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Funds for Prediction Market Firm
In the US, Qmarkets.net, a provider of prediction markets software, has received government funding for the development of its second generation collective forecasting platform, due for release in August.
Prediction markets create virtual assets whose final cash value is tied to a possible future event (e.g. a specific candidate winning an election) or a parameter such as a firm's next quarter sales. Participants effectively bet on what will happen by buying or selling, so that the current market price of the asset reflects the perceived probability of its happening or the perceived value of the parameter. In a commercial context, this helps companies to select products with the most potential, spot industry trends, improve sales forecasting and manage risks in large-scale projects.
Qmarkets describes its products as 'enterprise-grade collective wisdom software solutions'; or as 'a simple and effective way to tap into the collective genius within the organization, and improve innovation processes and results.'
Noam Danon, Qmarkets CEO & Founder, says his firm will apply 4 years of experience, with many lessons learned and a mass of feedback from customers and from the market in general, and aims to 'make prediction markets a common management tool for making better decisions.'
Michael J Stilger, the firm's Global Solutions Director, says the field is maturing, and comments: 'In the last 2 years, we have seen a shift led by prediction markets vendors like us, to leave the classic form of markets designed in the academic world 20 years ago, and fit them to the unique world of enterprise customers.'
Web site: www.qmarkets.net .
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