Favorang Launches New Service to Power the Favor Economy

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Favorang helps job seekers, entrepreneurs, and business development professionals reach beyond their existing network of friends and colleagues to get the help they need.

Washington, DC - Tuesday, May 5, 2009 - Favorang, a new social media site, announced today that it is launching the private beta of its new networking service (http://www.favorang.com). Favorang facilitates the favor economy and enables the exchange of favors between previously unconnected people. It's built on the concept of indirect reciprocity: I help you and somebody else helps me. Users can request an invitation to participate in the private beta at www.favorang.com.

“In these difficult economic times, we believe there is an opportunity for a new networking concept”, said Mike Beares, Favorang Founder. “Job seekers, entrepreneurs, and business development professionals can quickly exhaust their existing network and should welcome another avenue to get networking help. Our goal at Favorang is to grease the skids of the favor economy by helping members quickly build a reputation for giving and then leverage that reputation to get the help they need.”

Marc Ross of 2ndSix, a leading social media consultant, comments, "Favorang takes a unique approach to professional networking that complements activities on other leading services. Most services are focused on helping you build and maintain relationships, but Favorang is focused on the exchange of favors. The Favorang question is not ‘What are you doing?’ but ‘What do you need?’ This helps professional networkers cut to the chase. Instead of relying on social connectivity, they can evolve into networking based upon need and ability to assist.”

How It Works

When a user joins Favorang they can build a profile similar to other professional networking services and add items such as a profile summary, previous employment, and academic credentials. However, the similarities end here. All member interaction is explicitly focused on giving and getting favors.

Members can post favor requests to the community or send requests directly to other users. Interested members can offer assistance and create an action item. Once the favor is complete, members can leave feedback. Member profiles include a record of each favor given, received, and the feedback. Favorang can be used to get help with a variety of activities ranging from job searches to business development.

About Favorang

Favorang is an open networking service facilitating the exchange of favors between previously unconnected people. Favorang was founded by Mike Beares and launched its first alpha version in late 2008. To request a beta invitation, please visit www.favorang.com. For more information about Favorang, please visit our about section and our blog at http://blog.favorang.com.

Media Contact
Julie Broad
press@favorang.com