KnowledgeBid: Expert Network 2.0

Information is the name of the game on Wall Street. Twenty years ago analysts armed with a HP 12-C and a copy of Value Line were a force on the Street. But times have changed; adding monitors and CapIQ might get you in the game but won’t put you over the top. And swimming in the mainstream can be dangerous; First Call notes are great but consensus thinking can prove dangerous. Developing alternative, and proprietary research sources is critical on Wall Street. It is not easy, but when you get it right, reward follows.

A new research service recently launched that might help you stay ahead of the pack. Google is a great tool, but has its limitations, as Eric Schmidt readily admits:

“How much information is there in the world? A study that was done last year indicated roughly five million terabytes. How much is indexable, searchable today? Current estimate: about 170 terabytes. So again we’re back in that two or three percent of the indexed and searchable world.” Eric Schmidt, CEO, Google

KnowledgeBid was formed in March of 2007 to build a platform to facilitate seamless transactions of high-value information between parties with no prior relationships. KnowledgeBid is based on the principle that all information has value, but that oftentimes those that hold interesting information have no idea that their knowledge is particularly valuable, nor do they know who would be willing to pay them for what they know. Accordingly, every aspect of KnowledgeBid has been designed to facilitate the sourcing and transfer of valuable information between parties with little or no prior history.

We recently sat down with founder Rob Webb to learn more about KnowledgeBid.

Who are you targeting with the service?

Anyone seeking information or expertise can use KnowledgeBid, but the platform has been tailored to meet the needs of the investment community.  We spoke extensively with hedge, private equity, and venture funds throughout the product development process to make sure our processes and feature set met their needs.

Where did you get the inspiration to start KnowledgeBid?

In a past life at a different start up, I had a conversation with a friend at a hedge fund and realized that the company I was then working for was sitting on a massive amount of valuable information. My employer was later acquired and I left the company, but the conversation I had with my friend stuck with me.  The KnowledgeBid platform has been built to anonymously and securely broadcast the research needs of the investment world and to facilitate transfers of information and expertise.

What differentiates the service from your competitors?

Unlike traditional expert networks (e.g. The Gerson Lehrman Group, Vista Research, etc.), KnowledgeBid does not charge subscription fees.  Anyone looking for information or expertise can create a listing on the KnowledgeBid platform.  When a listing is posted, it’s blasted to job boards across the web using RSS technology, alerts are sent to network members who have indicated interest in the listing subject matter and price point, and independent recruiters are alerted about a possible referral commission. 

Interested parties can then apply for the consulting opportunity, a process that includes answering questions specified by the information seeker, providing employment and education details, and taking an identity authentication test that creates questions from 900 data sources and 20 billion records.  Information seekers, who are kept completely anonymous throughout the process, can then review applications and schedule conference calls with the best applicants.  The platform then tracks the duration of the conference call between the two parties, charges the information seeker, and pays the provider their hourly rate.

How are going to recruit experts to join your network?

When a listing is posted, it’s sent to job boards across the web using RSS technology and independent recruiters are alerted about a possible referral commission.  Users can also refer others and earn referral fees.  Additionally, our systems can search over 100 million resumes and user profiles so we can find potential information providers extremely quickly.

How do you verify information provider credentials?

The KnowledgeBid platform has been built to help information consumers verify the credentials of information providers.  Information consumers can ask applicants targeted questions during the application process to determine if the applicants scope and depth of knowledge. Also, our identity authentication test asks providers personal questions based on their data footprints, pulling in real time from 900 sources and 20 billion data records.  Providers can also provide links to references on the web in their profiles and can display their employment and educational backgrounds.  Additionally, we collect targeted feedback after transactions have been completed and attach data to user profiles so you can look at a someone’s track record on the platform before contacting with them.

What about potential misuse?

We have a zero tolerance policy for inappropriate behavior.  When we are notified of potential misuse, we instantly ban users from the service.  Additionally, employees of publicly traded companies are not allowed to provide information on the service.  Approximately 71% of the US workforce is employed by privately held firms.

Can you give us an example of solving a problem for a potential customer?

We recently helped Mark Hines over at Vestopia (http://vestopia.com) find an expert with insight into paid search advertising.  He wanted to learn about trends in keyword inflation and how it would impact Google’s future revenues.  We found him a CEO of a company that runs millions of dollars of paid search ads annually.  They had a great 30 minute conversation that massively helped his analysis.  He wrote about his experience with us here. Thanks to KnowledgeBid, Mark didn’t have to spend any time cold calling potential information sources, nor did he have to deal with any payment logistics.  All he did was create a listing when he began his research and picked a call time with an applicant he liked.

Thanks Rob, we will roll up our sleeves and kick the tires. Time is money, and anything you can do to reach the right people, quickly, could be a godsend to the scores of research analysts that perform the hard work on the Street.

KnowledgeBid.com

Rob Webb’s Blog
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The content contained represent the opinions of 1440 Wall Street. This commentary in no way constitutes a solicitation of business or investment advice. It is intended solely for the entertainment of the reader, and the author.

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