At least twice a year, the world of interpreting is bombarded with another “solution provider” offering a game-changing idea that will revolutionise the industry… only to vanish in a puff of smoke. Why is the industry still dominated by the same few players? Why do the game-changers often turn out to be nothing more than a momentary distraction?
The most common reason that new platforms make a big splash and then sink into obscurity is simply that, in many cases, the inventors either have little industry knowledge or try to solve a problem for which a good, but not perfect solution exists.
Take telephone interpreting. It would really take something special to knock the likes of Language Line off their perch, simply because the largest uses of that form of interpreting are markets where multi-year, exclusive supplier contracts rule the day. To win there, you need to be a technology provider, agency, quality manager and telecoms company all at once.
Then there is the rash of providers looking to provide human interpreting via an app, usually for ad hoc work. This is basically the telephone interpreting market but with less status and so recruiting interpreters means either paying professional rates to try to attract experts and running razor thin margins or going for “bilinguals” and sacrificing quality and hoping clients won’t notice.
It is pretty obvious then that “Interpreting via app” is not the cash cow that it looks like. Building another platform is a pretty risky way of trying to make money, especially since more and more interpreters are looking to win their own clients anyway.
Of course, there are a lot of new potential markets, such as webinar interpreting and remote interpreting for hospitals. However, in those cases, once again, just being a platform provider is not enough. Clients seem to want solution providers in those market to provide both the tech and the specialist interpreters to use it. And that is something you can only do if you already know the industry well.
So what should you try if you want to make money from the interpreting industry? By far the best course of action would be to tune into what the upper end of the market is doing, since the mid- and bulk-markets are already so competitive. Tech that improves interpreter workflows, such as automated term extraction, easier billing and payment management, slicker terminology apps and travel management will always be popular. There is also a need for specific CRM tools for the industry that link to client-specific term lists and ways of tracking practice. Add to that the need to service the needs of new tech-driven markets and there is enough space for a whole world of new providers.
There is huge potential for developers to create something of real value… just don’t make another over-hyped platform, OK?