The right to privacy is enshrined in the European charter of fundamental rights. The right to data protection is a relatively novel right, also enshrined in the same European charter. While these rights seem to focus on a defensive and protective approach, they also give rise to a positive and constructive interpretation. The GDPR may act as driver for innovation. Not only for assuring a better way of dealing with personal data, but including a more encompassing approach of assuring privacy. RESPECT4U offers a framework of seven privacy principles that help organisations in promoting this positive attitude towards the reconciliation of privacy and innovation: Responsible processing, Empowering data subjects, Secure data handling, Pro-active risk management, Ethical awareness, Cost-benefit assessment, Transparent data processing. This paper introduces the background of RESPECT4U, and elaborates the seven principles that form its foundation. Together they demonstrate that privacy can act as innovation driver.