Infoarmy is an innovative website that harnesses the power of crowdsourcing in order to create competitive intelligence reports on a number of different companies. In essence, their aim is to create the largest database of business and marketing information, which is compiled by the “average Joe”. Infoarmy was launched in June 2012, by Jim Fowler. Fowler is already a noted entrepreneur, having launched Jigsaw, which also used crowd sourcing in order to compile information for business professionals and companies. After selling Jigsaw for $142 million, he has now set his sights on making Infoarmy successful.
How it works
Infoarmy allows users to become “researchers” to produce reports. After signing up as a researcher for the site, they are presented with a number of companies on which reports need to be done. These reports contain a number of questions and information that needs to be filled about particular companies – e.g. number of employees etc. After completing the report, it is then passed on to a “Senior Researcher” who fact checks the information to ensure that it is all correct. After it has been completely verified, it is then “published” and made available for purchase. On publication, the researcher is paid $10. Each time the report is purchased (most are available for $99) the researcher will get a further 40%.
One thing to watch right now is the changing payment structure. On Infoarmy’s launch, researchers were paid $20, which has now been reduced to $10, along with a different share of profits during the life of each report. It is rumoured that the company will stop giving the upfront payments, or “bonuses”, after the completion of 10,000 reports (which should happen within the next few months) in favour of a totally commission based system. While this may mean more money in the long run, this will mean less money in the short-term.
Infoarmy is a great product for both those who hope to contribute and those who would like to purchase the reports. It allows an inexpensive option of getting comprehensive intelligence and marketing information that would have otherwise been much more expensive for businesses, while it allows people from all over the world to work from home and make a decent wage for only a couple of hours of work per report.