Business Lessons Learned From
Top Construction Startups
Creating a new startup from scratch is no simple task. As the world navigates its way through the late stages of the pandemic, industries across the board are searching for new ways to conduct business and stay up to date on the latest technologies. The construction industry, in particular, is notoriously slow to adapt to new technologies, however, making the market increasingly difficult for new startups to navigate.
That said, the construction startups that have broken through in recent years did so by taking advantage of the industry’s growing need for innovation. Construction tech secured over $1.3 billion in funding in 2020, and startups seeking to revolutionize the industry are quickly gaining traction.
If you are looking for startup funding or need help getting your business off the ground, read on to discover three key takeaways from up-and-coming construction startups.
Choose the Right Partners
When starting a new business, finding the right funding partners and team members is crucial. Built Robotics, a startup that specializes in turning manual construction equipment into fully autonomous vehicles, attributes much of its success to its team of experts. The company added coders, field technicians, engineers and construction professionals to its team to gain a comprehensive understanding of their technology and the industry. They were also able to secure $33 million in funding in 2019 by carefully selecting investors to back their project. If you are searching for partners, be sure to look for industry experts that fully support your vision.
Find Your Niche
One of the biggest mistakes a startup can make is trying to do too many things at once. Katerra, a multi-billion dollar startup, was forced to file for bankruptcy after a failed attempt at vertical integration. They likely could have avoided this downfall by focussing on one unique product or service that the industry lacked. New startups can learn from Katerra’s mistakes by conducting market research, identifying a pain point and finding a unique, innovative solution.
Stay Up To Date on the Latest Technology
New technology was a driving force for construction startups in 2020. The most successful startups pushed the limits of what technology is capable of and adapted when necessary. WorkerSense, for example, quickly added contact tracing to their wearable sensor technology during the COVID-19 pandemic. This decision caused sales to spike, putting them ahead of the competition during an otherwise unstable period in the industry.
New businesses in any industry can take advantage of these lessons from construction startups to get ahead of the competition. If you are interested in learning more about startup success, check out the infographic below for more tips from current startups making waves in the construction industry...