Tag Archives: Michael Coren

Science research marketplace

What’s a scientist to do when they need to get access to facilities and/or equipment not available in their own laboratory or their colleagues’ laboratories? The answer is go to Science Exchange. This ‘marketplace for science experiments’ opened for business in early August 2011 and, in less than one month, over 1000 scientists have signed up. Institutions such as Stanford University, Princeton University, Duke University, Johns Hopkins University, and another 60 or more have registered with the Exchange.

According to the Sept. 2, 2011 article by Michael Coren on the Fast Company website,

By connecting researchers with underutilized (or just cheaper) facilities and equipment to meet research needs, the business of scientific discovery may be on the verge of what Exchange’s co-founder Elizabeth Iorns said in an interview with Nature News is “totally disruptive” change that  “could transform the current very inefficient use of funds and dramatically change the way in which scientists do research.”

In the August 29, 2011 Nature News article by Zoë Corbyn, Irons describes the impetus for Science Exchange,

It was through my work as a breast-cancer biologist at the University of Miami in Florida. I wanted to conduct some experiments outside my field, and realized that I needed an external provider. What followed was an entirely frustrating process, and when I found the provider it was difficult to pay them because they were outside my university’s purchasing system. When I talked to other scientists, it became clear that this was a really big problem, but also one that could be solved with a marketplace. Development of the website started around a kitchen table in Miami in April.

Here’s an example of the activity taking place on the Exchange,

Prices can vary dramatically: for example, through our platform I have seen bids to perform a microRNA study ranging from US$3,500 to $9,000. Those who do the work can also build reputations independent of their publications by gaining feedback from those they work with.

This is intended as a profit-making endeavour with transaction costs of 5% for bids of $5000 and less while more costly bids will be assessed a lower percentage on a sliding scale. Angel investors have already contributed $320,000 and $1M more is being sought. Originally focused on the US, the founders have discovered there is international interest.