Who Founded OneTrust?
Kabir Barday is the founder of OneTrust and a first-generation entrepreneur and immigrant. His Indian parents came to Atlanta in 1983 with the belief that you can do and accomplish anything. He has lived that dream and launched OneTrust by the time he was thirty years old.
The EU’s GDPR had become law just before OneTrust was launched in 2016, and so the company was uniquely positioned to benefit from it. In the same year, California passed the CCPA, making it clear that many more states and countries would soon implement similar laws.
Where Did the Need for OneTrust Come From?
OneTrust was established to help other businesses conform to privacy laws that were implemented to afford consumers more control over how their data is used, and even if it may be used.
Examples of these laws are the European Union’s (EU’s) General Data Protection Regulation (GDPR) and the California Consumer Privacy Act (CCPA), the latter of which went into effect in January. It is anticipated that many similar laws will be established which offer consumers more protection over their data.
Before these laws came into effect, the complaints by consumers on data misuse went unheeded, especially as businesses merely didn’t have the necessary technology to administer the privacy of their users.
The above reasons are why OneTrust has become the answer to almost half of the Fortune 500 companies, and why the company has garnered 6,000 clients in wide-ranging industries and business sizes. These businesses include the well-established Aetna, Oracle, Raytheon, Bertelsmann, and Maersk.
What Is the Inc. 5000 List?
Inc. Magazine compiles an annual list of the 5,000 fastest-growing private companies in the US. This year's recognized companies noted a median growth of 165% and total revenue of $209.7 billion. They have contributed 582,670 new jobs to the economy, and 3,148 companies have been featured on the list before.
Inc. started the initiative in 1982 with the Inc. 500, and ever since then, the list has become a benchmark for recognizing the entrepreneurial success of many companies. It was expanded to the Inc. 5000 in 2007 to represent and explore a bigger range of success in the US.
The list ranks businesses by looking at their total revenue growth over three years. It also classes the fastest-growing companies by looking at the industry, its geography, the revenue, and how many employees the company has. More than that, women and minority-run businesses are emphasized.
What Are the Eligibility Requirements for the List?
There are five general requirements in order to qualify for the list. It has to be a privately-owned company based in the US, and it has to be independent, meaning it cannot be a subsidiary or a division of another company.
Eligible companies also had to have begun earning revenue by March 31st, 2016, and have had a revenue of no less than $100,000 in 2016. In 2019, they had to have had no less than $2,000,000 in revenue. Additionally, their revenue in 2019 had to have surpassed their revenue from 2016.
Why Is Being on the List Such an Accomplishment for OneTrust?
Ranking on the Inc. 5000 list provides national and worldwide acknowledgment. Making it on this list gives businesses coverage in national, local, and industry-specific media.
Inc. also provides each honoree with a company profile devoted to them which only adds in providing the business credibility, whether this is to customers, or to investors.
OneTrust is essential in establishing the line between relevant flagging of potential security threats, especially in the corporate environment, and the potential to expose an employee’s personal details. This is especially important for keeping an employee’s religion, their sexual orientation, and their financial standing private. For any business, OneTrust can advise a company of whether they are complying with relevant privacy laws or if they need to update their procedures.
More than that, OneTrust’s technology is the one that will protect the consumer in their everyday online life when they inform a website not to sell their information, or request to see or delete their personal data. The relevance of the company’s purpose is undoubtedly one of the reasons it has been ranked as the fastest-growing US company.
About the Author
Mariliana has an MSC in consumer analytics and business strategy. She has a special interest in fast-moving industries and big data.