Market research is expensive. Companies usually have to turn to specialized firms like Nielsen or GfK to get experts that build surveys, collect data and analyze results that paint the full picture of the marketplace. However, more than one company is probably interested in that data.
Collaborata uses crowdfunding to bring down the price of research projects, spreading the cost across many organizations who all want that data. The research marketplace is launching to the public today.
Collaborata customers submit requests for research projects and research institutions bid on those projects. So far, that’s pretty much the same as most market research is done today, according to co-founder Jimmy Zollo.
But what sets Collaborata apart is that it then opens those proposals up to all of its users, who can elect to co-fund the studies. Each funder helps to bring down the cost for everyone, and each gets access to all the data from the study. The proposals are also standardized, making it easy to find the one that works best for a company’s needs.
“Through us, if you want to field a proposal, you’ll get a minimum of five bids on our platform, and they’re all formatted the same way,” Zollo said. “They’re all really easy to compare not just in a price perspective, but also in how the research is being done.”
At launch, fundable projects include everything from a standard youth brand-tracking study to research on who’s watching YouTube and measuring the global marijuana market. Those studies are widely applicable, and could help anyone from apparel manufacturers to health researchers.
Zollo said it’s not just about collecting the data, though — it’s about making data more accessible. With Collaborata, organizations are less likely to pay for research that another agency has already collected.
“There’s no question that there’s a lot of redundancy in market research today," Zollo said. "It's 2016, everybody has access to a tremendous amount of data. Rather, it’s about analyzing that data, and making sure you’re allocating your budget effectively."
Zollo founded Collaborata with his father, Peter Zollo, the founder of TRU. That company was acquired in 2008 and Peter left in 2012. The younger Zollo recently left GrubHub to help found the business. So far, the operation has been built without outside funding.
Image via Collaborata
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