Dive Brief:
- Agency Geek launched as a matchmaking service for businesses looking for PR, branding and web development firms using algorithms rather than the more traditional RFP model.
- After its first week, it has already signed up big name clients such as Verizon, Samsung and Disney.
- According to Agency Geek CEO Zach Pardes, who spoke with Business Insider, the RFP model is "just guesswork."
Dive Insight:
Pardes also told Business Insider, "The consultant thing, the RFP thing, the RFP databases do not work. So, we set out to develop this magic formula and that’s what we did for the last two years. It was $120,000 and a lot of effort."
The 100-point Agency Geek algorithm was built by a team of data scientists, developers and engineers. Business Insider notes there are other problems that might arise from attempting to use an algorithm to determine whether a business relationship will work, such as potential dishonesty from either party.
With that in mind, one aspect of Agency Geek’s process still mirrors the traditional way of finding firms: like the RFP process, it provides business with a shortlist of positive matches so the final decision is still determined after a person-to-person selection process.
Businesses using the service sign up for free and agencies wanting to be part of the Agency Geek database pay monthly user fees ranging from $150 to $600 per month.