GDPR – General Data Protection Regulation, What do I need to know for my business?

 

On the 25th of May 2018 the new GDPR regulation is coming in to place. But what does this mean??

The GDPR is the biggest update and change to Europe’s data protection laws since the Data Protection Directive from 1995. This regulation will be take effect from May 2018, there is a lot to be aware of so that you can be compliant with the new law.

This new regulation will require businesses to protect the personal data and privacy of people’s information they hold and process. The personal data must be processed according to the six data protection principles:

  • Processed lawfully, fairly and transparently.
  • Collected only for specific legitimate purposes.
  • Adequate, relevant and limited to what is necessary.
  • Must be accurate and kept up to date.
  • Stored only as long as is necessary.
  • Ensure appropriate security, integrity and confidentiality.

Companies will also have to have consent to collect an individual’s information. This consent must be clear, freely given, informed and can be withdrawn at any time. This is great news for individuals, as we will now be able to trust companies not to share our details with anyone else, hopefully this may reduce spam emails and phone calls in the future. This new law should help prevent data breaches in the future, which have become more and more common over the past few years.

However for companies this could mean a hassle and lots of new problems. These new rules and regulations are going to affect how companies have been operating for years. They will need to adapt to different systems and data management methods to comply with the new law. New processes will need to be brought into place for most organisations to ensure they are going to be working legally to comply with the GDPR. If companies do not change their data management to comply with the GDPR they could be faced with fines of millions.

 

Who does this affect?

Positive impact for individuals:

Businesses will now have to take the same level of protection for an individual’s data whether it is their IP address or cookie data it will need to be treated with the same level of protection and security as the individuals name and address. The consent to hold an individual’s data must be clearly given.

Individuals will now have the right to be forgotten/erasure and they can request this at any time. If this right is requested by the individual to an organisation to delete their personal data from their records, the company must comply as long as the data is no longer necessary or accurate.

Individuals will also have the right to data portability. This means someone can request a company to move their data to another organisation.

 

Impact for Businesses:

This new law will make most businesses rethink how their processes work regarding individuals data and how it is used and stored. Businesses will need to start getting things in place and following new procedures as soon as possible to be ready for when the regulation takes effect in May.

If companies do not comply with GDPR they could face a fine of up to 4% of their annual global turnover or 20 million Euros, whichever is greater.

This law is protecting any citizens within the EU and their personal data, so this may still affect and have implications for any companies operating outside of the EU using EU citizens’ data. This will include any companies whose data processing activities relate to offering of goods or services (even for free) of any individuals working and living in the EU. If you’re based outside of the EU, but use, process or hold data belonging to anyone living in Europe, you are liable.

 

What can you do?

Businesses will need to review their own data protection policies and then update them to comply. Companies should be putting a plan in place as soon as possible to make any changes necessary to be compliant with GDPR. These plans and procedures should have clear policies in place meeting the required standards. This may include when obtaining any personal data to make sure there is a written record of this consent of holding their details. Ensure privacy is a top priority for any new processing procedures, not only will this show compliance for the new regulation, it may also give an advantage over people who have yet to put this in place.

Have a procedure in place to deal with any data breeches. How to handle the situation and disclosed the breech to the affected individual.  It is your own responsibility to inform your local data protection authority (Information Commissioners Office for the UK) of any breeches that risk people’s rights and freedom within 72 hours of your organisation becoming aware of it. Failure to report this to your data protection authority and the person whose data is involved, means you could receive a fine of up to 2% of your annual worldwide revenue, or €10 million, whichever is higher.

Be prepared for individuals to exercise their rights under GDPR, such as the right to erasure and the right to data portability. When following up with someone’s request of right to data portability, make sure people’s information files are stored in commonly used formats such as CVS files, so that person’s data can be moved to another organisation easily. The person who has the data must do this within one month and this service must be free of charge.

If you are a large public organisation that carries out data processing, that regularly requires monitoring individuals; you may need to consider hiring a data protection officer. To ensure all data management is handled correctly and legally.

Don’t put off, start preparing for GDPR now.

Federation of Small Businesses Launches New Membership Category for Pre-Startups

The Federation of Small Businesses (FSB) is a UK business organisation representing small and medium sized business.  Formed in 1974 they offer members a wide range of vital business services.

 

The FSB announced that as of 20th March 2017 they are re-inventing themselves via the biggest change since their inception in 1974, the launch of two new membership options, in particular, an option for those looking to start their own business, giving them exclusive access to business advisers and networking opportunities.

 

“When FSB was founded in 1974, we adopted the Ford maxim of ‘you can have any colour you like as long as it’s black’ We had one membership category, delivering the same benefits to all.  That model worked for 40 years, but we recognise that today’s landscape is fast-changing and we want to offer different options to different business owners, as well as to those who are thinking about starting a business, to help them achieve their ambitions.” – Dave Stallon, FSB’s commercial director

One of these membership options, FSB Business Creation, is of particular interest as it is aimed not at existing businesses but those look to start.  FSB Business Creation will offer a range of support in various areas, such as finance, insurance, website setup and general business advice allowing those starting up to concentrate on the important aspects of building their business.

