An estimated 87 million Americans use a health or fitness app monthly in a $1.2 trillion U.S. wellness market. Simultaneously, the data brokering business generates $232 billion annually. Women co-founded Dragonfly Data Ventures (DDV) – recent awardee of Guidea’s Femovate ‘22 Startup UX Design Sponsorship Program – seeks to bring these two markets together in an app scheduled for release in 2023. The Dragonfly app will create a one-of-a-kind virtual wellness experience built for data ownership, personalized insights, and passive revenue generation.
“As consumers, patients, and people, we are enormous data generators. We should have an ownership stake in the asset we are creating,” said DDV CEO Elizabeth Cormier-May. “More importantly, we should have tools that can assemble all of the data fragments that we already generate daily to garner new insights that significantly advance our own goals, along with those of the wider health and wellness industries.”
According to Cormier-May, DDV is building a collaborative ecosystem that allows smartphone and wearable users to, for the first time, organize and control their data and its usage. The Dragonfly app will be a closed-loop wellness digital platform, constantly providing predictive insights to its users about the things that are most important to them. It will also enable users to compare themselves against populations of people most like them, answer questions most important to them, and anonymously extract value from the fragmented virtual data they’re already generating.
The app is designed so consumers can control how and when their data is being used and monetized. Plus, it gives individuals the means to comprehend their contribution toward meaningfully shaping our world. Cormier-May says DVD is creating unique technologies around this ecosystem that protects users’ data from being sold or copied without their permission. She adds that the company has developed an in-depth IP portfolio focused on novel ways to interact with data, ensuring that the users’ anonymity, privacy, and control are protected with each and every interaction.
“We’re creating a platform and user experience where every single person and partner can easily extract the ‘what’s in it for me’ value proposition,” said DVD CEO Liz Cormier-May. “There will be clear incentivization at every point of interaction within our ecosystem – whether it’s as a user, employer, or partner. You take on the persona you choose, with the goals that are most important to you, and then we help you extrapolate the clinical, wellness, and financial value.”
By giving permission, an individual can share a protected version of their data securely and anonymously, enabling participation in any revenue-sharing agreements that DVD may have with various partners. The company has committed to sharing said revenue with those consumers who are helping to enhance the Dragonfly ecosystem.