Here’s a thought: Would you sell your own data if you could make $$$? 🤔
Delphia, a new Toronto-based (and Y Cominator-backed) fintech startup that lets people invest in the stock market using only their data, thinks you would.
How it works: Delphia was founded on the idea of collective action. Users connect their personal information — location data, social media accounts, shopping data — to Delphia and answer daily questions about their behavior for the company to analyze. All data is consensually shared and Delphia then makes strategic picks in the stock market on behalf of its users. The company will collect fees and then redistribute half of those back to users sharing their data in exchange for investments, but users don’t have to actually contribute any money to participate.
But in order for the idea to work, there needs to be a critical mass of users sharing their data, and Delphia is aiming for 100,000 folks before “officially” launching their app. 👀
So how much money could you theoretically make through Delphia? The answer depends on a combination of the uniqueness of the data you contribute as well as the quantity.
While current financial systems rewards having valuable information that others do not and those who have more capital, Delphia believes they’re exploiting a “glitch” in the system.
“The entire system is built on predicting the future. On betting whether a company will rise or fall, or whether we will or won’t buy. It’s built on betting where the money will flow nextWhich is interesting when you consider that GDP – the measure of a country’s economic growth – is mostly (68%) made up of consumer spending. Said another way, the things that you and I do with our money, are the questions of greatest importance to those in power.- Delphia CEO Andrew Peek
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We’ve all been there: you’ve finally landed a new apartment or home, and you’re ready to sit back, relax, and spend a few hundred at Ikea. Unfortunately, signing up for renters or home insurance is one of the most important parts of relocating, and the process is painstakingly frustrating. To start, the average homeowners’ premium went up in 2014 and again in 2015, and those numbers show no signs of slowing down.
Luckily, there’s a company working to make homeowners’ and renters’ insurance affordable and accessible. Lemonade is disrupting the traditional market with custom plans for a fraction of the cost of typical insurance bundles.
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