Many start-ups and small businesses are thriving with the accessibility of social media and big data. These platforms are built on the intentional collection and sharing of information that wasn’t previously affordable. In fact, there are some truly powerful possibilities that were beyond imagination just a few years ago. With power comes great responsibility. Thus, companies that are built on these rapidly evolving platforms need to think about the following to keep growing in the future:
1. Age Matters
Kids, and their information, are usually protected heavily with good intentions. Some of these protections make sense and others are a reflection of the woefully obsolete law. Companies may not intentionally target kids, but can inadvertently become subject to the laws protecting kids. Keep in mind:
2. Location, Location, Location
Big data and social media only works well if everyone, literally everyone, can access or contribute. The location of the user and their information can also mean that there are additional protections or notices that need to be given under their local law. For example:
3. Smartphones Pose Challenges
There are a number of complications created by smartphones beyond the initial development challenges of most platforms. For example:
4. Prepare for Change
Exit means acquisition. Companies that poise themselves for sale (whether intentionally or not) can lose value if their data cannot be sold. Avoid this massive value hit by implementing the most expansive policies possible from the beginning.
Change happens. Address the unexpected by including a mechanism to bind existing users to any subsequent change. Thinking strategically now enables companies to cost effectively administer the change of terms while keeping pace with changing technology and company goals.