Startups&Knowledge eCommerce

Om, an entrepreneur in Bengaluru was scouting for sales data and legal counselling for his eCommerce startup. He tried various options including Google search and Q&A platforms like Quora on the net. In a world with an overwhelming amount of information available, it is not quite easy to figure out how to identify and decode real data. There are plenty of websites featuring influencer content sponsored by brands and businesses with questionable  recommendations from online reviews. In addition, credibility of answers on Q&A sites like Quora is on the radar with businesses posting answers as part of their marketing strategy. One can spend countless hours sifting through all kinds of information in various formats to uncover insights and, in the end, may not even find what he or she is looking for.

So Om was still looking for some specialist consultation.

As an early stage startup, getting know-how and expertise of specialists from consultancies and advisory firms is not a viable option, as the price for such access is usually exorbitant.

He was in a fix! 

A common situation that many startups find themselves in! 

How can entrepreneurs filter efficiently through all the clutter? 

Can knowledge sharing become more credible? 

What’s the best way to share genuine insights?

Making a Market in Knowledge

Knowledge marketplaces are slowly gaining momentum today as they seek to build networks of market experts to connect and provide on-demand access to knowledge seekers. They can assist business owners in virtually every area of business from sales, marketing, legal, technology and HR. The right person with the right answer is already out there.

These platforms are interactive and they focus on short and long-term engagements with experts for valuable, easy-to-access insights regarding customers, competitors, products, production techniques, lessons learned, best practices, emerging research to take business teams in the right direction.

And by democratising access to knowledge, it is a perfect platform for startups and entrepreneurs to delve into. Members can also access curated online surveys with opinions of experts and consumer segments, as well as customised reports and projects.

Public knowledge markets existed even before, of course, in the form of books, articles, blogs and public services such as libraries. Subsequently, companies such as Amazon.com, America Online, and Yahoo!, Google also developed as external markets for public knowledge. 

Recently, companies like GLG and Lynk are leading efforts in building knowledge consortiums. Experts at Lynk including CEOs, executives, engineers, and consultants share invaluable insights with their customers. GLG connects businesses across sectors to a wide network of insights by experts, including business leaders, scientists, academics, former public-sector leaders, and subject matter specialists. 

Monetising Knowledge

Pricing knowledge can encourage increase in sharing and authenticity of content as well. Relevant queries like how to scale up your startup from a small business, or funding related tips or advice on strategies, say, omnichannel retail gets redirected to specific expert in he knowledge marketplace seamlessly, almost as easily as pinging a friend for a quick answer.

Buyers, i.e entrepreneurs who seek knowledge will have the motivation to go to marketplace if they believe that they will find valuable, insightful and relevant inputs at a reduced price, time and effort as compared to searching for the required information from alternative sources.

A real edge indeed!  

Sellers i.e experts, who are the suppliers in market, get the incentive to share if they are well compensated for their knowledge and time. 

Knowledge transfer, when transaction-based, provides an exchange mechanism for the valuable object to trade, which results in more accountability and credibility. Of course, pricing can be dynamic. A higher rate or credit for specialist answers or immediate responses! 

Trust is obviously imperative to knowledge sharing; only with can the practice gain momentum. While exercising judgement and accountability are important, penalty to potential harbingers is crucial. This requirement also means that protecting individual intellectual-property rights is a challenge that needs to be continuously addressed. Often, there are also standards, protocols and regulations, and market facilitators to make markets work effectively.

Gig Economy Ahead

The gig economy has its future with on-demand knowledge, as valuable insights and expert opinions are much required by the startup community. Knowledge marketplace can cater to this huge requirement.

Today, there is an increasing trend of senior professionals with domain expertise taking a break or switching profession. Their insights and knowledge could be a great boost for the gig economy.

It needs to efficiently cut through the clutter though. Rather than relying on a Google search, entrepreneurs can benefit from talking to the right person with relevant knowledge—someone with ability to share insights based on his/her experience and expertise. Furthermore, it could become as ubiquitous, quick and easy as a Google search is today.

Accelerating Innovation 

Knowledge transfer has traditionally been in the form of structured content, such as publishing reports, books, blogs, podcasts, videos, or online courses. With knowledge marketplaces, sharing can get more communication-based and authentic. It is actually now possible to get the know-how built from first-hand experiences stored in multiple heads including highest rated thinkers in the world!

Instantaneous knowledge sharing can accelerate thought process, creativity and problem solving skills- drivers of innovation, to help the greater good. Sharing knowledge can empower startups to collectively find better decisions and solutions in the face of challenges.

Can India rise as global innovation hub by 2030?

Learning Hubs

Entrepreneurs need to continuously learn and collaborate with other to meet their requirements and grow their business. Knowledge marketplaces can change the way that entrepreneurs perceive their roles and guide their teams, and they are great platforms for getting the most value out of a training investment. They can access relevant information related to complex operational and developmental challenges more quickly and easily. Continuous learning and growth are critical for business leaders to develop their skills and steer their companies in the right direction — and these platforms can help them do just that by providing a vibrant, reliable and dynamic hub for sharing information. 

A Huge Potential

There is undoubtedly a positive correlation between knowledge sharing and productivity gains. That said, the challenge of creating an effective knowledge marketplace is daunting. Nevertheless, the amount, time, cost and effort spent by startups to get access to valuable information can be minimised drastically by the usage of knowledge eCommerce. The value of a knowledge marketplace depends primarily on the quantity and quality of content available to attract demand and generate traction. Monetisation helps this endeavour—to motivate people with distinctive knowledge and the best communication skills to share highly valuable content voluntarily. Once a vibrant knowledge market is created, it takes on a life of its own even if it starts small.

The proprietary knowledge that resides in the minds of top professionals is a source of competitive advantage for startups and entrepreneurs. The result is greater productivity and more free time to run your startup . Ultimately, this will allow entrepreneurs form a knowledge network whereby startups can augment and empower each other on demand. 

True opportunity lies in trading distinctive knowledge as knowledge marketplace will work only if it can deliver satisfying high quality content. 

Knowledge is power—and profit. The potential is great. 

Any startups game for it?

Startup Noodles, Spice ‘em Up! 

Om is still waiting !