- Expert network
An Expert Network can be loosely defined as a network of people used to conduct any sort of professional research. Information providers within expert networks can be anyone from doctors to academics to any type of working or retired professional. Researchers can be anyone from investors to marketers to product manufacturers. Researchers derive value from the information they gather by connecting directly with primary information sources and industry experts.
Expert Networks As Businesses
In the last 10 years, a rather large industry has sprung up around facilitating "out of network" connections, or connections with professionals with whom the person doing research has no prior connection. Due to the nature of their employment, some subsets of professionals are willing to pay high prices to have access to high quality professionals. The investment community is by far the largest consumer of these expert network services. [http://www.integrity-research.com/ Integrity Research Associates] , an independent consulting firm that analyzes the alternative research space, estimated that 26 companies generated between $325 and $375 million in sales to the investment community in 2007 alone. [cite web|url=http://www.integrity-research.com/cms/2008/01/27/the-future-of-the-expert-network-industry|title=Integrity Research - The Future of the Expert Network Industry |publisher=www.integrity-research.com|accessdate=2008-03-03]
Expert Network Business Models
Integrity Research estimated that there were 26 expert network service providers in existence in 2007. [cite web|url=http://www.integrity-research.com/cms/2008/01/27/the-future-of-the-expert-network-industry|title=Integrity Research - The Future of the Expert Network Industry |publisher=www.integrity-research.com|accessdate=2008-03-03] There are many nuances between the types of services and experts provided by each, but there are two dominant business models within the industry.
Operational Expert Network Services
* [http://www.glgroup.com/ Gerson Lehrman Group]
* [http://www.vistaresearch.com/ Vista Research]
* [http://www.guidepointglobal.com/ Guidepoint Global]
* [http://www.colemanrg.com/ Coleman Research]
* [http://www.capvision.com.cn/ Capvision]
* [http://www.vantagemarketplace.com/ Vantage Marketplace]
* [http://www.cognolink.com/ Cognolink]
* [http://www.greenwoodresearch.com/ Greenwood Research/The Network of Experts]
* [http://www.knowledgebid.com/ KnowledgeBid Expert Network & Information Marketplace]
* [http://www.linkedin.com/static?key=research_landing&trk=hb_ft_resnet/ LinkedIn Research Network]
* [http://www.pg-research.com/ Primary Global Research]
* [http://www.primaryinsight.com/ Primary Insight]
* [http://www.reutersinsight.com/ Reuters Insight]
* [http://www.techdirt.com/insightcommunity.php/ TechDirt Insight Community]
* [http://www.publicinsightlp.com/ Public Insight]
* [http://www.roundtablegroup.com/ Roundtable Group]Subscription Expert Networks
The vast majority of expert networks service providers operate on a subscription based business model. [cite web|url=http://glgroup.com|title=The Gerson Lehrman Group|publisher=glgroup.com|accessdate=2008-03-03] [cite web|url=http://www.vistaresearch.com|title=Vista Research|publisher=vistaresearch.com|accessdate=2008-03-03] [cite web|url=http://www.colemanrg.com|title=Coleman Research Group|publisher=colemanrg.com|accessdate=2008-03-03] [cite web|url=http://www.nitronadvisors.com|title=Nitron Advisors Group|publisher=nitronadvisors.com|accessdate=2008-03-03] > [cite web|url=http://www.greenwoodresearch.com|title=Greenwood Research|publisher=greenwoodresearch.com|accessdate=2008-03-03] These networks charge researchers flat fees for access to a stable of information providers, and the network then pays the information providers hourly rates as they are used by the subscriber base. The network keeps the difference between the subscription fees collected and the hourly rates paid out. [cite web|url=http://www.beyondvc.com/2006/10/techdirt_insigh.html|title=Beyond VC - Techdirt Insight Community -Gerson Lehrman for the information age? |publisher=beyondvc.com|accessdate=2008-03-03]
Transactional Expert Networks
A growing minority of expert network service providers have embraced the transactional model commonly used by the technology service outsourcing community. These networks pay information providers hourly rates and bill them out to researchers at a higher rate, keeping the difference. [cite web|url=http://knowledgebid.com|title=KnowledgeBid Expert Network & Information Marketplace |publisher=knowledgebid.com|accessdate=2008-03-03]
Legal Compliance Issues
One of the biggest challenges faced by expert network operators is legal compliance in regards to the information passed from information provider to researcher. [cite web|url=http://www.businessweek.com/magazine/content/05_31/b3945068_mz020.htm|title=Business Week - Have Experts, Will Hire Out |publisher=businessweek.com|accessdate=2008-03-03] Several expert networks have made headlines in relation to improper information disclosure and insider trading allegations. [cite web|url=http://www.nytimes.com/2007/01/17/business/17hedge.html?partner=rssnyt&emc=rss&pagewanted=all|title=Wall Street ‘Matchmakers’ Under a New York Inquiry |publisher=nytimes.com|accessdate=2008-03-03] [cite web|url=http://seattletimes.nwsource.com/html/businesstechnology/drugsecrets1.html
title=Drug researchers leak secrets to Wall St. |publisher=seattletimes.com|accessdate=2008-03-03] Networks have taken different approaches to the compliance puzzle. Some spend millions reaching out to publicly traded companies and others don't allow employees of publicly traded companies to consult at all.References
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