Announcing Middesk True Industry

Kyle Mack
May 23 · 5 min read

Why is industry classification important?

Since the 1930s, industry experts have refined a framework, now called the North American Industry Classification System (or NAICS), for classifying businesses into standard industry categories.

Standard Industrial Classification Manual Vol 1 (1941) included two categories

What’s wrong with classification today?

With more than 20,000 industry descriptions, there are frequently inaccuracies, compliance challenges, and operational overhead in answering the straightforward question, “What do you do?”

  • Pax Labs — code 518210 — Data Processing, Hosting, and Related Services
  • PornHub — code 517110 — Wired Telecommunications Carriers

How does True Industry work?

True Industry allows companies to manage industry classification at scale.

  • Cannabis and Cannabis Related
  • Virtual Currency
  • Regulated or Illegal Services or Activities
  • Gambling or Gambling Activities
  • Drug Paraphernalia
  • Pseudo Pharmaceuticals
  • Other High-Risk Drugs
  • Money and Legal Services
  • Investment and Credit Services
  • Financial Aggregation
  • Social Media Activity
  • Other High-Risk Businesses

Coinbase

Coinbase Virtual Currency classification

Pax Labs

Pax Labs Cannabis classification

PornHub

PornHub Adult Content classification
  • Real-time data that is always up-to-date — For example, a tobacco shop may decide to begin selling cannabis products, a change in which we can notify our clients of in real-time.
  • Taking control of risk — don’t leave it to your customers to self-identify industry or historical out-of-date datasets.

How do I start using True Industry?

True Industry is available starting today. To get started, submit a few pieces of information HERE.

Middesk

Insights and takes from the middle

Kyle Mack

Written by

Kyle Mack

CEO and Co-founder @ Middesk (YC W19)

Middesk

Middesk

Insights and takes from the middle