The expert economy is still in its infancy—but it’s growing rapidly. At present, around 1.5 million freelance experts are connected through the expert economy, trading in niche knowledge and wisdom. And, the demand is increasing.
The likes of the gig economy and sharing economy foster wisdom and boost progression in a number of industries and fields. A development of these ideas, the expert economy is a realm where highly skilled individuals enjoy a lucrative career path while companies across sectors benefit from business-boosting experience that exists outside their organisational remit.
The expert economy is in full swing—it’s in action—and as more enter the arena, this knowledge-driven space will only become more potent.
Dealing in specialism
Studies show that high-earning independent contractors had risen from 12.5% in 2011 to 20.9% in 2018. An incremental rise that demonstrates the value of dealing in specialism.
This new wave of experts were recently coined by the Harvard Business Review as ‘Super Temps’—those hired to perform specific tasks or develop specialist initiatives to catalyse the growth or evolution of a business in a certain area.
Dealing in specialism means that freelance experts can carve rewarding and varied career paths based on what they know, partnering up with businesses to foster change, growth, and enhanced organizational wisdom.
The expert economy values knowledge—and in many ways it is the future.
“For some, it’s a living; for most, it’s a good gig. But getting paid to share life’s lessons is a bonus. The real prize is realising that the work it took to learn those lessons still matters, and the life lived has been a worthy gig, too.”—Richard Socradies
Information equals power
The gig economy (in its earliest form) gave us apps to monetise our homes, our vehicles, and even our bicycles.
The expert economy provides a marketplace for the knowledge, lessons, and the wisdom we’ve learned during our lifetime. Essentially, the high-end gig economy evolved into the expert economy, creating an ecosystem that offers a wealth of benefits to everyone involved.
Knowledge is indeed power—particularly in The Age of Information. If you know something or can do something that someone else needs to progress in their field, you become incredibly valuable. The expert economy is based on the notion that if you know your stuff, you will succeed.
That said, the expert economy is serving to even the playing field across industries. The space not only breaks down geographical boundaries due to its high level of flexibility but strips away bias by placing value on a person’s knowledge or experience rather than factors that are irrelevant. A beautiful concept that is set to change the professional world as we know it.
Expert economy touchpoints
As the expert economy expands, so does its professional touchpoints—the platforms where specialists and business decision makers meet.
The rapid development of technologies coupled with the rising value of the expert economy means that a wealth of opportunities, platforms, and touchpoints have emerged from the woodwork.
At present, for experts and businesses across niches, dedicated platforms exist to make forging professional connections, communicating, cementing contracts, and processing payments swift and simple in equal measures.
Connecting with clients or sourcing talent for your next project is more intuitive than ever—the revolution is here and if you embrace it, you’ve everything to gain—and more.
“Knowledge is power. You can’t begin a career, for that matter, even a relationship, unless you know everything there is to know about it.”—Randeep Hooda
What are your thoughts on the expert economy? Do you have any insights to share? Please do by leaving a comment. Let’s get the conversation started.