Douglas Crets

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Giving Credibility to the Shadow Education System

Finding a Friend and Pitching a #Favor with #FavorTraders

Marketplaces are scaleable and they provide ready streams of revenue. I’ve been seeing a lot of “helping others to help each other” startups reaching into the marketplaces space and I have found one that I think is compelling.

FavorTraders knows that a favor requested and answered in realtime is a favor done indeed. FavorTraders is what I would call a help collective.

The site is really about fostering pre-existing relationships, rather than interacting with strangers, as is often the case when asking for help online on websites like Craigslist.  “It’s a place for people who know each other to go to help each other out,” [FavorTraders Founder Jennifer] Koenig said.  “People don’t realize how many people they know,” she continued, so Favor Traders can help “facilitate and foster relationships online in order to build and grow them offline.”

Rather than a cash-based system, Favor Traders operates using a free virtual currency of credits.  Users are given 20 credits upon registrating, each of which are equal to an hour of a person’s time.  People are “paid” in credits once a favor is completed and more credits can be earned by accepting others’ favor requests.

There is going to be increasingly more interest in groups of online communities that do more than just talk about stuff.  Help verticals in marketplaces exist to help you find the most helpful and valuable person you know for a specific need, utilize their help and accomplish the goal needed.

There have been other attempts at doing this. There’s an app on the iPhone, for example, that let’s you find a “go’fer” in your neighborhood who is willing to do a small chore or errand for a few bucks in cash. The app relies on GPS and proximity to figure out who is available in your area. Then those persons, if they are signed into the system, determine if the task you want completed is worth the time they want to spend and the cash you want to give.

These may seem like novelties, but in an economic climate like the one we experience now, the idea of doing a handful of chores a day for straight up cash and enough to feed the kids and pay the bills each week is not really implausible.  Some of the most successful business people in our country got started doing much less for a few nickels a day.

 

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Filed under: Digital Learning, Influence, Work, , , , ,

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