We have recently rolled out a new feature – High-Value Projects – that has attracted quite a bit of attention from your side. We would like to address the questions and concerns voiced by the community, and explain what benefits this feature brings to the table.
The Definition of High-Value Project
For a Project to be deemed High Value, it has to tick multiple requirement boxes. High-Value Project does not necessarily mean it has a large initial budget or that the first invoice is guaranteed to be high. Our predictive algorithm factors in various criteria, such as:
- The likelihood of follow-on work, based on historical data.
- The Project’s budget
- Relevant historical data that allows us to make accurate predictions.
You are right in raising concerns that some of the projects marked as High Value don’t seem to be particularly promising at the first sight. In light of that, we want to stress the fact that High-Value projects are predicted to yield more value for the Seller either with the first invoice or over a longer period of time. You must consider both possibilities when bidding on a High-Value project.
Why do High-Value Projects cost more proposal credits?
It costs 3 proposal credits to bid on a High-Value project. Although it might feel like a big jump compared to regular Projects, it’s crucial to take into consideration the high earning potential in the long term. Think of High-Value Projects as a way to get your foot in the door and potentially win more projects from the same Buyer in the future. It must be said, however, that High-Value Projects are based on the evaluations of a predictive algorithm, and all predictions run a possible risk of being flawed. Though having tested and trained the algorithm, we are positive it is more than capable of accurately attributing a Project as High Value when all the criteria are met, and we will continue to refine it in the future.
This new feature is a quick and simple way for you to spot and consider opportunities with significant earning potential. Whether you want to take your chance and place a bid or move on to something else, the decision is entirely up to you. Yet, as it is in life, great opportunities come at a cost.
Over to You
Every feature we release is designed to enhance your experience of using the platform and help you increase your earnings. We understand that being entrepreneurs, you will always demand better quality, higher standards, and lower costs, and that’s what’s been driving us forward for the past 10 years.
Your opinion is important and valued, so we ask you to leave any feedback, thoughts, ideas, and suggestions you might have in the comments section below and we will respond to you promptly.