Ask HN: What are the implications of the EU's GDPR on small startups?

I've been reading about the European Union's General Data Privacy Regulation (GDPR) and one the things that astonished me is the amount of regulatory red tape that it adds to small startups or side projects that have European customers. Given that, I have started to feel that if enforced, the GDPR could probably mean starting out a one person side project/or a startup that collects EU based user's personal info into a total nightmare.

While I am not a lawyer, it would be great to know what the broader community thinks about it.