I found a good description of FedBid by Ted Leonsis on his personal blog, Ted’s Take:
FedBid is revolutionizing the buying experience for government and business. The company’s fully-managed, reverse auction model offers a unique online marketplace that drives competition and increases efficiency, making it easy for government and commercial procurement professionals to get the goods and simple services they need, while saving time and money.
Just as importantly, FedBid creates a level playing field for companies of all sizes, resulting in small businesses winning 80% of all dollars competed through FedBid. The Internet gives consumers choices and allows them to compare prices, making for a better, more cost-effective buying experience. We use sites like Amazon and eBay all the time. It makes sense that the largest buyers – corporations and the government – should do the same.
Source: FedBid: Fueling the Double Bottom Line
Recent news:
Washington Technology: FedBid contract opens multitude of vendors to Navy
Buyers realize average savings, inclusive of the FedBid fee, of more than 11 percent, and small businesses receive approximately 80 percent of all federal dollars awarded through FedBid, which totaled $950 million in 2011, the announcement said.
Gigaom: Revolution Growth banks on FedBid for first investment
Revolution Growth, the venture firm founded by AOL veterans Steve Case and Ted Leonsis, made its first bet today, investing in FedBid, an online auction venue for the federal procurement process.
There is “tremendous upside” in a move beyond the federal government — state, federal and local governments combined buy trillions of dollars worth of goods and services annually, Leonsis said.
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