lot of that, from my perspective, comes from Germany's place in Europe and Germany being a nation that is hyper, hyper sensitive when it comes to privacy because of their history. And so there's a lot of stuff going on politically of many big nations, but also interestingly on top of that is even as a software business in the US where you have nothing to do ... Nothing, quotes ... To do with Europe and European legislation and laws, because we live in such a global world and because it's very,