How do consultations work?
Consultations are typically a 30- or 60-minute phone call with the client. The approximate length and format of a consultation will be specified in advance. You will be paid for the time you spend with client as agreed through our platform.
You have the option to apply to projects posted on our Active Projects Board – or our team will reach out to you directly for projects that seem to be a great fit for your background.
The client may also ask a few screening questions to verify that you have the type of experience and depth / breadth they are looking for in an advisor, either as part of the consultation project's specific application, or after you've applied and they are seriously considering your candidacy.
Once the client reviews and confirms which advisors they'd like to connect with, DeepBench coordinates the logistics with a conference line and calendar invite, and later in collecting your preferred payment information following the engagement.
Our advisors generally find the experience enjoyable. It is an opportunity to share your knowledge and with someone from a different background hoping to learn from your unique perspectives. All DeepBench clients and projects submitted are pre-screened by the DeepBench team.
Is there any pre-work or preparation required prior to a consultation?
Other than a few screening questions to qualify our advisors for the consultation, no preparation is required prior to a consultation.
By nature, consultations are intellectual discussions where the client is looking for your unique insights. Clients are generally not looking for advisors to produce any work or output, unless specified in advance.
What questions will I be asked during a consultation?
When DeepBench presents consultation opportunities to our advisors, we will provide a brief description of the scope of the research topics in the initial project description.
Reviewing the project description or sample questions are a great way to get oriented to the topic at-hand, but it’s not a test! They are wanting to learn from your experience - that may mean helping frame the questions in a new way, or thinking of something that is related to the topic that they haven’t asked about yet.
For compliance, both clients and advisors are expressly prohibited from asking or discussing confidential information, financial information from publicly traded companies, and or sensitive materials and topics. Content of consultations should pertain solely to information accessible through public means. These stipulations are protected and upheld by DeepBench’s Terms and Conditions for both Advisors and Clients.
Can I reject a consultation request?
Definitely. You are under no obligation to accept any consultation request.
How and when do I get paid?
We process online payments via Stripe within 30 days.
You will receive an automated email notifying you to set up your payment account.
How much should I charge per hour?
A typical DeepBench advisor earns $200 - $300 / hour for their knowledge, but it really depends on how you want to set your rate.
A good rule of thumb is to charge ~3-4x your average hourly wage if you are working full-time. Some advisors alternatively choose to donate their earnings to a charity.
As mentioned, you can set your own hourly rate when you register as an advisor on DeepBench, and you can adjust your rate in your account at any time. We value transparency and have a clear pricing model, that allows clients to view advisor rates when they are considering with whom to connect.
Do I have to deal with taxes?
If you earn $600 or more with us within one calendar year, then we'll request additional information from you for our tax compliance needs. . If you’re a US taxpayer, this information request will usually entail filling out a Form W-9, or if you live abroad, a Form W-8BEN.
What does DeepBench do?
DeepBench connects those who have complex business questions to advisors like yourself who are familiar with your respective field, and can provide insights for those outside your area of expertise.
We act as mediators, identifying our client's research needs, and finding and connecting the right advisors who can help consult with them.
Who are DeepBench's clients?
We attract a wide range of clients including startups, Fortune 500 companies, finance firms like hedge funds, investors, or venture capital, and design researchers.
Clients approach DeepBench to identify advisors to help them with their most critical business problems.
They seek to gather expert insights, make sure they are thinking about things the right way, or understand new concepts. Often, clients are looking to learn nuances within an industry where they lack expertise in an efficient and effective manner. For example, they may be experts in finance or strategy frameworks, but may not be familiar with the day-to-day nuances of retail merchandising.
Your perspective is valuable to them because they need to make informed business decisions.
Why do some clients wish to remain anonymous?
Some clients want anonymity because publicizing their name would have an adverse impact on something that they are working on.
For example, it could be an investment firm trying to decide whether to bid on an acquisition. Or it could be a large enterprise looking to conduct a major strategic shift. Or it could be a consulting firm inventing a new product that hasn’t yet been announced.
For all of these types of clients - they may not be able to share the exact details of what they are working on, but we leave that open to them to determine as they get to know you.
How does DeepBench make money?
We charge commissions to cover compliance, scheduling, and other logistical costs. We pass on this surcharge directly to our client – and we are very transparent in the pricing breakdown.
We also strive to provide the best experience for both the client and for the advisor - so in the rare instance an advisor is booked for a consultation and not a good fit, we will refund the customer their payment and pay the advisor out of our own pocket.
Additionally, we only charge for successful introductions - so everyone wants the same thing: for you to connect with a client, share your knowledge and get paid for your insights, and for our client to gather helpful insights and information from their interview.
If I sign up, will I be spammed by irrelevant / uninteresting requests?
Nope. If you think that’s happening, let us know. All advisors invited to join a project are either identified by our team, or the client directly. We will only send you tailored requests that are relevant to you. Typically, we will not send advisors more than 3 project inquiries / month.
What are my legal obligations?
- We have contracts in place with our clients that agree to be introduced to advisors through our platform.
- During consultations with anyone on our system, you should not reveal anything sensitive or confidential, especially anything that can lead to insider trading or other illegal activities.
- We ask you to abide under any agreements (i.e. employment agreements, severance agreements) that you may have signed that would prohibit you from advising people through our system.
What if I wish to enter into a long-term engagement or full-time employment with a client I meet through DeepBench?
That’s okay with us!
The benefit of scheduling through the DeepBench platform is that 1) we can help facilitate a trusted engagement as a reputable third party mediator, 2) we can offer legal & compliance support to our client, and 3) we can handle scheduling and payment processing logistics easily through our platform.
For many clients and advisors, these are great reasons to stick with the DeepBench platform. However, If clients wish to engage with you for full-time employment, or a custom long-term arrangement, we are happy that we helped make a good introduction!