It's one where you are asked and expected by potential clients to do a ton of work (many times for free or a rather small fee) to try and get to truly do work for that client.
We are at it's core an idea business. And we give away what we create day after day. I can't think of any other industry that gives away what it ultimately creates for free this way.
And that it is this way out of fear that other agencies will do it, so even places that might not want to do it still will.
It is for sure I am not alone in thinking about this.
Someone has started AntiSpec.
Go check it out.
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