Three Harvard Business School students have turned a class project into a startup that hires out MBA students to small businesses as low-cost consultants.
More than four dozen companies have chosen from among the 500 students and recent graduates that HourlyNerd.com has enlisted from around the country since its founding in February.
"It's a pretty good deal both for MBAs and for businesses," said Rob Biederman, a 26-year-old first-year HBS student who co-founded the company with Peter Maglathlin and Pat Petitti. "For MBAs, it's a way to make money and an attractive thing to have on your resume, and for small businesses, it can be a great leveler; it means access to high-quality labor but in a flexible and low-cost way."
Businesses post their needs on Hourly Nerd, and MBAs and masters candidates place a bid by uploading their resume and writing a pitch of up to 200 words, including how long the project should take and how much they would like to be paid.
Businesses review the bids and choose one, based on experience, cost and timeliness, and Hourly Nerd holds onto the money until the project is completed.
The MBAs typically charge from $25 to $50 an hour, and Hourly Nerd charges businesses 10 percent and students 5 percent.
Selena Cuffe's wine-importing company, Los Angeles-based Heritage Link Brands, has grown by 2,100 percent since she and her husband founded it in 2005. But before she adds to her staff of seven, she wants advice about whether she and her husband should pay for it out of their personal finances, take out a loan or seek investors.
Cuffe solicited bids on Hourly Nerd and chose Kyle Harder, a second-year MBA student at the University of Michigan's Stephen M. Ross School of Business who had previous experience in the wine industry and offered to complete the project by mid-May for no more than $160.
"It's a good deal for both sides," said Harder, 29. "I have extra time, and this is a chance to apply what I've learned in the classroom to a real-world problem."
For Cuffe, the value of what Harder offered at the price was too good to refuse.
"Hourly Nerd is a brilliant concept that hopefully will give small businesses like mine a boost and enable them to create jobs," she said. "That's something our country desperately needs right now."
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