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While crowdsourcing has it's uses, if the knowledge or information you require is extremely specific then it can be frustrating to wade through your entire network in search of the right answer to a problem.
We spoke to co-founder Henrik Dillman about Swedish start up Mancx, which aims to solve this quickly and efficiently by offering the world's first 'fully transactional knowledge market.
In one sentence, what is Mancx?
Mancx is the online knowledge market.
What problem does Mancx solve?
The internet has more than 2bn users, Google index has almost 20bn pages, more than 500m people use social networks on a daily basis, and you can literally buy “anything” on the Internet. Information is truly flowing freely for the first time in history.
However, there is one key element missing in the equation: a market for what we know. Until now, there has not been a place where people from different parts of the world can meet and trade information.
There are forums, blogs, search engines, Q&A services, wikis, libraries, interest groups, and so on, but no single place where you can trade your knowledge or business information at a global level.
In the day-to-day work of entrepreneurs and sales professionals, this kind of service has been sorely missed. As a consequence, Mancx was created as the first truly global knowledge market.
Mancx offers a trusted, fully transactional, secure environment, with processing and marketing tools to buy and sell information, openly or anonymously, for individuals, freelancers and companies alike.
Our mission is to make the world a better place by enabling people to directly trade knowledge with each other, thereby empowering individuals and increasing their importance in the overall market economy.
When and why did you launch it?
Mancx has been open as an unpromoted beta for three weeks now, and we’ve attracted around 1,000 members and some 50 information requests with 10 transactions taking place and concluded, which gives an indication that there is a demand for this service.
Who is your target audience?
Entrepreneurs, business consultants, sales professionals, purchasing professionals, freelancers. Sales professionals often look for information about on-going tenders, contact information to prospects or competitor pricing information.
Business consultants need market analysis, industry benchmarks and due diligence insights. Purchasing professionals are constantly on the lookout for information about existing suppliers, new products and ways to qualify new production leads.
Some are happy to openly request and purchase information; some require total confidentiality and anonymity.
What were the biggest challenges involved in building Mancx?
In contrast to the multitude of online services where users can exchange knowledge for free, Mancx is the first knowledge market of its kind to enable exchange of information in return for money between its users, guaranteeing a greater richness and quality to the information.
One of the hardest things to achieve online in an ecommerce environment is the ability to payout money to users on a global level, especially from day one of launching.
Managing taxes for individuals and companies, together with anonymity, on a global level proved to be very difficult and time-consuming to achieve, within the same structure, but we did it.
The Mancx systems are integrated with the usual payment providers (PayPal, VISA; MasterCard).
For payout we use a combination of new solutions like Payoneer and some proprietary administrative processes developed together with Frilans Finans.
How will the company make money?
Users in need of particular information post a request for information on Mancx. The system then finds appropriate respondents and connects them, offering a secure environment, and total anonymity in which to negotiate.
Mancx takes a 20% commission on every concluded deal, regardless of size.
Who is in the team and what does it look like?
Currently we have six full-time employees, with founders Henrik Dillman and Mattias Guilotte at the helm and four support staff working in India and Sri Lanka.
Where would you like to be in one, three and five years time?
In a years’ time, Mancx will have: 50,000 members; a couple of thousand satisfied users who will have successfully posted information requests and received good answers; and a large network of partner sites.
In three years’ time we will have surpassed 500,000 users and we will have a truly global user base. Mancx will be seen as a must-have-tool for anyone doing business outside their own area of expertise or geography, as well as a technology leader within the knowledge market.
It is difficult to give any numbers for as far away as five years’ time, who really knows? Facebook could have become self aware and enslaved us all by then!
Our clear aim and vision however, is to become the main facilitator of transactions in the global knowledge market and one of the key players in the new market economy.
Mancx is currently in the process of negotiating a second round of funding, and has a patent pending for its solution to managing trade with information.