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Judge the viability of this business idea

Crowd-sourcing is a hot topic. A classic example is a company built around a T-shirt design community, or websites that provide crowd-funding for start ups. Today, however, we would like our readers to express their opinions about a little business idea we had and judge its viability.

Name of the business:
Question of the day

One sentence explanation:
Daily quiz style questions on a variety of topics, bringing the joy of learning to millions of people.

How it works:
People interested sign up on the website and receive a daily email which contains a multiple choice or numeric question on topics of their choice.

Examples would be: “How many times is the Earth bigger than the moon?” (General Knowledge-Medium), “What is the smallest bone in human body? (Medicine-Easy), or “What is the square root of -9?” (Math-Easy), etc. People would reply to the email by either selecting one of the multiple choice answers or by typing in a number.
The website displays question statistics (number of people attempted, got it right, etc.) without giving out answers. Every sunday an open ended question will be sent, with best answers featured on the website as well.

Business Model:
Free to join, but for every question you get wrong you have to pay 20 cents (charged at $6 increments, open-ended questions are not included), so if you get every single question wrong you would have to pay about $5 per month or $60 per year. This means that you can use the service for free until you get 30 questions wrong, after which you can decide if you want to pay the $6 and continue using the service or if this is not your cup of tea. If you get a question wrong you will also receive an explanation why (in a way you pay for explanation).

Underlying assumption:
The idea is that people want to learn and that they don’t want to pay. So by using the service they are motivated to learn new information about the world or keep their knowledge about the topic up to date by answering the Hard Questions. A certain percentage of people would inevitably get a question wrong every so often, and that’s where money could be made.

We look forward to your comments, questions and suggestions!


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