Competing with Construction Tech Startups
The construction industry is growing industry and the construction technology is also growing. According to McKinsey & Company, the firms which deal with construction technology have assembled $10 billion in investment funding from 2011 to early 2017. The experts are focusing on the collaboration with startups and the way of making it.
About the relation of Startups with Innovation: Though the construction industry has changed a lot over the last 10 years, though the real innovation comes from startups and new participants. So the construction industry firms have been planning to invest in startups.
Startups define a new culture that is expanded by tradition and has the immovable decision makings with corporate policies. They are energetic and fast and also know the latest technologies. Innovation is a must necessary in the construction-related fields and helps the industry to run and grow both locally and internationally.
Danish consultant and author Andres Hvid talked about epidemic business growth and said that the time has over for startups as most of the big companies have started to be troublesome but innovative. They work with big resources, direct connect with the customers and have access to lot of customer’s data. They act like startups by making small internal teams and keep updated by giving a tight agenda.
The best innovation areas depend upon the grip of the company’s business and they must learn the innovation process.
Working with Startups: A good startup delivers an important advantage to the company and also the investment will be depend upon reasons. The inventor here plays the role of a strategic partner and gives knowledge to the industry, connects the startup to customers and partners and to the business model in some cases.
Without an owner, a company can set a good relationship with a startup and will come to know about their technologies by adapting the advanced and technical things fast. To become an established and good construction industry firm, they need to be innovative and continue their works in new processes.
Sometimes companies look for inspiration from other companies and other industries for their own startups and companies are in search of fresh ideas for service that can make them unique and upgraded from others.
The thinking of co working is becoming popular; there are some organizers who offer startups, SMEs and large corporation with a shared space to work and communicate and these organizers here arrange some kind of events or seminars, offer training, coaching and matchmaking etc. Theses co working spaces are generally industry freethinker but with expectations, there is lot of similar kind organizations. One of them is BLOXHUB; it is an urban innovation hub that invites architects, designers, contractors and tech companies in order to create better and innovative cities.
Another one is Fira; a Finnish contractor who have started their own startup programs and they work as an investor, customer, matchmaker, mentor and employer as per the situation. Startups will soon be a part of construction industry and this will happen when the owners think to collaborate with the previous business and give the industry a new look for better future.
To get more information, go through the following article aec-business.com