 

The FSB has taken this step as the UK is becoming recognised as a hub of innovators, having more entrepreneurs that any other European company.  Research from StartUp Britain, a Government-backed national enterprise campaign, recorded a rate of 80 companies being formed an hour in 2016.  This is an increase from 2015 and 2016 figures also showed less startups going bust than previous years.

 

The FSB recognises that the small business landscape is changing, business needs are changing and more start ups are now operating outside of traditional business models.

 

“There are huge opportunities for both new and existing smaller businesses at this time, and we’re committed to assisting the nation in harnessing these.  Advances in tech, manufacturing techniques, infrastructure changes, exciting new opportunities, consumer diversification and demand for personalisation, all bring thrilling new prospects.” – Dave Stallon, FSB’s Commercial Director.

The FSB are committed to help startups take advantage of the opportunities that are available to them.  FSB Business Creation has been designed to remove some of the stumbling blocks put before new businesses by providing expert advice and a voice to lobby government where needed.

 

For more information regarding FSB Business Creation please visit

 

 

https://www.fsb.org.uk/benefits/business-creation

Funding Awarded to Scheme to Support Space Entrepreneurs

The UK Space Agency has announced that they have just awarded under £150,000 to three business incubation centres to support entrepreneurs and small businesses within the Space industry.

 

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We are very pleased to announce that Innovation Space is one of the three sites that has been included within this award. Around £50,000 has gone to a joint scheme between Innovation Space and the National Oceanpgraphy Centre’s Marine Robotics Innovation Centre in Southampton.


Helen Roberts, Regional Growth Manager at the UK Space Agency has stated “We are delighted to to extend the network of incubators supporting space sector start-ups to cover even more of the UK”

The Space Sector in the UK has been an unexpected success story and has had average growth of 8% per year over the last decade. The sector turns over around £11bn per year and the UK Space agency has plans to gain a 10% share of the global market by 2030.

The UK Space Sector has also been further bolstered with the exposure of Tim Peake’s mission to the International Space Station in 2015 with a return trip to the ISS having been announced by Greg Clark, the Secretary of State for Business, Energy and Industrial Strategy, earlier this year.

According to Steve Smart, chairman of the trade association UKspace, “Britain is punching above it’s weight in the global market in the areas of innovations and applications. We may be small but we have some great ideas, especially about how to use space technology.”

This also falls in line with the UK Government’s Industrial Strategy, which has a focus on science and innovation in particular.

Innovation Space’s role will be to facilitate and support SMEs and entrepreneurs within the UK Space Sector by providing modern, working facilities and opening the door to collaboration with other like minded enterprises and acting as a gateway to the resources of the University of Portsmouth.

 

UKSpace AgencyThis is a very exciting development not only for Innovation Space and the University of Portsmouth, but for the wider City in general.

Keep reading our blog page and sign up for Innovation Space’s newsletter (here)to be kept in the loop regarding this fantastic development.

Spotlight on Darren Street from Spear Recruitment

spear Recruitment

Darren Street, Managing Director at Spear Recruitment, talks about his experience of running his business at Innovation Space.

We welcomed Darren as one of our new members at Innovation Space last month.  Since then, Darren enjoys being based at Innovation Space and in his own words said that, ‘the Innovation Space is clean, friendly and a professional environment to bring my clients to, it has great transport links.’

In the video below Darren explains how being based at Innovation Space is having a positive impact on his business, Spear Recruitment.

Darren has worked for over 17 Years within Sales, Sales- Management but also within the Automotive Industry. As Managing Director, Darren works at the forefront of Spear Recruitment  liaising with both candidates and clients. Darren has first hand experience of using Recruitment Agencies from both a client and candidate perspective, this was his primary reason for setting up Spear Recruitment Ltd, he wanted to ensure candidates received the service they expect and that clients receive a professional and affordable solution for their business. As one of our valued members, at Innovation Space, Darren explains the clear benefits of working at Innovation Space in a recent interview with Team Locals.  Check out the video above to find out the difference working at Innovation Space has had on Darren’s business and why he enjoys working here.

“Sometimes when you innovate, you make mistakes. It is best to admit them quickly, and get on with improving your other innovations.”

– Steve Jobs

Modern Office Space

Nest and Innovation Space collaborate to support graduate start-ups

Nest and Innovation Space have joined forces to offer graduates from the University of Portsmouth an exciting new deal for those looking to start their own business.

Nest, the new incubator exclusively for students and graduates of the University, and Innovation Space, who provide office and co-working space in the City, have come together to ensure that graduates who want to take the exciting first steps of starting their own business have access to the knowledge and facilities to help them be successful.

