With data at the heart of the modern business, privacy and cybersecurity have never been more important to both enterprises and consumers. But how can individuals ensure they stay in full control of their data in this increasingly digital environment?
Tell us about Praeferre
We help people and businesses to address concerns around data privacy and data sharing through enabling businesses to create informed consent management and offer incentives for the sharing of customer data. Through our one-of-a-kind SaaS platform, PRAEFERRE allows business to bring transparency in customer data management and helps individuals to take control of their data. Our ethical data trading framework help individuals to manage their digital life’s privacy preferences in a seamless manner and receive incentives for the commercial use of their information. So, the businesses in our platform manage their customers information with more confidence and can build a sustainable and loyal user base.
What makes Praeferre unique?
Over the last few years, we have seen a lot of concern and movement around the enterprise cybersecurity space and we strongly feel that there is clear demand for consumer cybersecurity to help individuals secure their digital life. We aim to bring mass market cybersecurity to help people control their data and commercialise that based on their privacy preferences. Our enterprise SaaS platforms enable businesses to create digital democratisation and benefit the customer community with improved loyalty management. Our aspiration is to enable businesses to manage customer data in a transparent and ethical way and empower people to take control of their data online.
What is your relationship with the telecom sector?
Telcos are pivotal for our future journey. Their engagement is crucial in both aspects, both as technology incubation partners and also as investors. Through telco partnership we hope to help multiple sectors like BFSI (banking, financial services and insurance), Retail, Transport etc. to bring transparency in customer data management as part of their corporate social responsibility and digitise their business with more confidence. So, our vision is to empower people by giving more control of their digital life can be achieved and sustained.
How have you got to your current stage of development?
We are very fortunate to have been shortlisted by multiple government and private accelerators in the last year. Praeferre’s business idea was selected in Cylon Hutzero ‘20 program for idea validation. Then in April ’21 we were selected in Digispark ’21 – a collaboration project between CSIT (Centre for Secured Information Technology), Queen’s University of Belfast and University of Manchester for digital innovators. As part of the program, we won market validation grant funding and ran the secondary market assessment for product market fit. In June ’21 , Praeferre was selected by the Greater Manchester Cyber Foundry. In this program, we were selected for Phase 2-funded technical assistance and secured ERDF grant funding towards the MVP building. Our latest development, in October 2021, Praeferre was selected by DCMS ( Department for Digital, Culture, Media and Sport) to lead the Cyber Runway Program in collaboration with Deloitte, Cylon, and Plexal. Through the program we are looking forward to scaling the product beyond the UK and build a mechanism for safer internet use for more people. These accelerators helped us in various aspects starting from idea validation to technical feasibility assessment, product market fit, and developing industry partnerships.
In 2020, we received the prestigious Nick Sanders Grant Award from the University of Manchester for business innovation. Last year, Praeferre was been shortlisted as the finalist in UK’s biggest university-led start-up competition Venture Further ’21.
What made you establish the business?
The main driver for three entrepreneurs to pursue Praeferre was their yearning to not only tap the growing market for cybersecurity but to be able to resolve the global data ownership issue forever. Most UK consumers are still concerned about the security of their personal data, indicating that organisations need to do more to gain consumer trust. Align to National Data Strategy, our solution aims to help building on the UK government’s manifesto pledge to improve data use in government and beyond. We want to help to maintain the high watermark of data use set during the pandemic and to free up businesses and organisations to keep using that data to innovate, experiment, and drive a new era of growth. We aim to help harness the power of data to boost productivity, create new businesses and jobs, improve public services, and position the UK as the forerunner of the next wave of innovation.
What does the future hold for Praeferre?
We are extraordinarily excited for an enormous year ahead. The product beta launch is planned for the middle of this year, with a subsequent commercial launch in December. We have showcased our product at the Total Telecom Congress 2021 event as the youngest start-up and following that initiated discussions for pilot projects with a few major telco players in UK and Europe. We are very much looking forward to progressing and seeing our contribution to making the internet safer for everyone through our ethical enterprise data framework and mass market mobile app for consumer cybersecurity.
Headquarers: London, United Kingdom