Ask HN: How are data companies planning to deal with GDPR?

With the tough data protection law to come into effect in early 2018, how are data companies planning to deal with collection of data?

Further, is this law concerned only with third-party data collectors, or does it affect first-party data collection as well?

For example: As a startup, it is recommended to collect data. How does GDPR affect this data collection analytics aspect even if you don't use third party tools, but develop your own ?