Construction Industry

“I think that's, it's no longer an adoption challenge. It's not an objection. It just there's some contradiction in, in the way these businesses operate today. That means they need to adjust to really get the benefit.”

“Not a lot of investors Understand the play of vertical SaaS and forget about understanding the, in the world of construction. A lot of investors would come us to build their own thesis.”

“Procore without doubt has finally broken through a level of, you know, digitization of a section, but at the same time, what it's done is actually crystallized and cemented and locked in and embedded, you know, the existing behavior.”

“I feel we are underserved in terms of there aren't very many intelligent people who are trying to solve for us.”

“Many of the software packages they still use today and by the way, this isn't, they actually procure the were built before you were born. Probably Pablo, like this is like crazy software that isn't going anywhere. It's a hammer that just works for them.”

“I hired an HDR on my payroll, and I asked her to set up about 200 interviews. So I spoke to construction industries, small and large, ah, just to understand what problems, challenges each of them face.”

“In this AI world, People who work with their hands will be valued even more. And that's where there's an opportunity to dramatically transform how construction industry operates.”

“So, to give you an idea, a construction company that has billion dollar revenue. They have about six workers who manually reconcile all the compliance and regulatory stuff that's mandated. They are dealing with about 40 unions.”

“Whereas in construction industry, it's a laggard. It's laggard for a reason. They are not early adopters of technology. They are skeptic of suits coming in and telling them how to run their work.”

“Regulatory challenges, solving regulatory challenging, solving labor compliance issues is, ah, is a wedge that'll help us penetrate this industry, because it's a major, major pain.”

“This industry needs new advanced technologies. This industry knows that it needs new advanced technologies. This industry is now very open to that, but it also doesn't have the people to deliver it. And therefore come, if you want impact, this is the place to …”

“And suddenly you realize that what you're talking about, I am talking about helping them manage a process in which there are different people involved, each with a limited understanding of the process itself. And therefore you have a schedule that isn't really…”

“Selling this is so difficult and delivering it is so difficult. And then expanding with them is so difficult because really you're actually selling again because you sold a project, but that project's going to finish and this company has more projects, but the…”

“One of the issues that we have in the Western world is that the productivity in the construction industry has been stagnating or certain decades going down. So unless we fix that, unfortunately, you know, in most places, real estate will continue to become mor…”

“And in our use case, there's no app for a time clock. We needed a physical rugged time clock because it checked a lot of the boxes that a cell phone or an app and any construction environment wouldn't check.”

“In the construction industry, it's a very low margin business, like two to three percent gross margin business.”

“Certainly, we're the market leader, and we don't have any true competition, Nathan. I mean, no, no one is thinking about Contract compliance across the project lifecycle like we are.”

“It's just candidly negligent to not be using our product if you're in the construction industry.”

“There's some industries that we don't cater to at the moment... Like transportation and trucking. They're really in trouble. Those guys are really having a big hard time right now. Getting by. We don't do bail bondsman. So truckers, transportation, and we've p…”

“0.1% a year since 1947.”

“But now architects are moving towards performance based standards. So There's standards for blended cement, where it's 50% COT Portland cement, 50%, where almost anything you want, as long as it meets this performance-based standard, and there's a bunch of tes…”

“Construction software has existed for decades but the hardware didn't exist to bring it out into the field where 98% of construction happens. And if you're writing for, writing software for the construction industry, like, in the nineteen-eighties, you were wr…”

“Eventually we will have all of this data, you know, like a baseball coach has this kind of data for who to send out for pitching in various situations, but we don't have it in construction.”

“We see just all of these wasted efforts, frankly, from many, many players, from subs to GCs to owners. Designers. We see all these wasted efforts that will go away.”

“You know, if you can cut 20% of the rework, and then you could make construction 20% more efficient in other ways, which seems entirely within the realm of feasibility. You're talking improving construction by 40%. In most economies, let's say a rough number i…”

“The technology is certainly there. It's the legal, regulatory, and history of the industry that makes companies very slow to change.”

“Buildings are delivered later now than they were in 1960 and more over budget than they were in 1960 because of this problem of getting those two things together.”

“We are less productive today than we were 20 years ago than we were 60 years ago, and it's completely unbelievable.”

“Whereas in the construction industry, the 30% waste and the, you know, 20% of late schedule, it's baked in from the finance all the way down to the smallest subcontractor.”

“And then beyond that, you, now it becomes economical and very interesting to build vertical applications for industries. So to build an application that revolutionizes, say, the real estate industry or something like that, Or the construction industry is becom…”

“The construction industry has an efficiency rate of 30%. 30% of the time you'll be working. 70% of the time you won't be working. The prime reason for this is bad communication and collaboration.”

“The maturity, the digital maturity of the industry is the lowest in the world, except hunting.”