ProfectMarket, The Perfect Market for Professionals, Has Launched

MCLEAN, Va. - Jan. 23, 2014 - PRLog -- ProfectMarket is a new, revolutionary online marketplace at http://www.profectmarket.com that allows professionals to connect with companies and individuals in need of professional services. While there are other marketplaces that attempt to connect professionals with work, none leverage the power of the Internet and the collective wisdom of peers and expert recommenders to create the Perfect Market for Professionals™.

Highly-qualified professionals in the fields of Law, Accounting, Finance, Economics, Real Estate, Medicine, IT, Engineering, Business, Consulting, Marketing, or Strategy are encouraged to create a professional profile on the website, and individuals and companies in need of professional services are encouraged to create projects in order to connect with highly-skilled professionals.

ProfectMarket's unique, patent-pending ratings system allows third parties to recommend professionals for projects, and rate the professional's expected performance on the project (using both a 100-point grade scale, as well as an hourly value ratings system, which represents the recommender's view as to how much value per hour worked the professional will provide on the project). These recommendations and ratings are project-specific and, thus, more applicable than general ratings. In addition, the unique rating system allows any third party to submit such ratings (and become an expert rater, in the process), rather than just past service buyers on the system, thereby leading to more ratings data. Moreover, under ProfectMarket's system, these pre-project predictive ratings can also be compared and aggregated with post-project ratings given by service buyers.

The project creator has access to these project-specific recommendations and ratings, project-specific average ratings for each recommended professional (taking into account ratings provided by more than one recommender for the project), as well as any recommendation comments provided by recommenders. Thus, the project creator will have access to a good deal of ratings data and comments to help choose professional(s) for the project.

While individual ratings, project-specific averages, and recommendation comments are not otherwise accessible to users of the ProfectMarket website, averages of the ratings provided by recommenders for a professional (aggregated across projects and recommenders) are visible on a professional's profile page, as are post-project average ratings given by service buyers who have hired the professional. It is expected that the ratings system will get more “intelligent” and predictive with additional ratings data (with expected adjustments to the average ratings taking into account factors such as, for example, past performance, past predictiveness and accuracy of the recommender giving a particular recommendation, and past variance between recommendations and post-project ratings).

It is also anticipated that the most accurate recommenders/raters will receive rewards through the system for their accuracy and for recommending the best professionals for projects. These rewards may include, but are not limited to, monetary awards. By contrast, it is also anticipated that inaccurate recommenders/raters will be penalized by the system for their inaccuracy and/or for recommending unqualified professionals. Such penalties may include, but are not limited to, the recommender's ratings receiving little or no weight in averages.

In order to have a better chance to be selected for a project, ProfectMarket invites professionals to encourage their colleagues and clients to rate the professional's competence for that project.