Recognising that access to office and co-working space can be hugely beneficial in the early stages of the start-up process, Innovation Space will provide free use of nest on the 2nd Floor from the 1st June to the 1st October, followed by a 50% discount on their next four months full membership.

During this time you will be able to access the expertise, resources and workshops of the nest team, while also meeting local businesses who run their companies from Innovation Space and attending a weekly events programme designed to give you skills and knowledge to apply to your new venture.

Any graduate from the past five years, including any final year student graduating in 2016, will be able to access this offer, intended to provide co-working space at a significantly reduced rate.

To find out more, visit www.nest.community or e-mail nest@port.ac.uk.

Nine films that help explain business networking to newbies

How do start-ups break in to the world of business networking?

Before you read this blog it’s only fair that I spend a quick second to make one, complete and utter, unadulterated confession…I am not the most prolific or proficient networker in the world. What follows is no more than my own experiences and interpretations of business networking. Everyone has different encounters and these can be both good and bad.

 

I also think it’s quite important to dispel an age-old myth about networking in the 21st century. The perception of old men in grey suits is certainly an unfair belief. I think you’ll be pleasantly surprised by the colourful, vibrant and welcoming world that awaits those being newly inducted to the fast-moving and exciting world of business networking.

 

  1. Into the Wild

As with anything new it can be hard to know where to start. Finding business networking groups is actually quite easy. Being selective about the ones you go to is difficult. Free events are great but attended by start-ups with little cash, not ideal for sales. Paid for ones are great but have you factored this in to your budget? When first starting out, don’t be afraid to ask around and see where other businesses go.

Like everything, do your research.

  1. North by Northwest

On the day, being prepared means you should have started the night before. Are you awake on time? Do you know where you are going? Can you get there early to meet the organiser? These are basics in the world of networking, you don’t want to turn up late and miss all the action. Getting there in a rush isn’t good for you or the people you’re talking to. And let’s be honest, no one likes shaking a sweaty hand!

 

  1. Raging Bull

If you go in punching (figuratively, not literally) with the intention to sell don’t be offended if you end up on your own with no one talking to you. When you get to networking events ask the organiser how the morning works, get a tea/coffee and mingle. Find out about the people there. Who are they? What do they do? Do they find the networking group useful? Finding groups of three can help as it normally means one person isn’t in the conversation.

 

  1. The Godfather

Going in with the mindset of just being able to take won’t get you very far. Going in with the ability to give however, might just get you where you want to be. When you’re talking to someone and you see an obvious connection with what they are looking for, and who you know, make the introduction and show that you’re about helping connect people.

Building trust and rapport will get you further, faster.

  1. Gone in Sixty Seconds

Most networking events hinge around the elevator pitches. This is your sixty seconds to make an impression. Unlike earlier, this is your time to sell. Have your pitch ready, test it, improve it and test it again. Can you say what you do, how you do it and why in under a minute? It’s natural to feel a bit nervous but everyone’s been there before. If it helps, write it down so you can stick to the script.

 

  1. Finding Nemo

After the elevator pitches it’s customary to have a break for networking and refreshments. This is your chance to go and meet the people who said something you were interested in during the sixty second round. Introduce yourself, explain what you do and ask them more about the thing that interested you. Don’t forget to save some time for the people who want to come and talk to you as well.

 

  1. Memento

You’ve just had a great conversation with someone, full of opportunities just raring to be explored, and you both think that a follow-up meeting will be a brilliant way to progress. There’s only one problem…in the heat of the moment, you have forgotten their name, not asked for a business card or not given yours back. As the boy scouts say ‘Be Prepared’ and this includes having plenty of business cards on the day.

 

  1. The Social Network

You’ve left the event, got a pocket full of business cards and now you’re back in the office ready for the day at hand. It’s easy to say that you’ll contact everyone later but the reality is that you probably won’t. Take the time to follow up with the people you met and spoke with that morning. Find them on LinkedIn, follow them on Twitter, or simply send an e-mail saying it was nice to meet them.

You never get a second chance to make a first impression.

  1. Groundhog Day/One Flew Over the Cuckoo Nest

If things become a little bit repetitive, or dare I say – a little bit odd, then don’t forget this one fundamental adage…Time is money. More specifically, your time is your money. Some networking groups may never give back (in sales/customers) the effort you put in and it’s important to measure this. Don’t expect an immediate return (it takes time to build trust) but equally don’t lose sight of the reason you’re going to these sessions.

 

Going to your first event can be a little scary and intimidating, even for the most outgoing people. But it really doesn’t have to be. There are plenty of Youtube videos that can help and many more articles (although not as good as this one) on the do’s and don’ts.

 

If you’re in and around Portsmouth, a couple local networking groups you might want to explore are:

  • Business Builders
  • Network Pompey
  • Entrepreneurs Unite
  • Mumpreneurs Networking Club
  • Portsmouth Business Exchange
  • 4N

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