Knowledge Commerce: The Result of a Perfect Storm
The rampant rise in the cost of education, now estimated to be $1.6 trillion in the US alone, really makes people question the ROI of higher education. Especially when financial assistance programs aren’t keeping pace.
We live in a world of “on-demand” everything. It’s also common knowledge that our attention spans are progressively shorter, especially in Gen Z and Millennial generations. So the patience for acquiring knowledge isn’t there, let alone waiting years to get a degree.
The way we work and the way we learn are intertwined. The reality on the ground is Gen Z is now 40% of today’s workforce with an independent mindset. Both Gen Z and Millennials are avid learners, with 59% willing to invest in learning if it guarantees more money (source: Linkedin Learning). This directly impacts the way they want to learn with 78% wanting direct instruction (source: Pearson), with YouTube their preferred learning format (source: EdScoop).
Millennials paved the way for flexibility in the workspace; however, Gen Z now demands it. Perhaps why about 72% want to own their businesses (source: HuffPo). This streak of independence and demand for flexibility has given rise to the “virtual” workforce, and the Gig Economy estimated at a 17% CAGR and 500B opportunity (source: MasterCard and Kaiser Associates)
So What is Knowledge Commerce?
We see it as the exchange of knowledge as a value metric. But, it’s important to delineate that knowledge is not the same as information. Knowledge isn’t acquired from a google search. Check out the infographic below.
The Knowledge Commerce Landscape
What is for certain, almost all successful people have something in common: they are constant seekers of knowledge, educating themselves daily. You have to keep acquiring knowledge and improving your skills. Yet, impossible friction exists between people who have the knowledge and those who want to pay for it.
Prox is designed for knowledge exchange between Pros (experts) and Players (learners). We do this through dynamic virtual experiences and matching real Pros (who have proven, real-world success) with serious Players. As Benjamin Franklin once said:
An investment in knowledge pays the best interest.