Mydex is registered as a Community Interest Company (CIC), supported by the Young Foundation, which specialises in launching sustainable social enterprises. The CIC legal form allows Mydex to be sustainable and requires it be run for community benefit designed to work for individuals.
Its Trust Framework ensures that the individual is at the heart of the process, controlling and managing their identity and personal data. This Trust Framework is underpinned by the Mydex Platform and an ISO27001 certification for information security management across Mydex.
A neutral place for personal data, centred on the individual, is vital to trust and effective engagement. You have a right to privacy. Your Mydex Personal Data Store provides this privacy by design.
“Mydex has created the foundations for a secure and privacy-friendly system that has the potential to attract an unprecedented level of trust amongst consumers and organisations.”
Simon Davies, a leading international privacy advocate.
Mydex CIC: a Community Interest Company
In order to be recognised and registered as a CIC, a company must state a specific social goal via a ‘community interest statement’. In addition to this, the company is asset locked: this means it cannot be sold to another entity which is not similarly asset locked. It is also subject to a dividend cap, which dictates that it must reinvest 65% of all its profits back into furthering its community purpose; the other 35% can be distributed to its shareholders. Ultimately, this means that the company cannot use its revenue to maximise profits for shareholders and owners, the majority of the money must go into furthering the business and working towards its social goal. Mydex is a rational investment, but Mydex investors expect a social return first and foremost: the more money we make, the more money goes back into the community mission and purpose. This is a vital element in delivering sustainability and real social impact.
All the data held in Mydex Personal Data Stores is secured and protected according to the highest available data security and protection standards. Mydex CIC does not have access to this data. Mydex CIC simply provides the vessel in which to hold the data, the pipelines to share it (in a secure, auditable way), and the taps for individuals to turn this data sharing on and off as they please. Also, Mydex CIC has been set up as a Community Interest Company. Its main purpose is to serve a social/community benefit. It acts commercially and can make a profit, but the majority of the profits have to be reinvested in its stated social purpose. Its assets cannot be acquired by another party to which such restrictions do not apply. Mydex’s particular social purpose is to “help individuals realise the value of their personal data”.
Our business model
Trust is at the heart of what Mydex CIC does, and was at the core of our design right from the very beginning. Our business model — unlike many other ‘free to individuals’, web-based services — is not based around earning money from our members’ data. We can’t see or access your data, we don’t want to and we don’t need to. Individuals have full control over their personal data, and Mydex does not monetise it or advertise to the individual anywhere on the Platform. Your data is yours, exportable at any time in a format you can use elsewhere, should you want to. You choose exactly what data is shared from your Personal Data Store and with whom.
Visit the Mydex Community Platform to find out more about Mydex CIC, to ask questions and to find answers