Make Money From Quora by Answering Questions
August 24, 2016 Salan Khalkho 4 min read
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This may come as a big surprise to you!
'I can understand.
Quora has introduced "Knowledge Prize" a system where you can get paid for answering questions. Though I was bit surprised, the move was only inevitable.
Knowledge Prize is the newest product of the Q&A site. It is a step towards providing companies with legitimate alternative to hiring a consulting firm.
If you have a knack for writing highly proficient and research backed answers, Knowledge Prize can make you rich.
The Knowledge Prize model
It works on a simple model where companies can sponsor questions that they are looking to get answered. The companies can offer from few hundreds to few thousand dollars in prize money to the one they consider provided the best answer.
Who would need this?
Companies of all size look for answers for business critical questions from time to time. It is not always possible to find expert opinion in-house or in close circle neither it is feasible to hire a full-fledge consulting firms for one-of-those quick yet important questions.
Here is a test case scenario.
Suppose there is a company looking to compete Airbnb. The company would ask question like "What are the biggest flaws of Airbnb?"
The idea is simple. Place some kind of incentive to entice expert community to come out of woodwork and offer great insight and solution for the problem that really works.
There is no different in the way questions are posted on Quora. All the questions will be completely public so everyone benefits and not just the sponsors.
Quora's answer ranking system such as upvotes and down votes also applies to answers to sponsored questions.
The winner of the sponsored question has the option to either donate the prize money to charity or keep it. That's pretty awesome. This system gives chance to people to help others (more precisely a charity).
Companies have choice to either remain anonymous or known while sponsoring a question. That raises some concerns.
For example this gives scope for companies to game the system. Take a scenario whereby Marlboro decides to anonymously sponsor the question "Is smoking injurious?" and chooses the answer that says "No" as winner. No one rule out such possibility from happening. This was just one example. Companies can come up with 100 other ways to game the system to their advantage.
Marc Bodnick, business head for Quora, knows this very well and I am sure he must have taken enough measures to make sure Knowledge Prize remains clean even if there is no clarity on where the funds are coming from.
But if for a second if we keep the whole anonymity thing aside, Knowledge Prize seems to be a genius idea.
Quora already has a thriving community of people ever ready to passionately share their experience and knowledge. Up to this point they are driven by the desire to publically share their insight and genuinely help a person. Giving an incentive will motivate them to answer the question even more.
Sponsored question is a way for companies to say "Hey this is important to us, can you solve this?" The same users that are already active on Quora can pitch in and offer their insight/solution.
There is also another motivation factor than just monetary part. For example - how does it sound to genuinely help your favorite company?
It's an awesome feeling regardless of whether you are selected as a winner or not.
With Knowledge Prize, Quora is on its path to create "micro-consulting" industry for the future.
Knowledge Prize is still in its beta stage. However there are few sponsored questions that you can answer today.
Salan Khalkho is the founder of
SyndicateBlogger, a content discovery platform that helps bloggers grow their traffic by connecting to a larger network of bloggers and grow by leveraging combined traffic. A former Analyst at Reuters, Salan spends most of his time as a content strategist for his clients. In his spare time he and his wife love exploring new recipes and spend time with their baby boy.
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