IQ4hire

IQ4hire was an online marketplace designed to facilitate the negotiation and bidding process for complex, large-scale technology projects. The Chicago-based startup was founded by former Andersen Consulting partner Brian Sommer, who also served as its CEO. The management team comprised former partners and professionals from well-known firms such as Andersen Consulting, PricewaterhouseCoopers, Scient, and Cambridge Technology Partners.

The platform acted as a broker or liaison between companies seeking to implement massive software installations or other major systems integration projects and the consulting firms qualified to execute them. It aimed to streamline the process of finding and vetting consulting teams, helping customers shop for the best fit while reducing the time and money consulting organizations spent on acquiring new business. Unlike purely transactional e-commerce sites, IQ4hire acknowledged the need for human interaction in high-stakes professional services, facilitating meetings between clients and consultants to ensure a good fit before finalizing a deal. Projects facilitated through the platform were typically in the range of $500,000 to $1 million.

The company showed early promise, securing a notable list of investors for its initial funding rounds. In April 2000, it closed a first round of $3.5 million with backing from tech industry figures like Oracle's then-president Ray Lane and PeopleSoft founder David Duffield. At the time, it was preparing for an official launch later that summer and anticipated a second funding round of approximately $12 million.

Keywords: online marketplace, technology projects, systems integration, consulting services, project bidding, professional services, negotiation facilitator, tech consulting, IT procurement, vendor selection, consulting brokerage, enterprise software, project negotiation, B2B marketplace, Andersen Consulting, PricewaterhouseCoopers, Ray Lane, David Duffield, Brian Sommer, IT services marketplace