- Other Apps
Expert Network Industry Big and Getting Bigger
The report The Rise of the Expert Economy is a interesting look at what it calls a "little-known, high-growth sector, made up of networks that connect experts with companies that need them."
The firms in this sector, such as GLG (Gerson Lehrman Group), Guidepoint and Third Bridge, are surprising large.
GLG, for example, has 1500 employees across 22 offices and has revenues in excess of $500 million.
These firms provide access to experts (who are independent workers) to investors and corporations looking for expertise. Guidepoint, for example, describes what they do as:
Guidepoint connects clients with vetted subject matter experts—Advisors—from our global professional network. Our clients leverage the insights and perspectives shared by our Advisors to stay informed and make better business decisions
Unlike traditional consulting firms, most of this work is done over the phone in one hour calls between the experts and clients.
This doesn't come cheap. These firms charge up to $1,000 per hour for access to the experts.
As shown by the report chart below (click to enlarge), there are about 1.5 million people working as experts for these firms. Based on these numbers, it's likely there are more Americans working as experts for these firms than working for Uber as drivers.
The industry is also growing rapidly, with industry revenues expected to exceed $1 billion by 2022.
The partners at Emergent Research (that's us) have done work for several of the expert network companies.
And while we didn't command anywhere near the $1,000 per hour some experts get, we found it a highly flexible way to leverage our expertise.
There's little doubt the need for on-demand talent and expertise will continue to grow. So too will the companies connecting specialized talent with corporations and investors who need their expertise.
The Rise of the Expert Economy is well worth reading for anyone interested in the gig economy and/or the future of work