Insight
Customer interviews fail because they reveal idealized workflows instead of reality
“I'm a very firm believer, and I actually took that from back then, and it's still true today, that you will only understand the problems that you could solve and the potential solutions if you're there. Everyone in product says that you have to speak to your c…”
Opinion
Procore dominates construction documentation but does not manage day-to-day building work
“There's project management software. That is the Procore of the world. And Procore is by far the leader of that. And that is typically things where that's where you have all your documentation, be it design, be it other, through your spec, other things. That i…”
Insight
Field software fails because multi-tiered construction subcontractors will not self-report progress
“It's very difficult because of the information, because the people actually doing the work are subcontractors of subcontractors of subcontractors, and they're not going to report what's done, what's not done in the now. And then that means that to know what's …”
Assertion Not checkable as stated
90% of early Buildots customers got next to nothing from the product
“10% of my customers did fantastic things with it. And 90% of them did next to nothing with it.”
Insight
Time-in-app is the wrong success metric for enterprise construction field tools
“And we ended up realizing that even to the level of viewer tracking, Like the minutes that they use this product every week as a metric. And that is such a wrong metric because the thing that you need is to succeed to deliver to them what they need in 10 minut…”
Insight
Construction schedules fail as designed, forcing site managers to rely on intuition
“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…”
Assertion Not checkable as stated
An architect blocked an early deal by demanding $250,000 for BIM files
“And eventually they didn't use us on that one because they, we need a specific format of designs called BIM. And in that project, they didn't have that format. And then they reached out to the architect who told them, oh yes, I have produced your designs from …”
Insight
Project-based teams reject new technology that lacks immediate workflow utility
“Eventually you work with a project team. That project team is working on a project that will be delivered in two or three, however many years. They don't care testing something new if it doesn't help them, because by the time it will be tested, even if their c…”
Insight
Construction risk tracks weekly because daily variances are too negligible to measure
“Now, when things, you know, as things improve and costs go down in the future or whatever, maybe, ah, but right now this is more about sort of identifying your risks on the project and where performance is lacking, and that just doesn't change on a single day.…”
Insight
Construction managers negotiate headcount rather than output because progress goes unmeasured
“If you think about it, they're provided, they're being provided a service to say, do the electrical works. And they never talk about how much work will be done. They talk about how many men will be here. That's what they negotiate. No, no, no. You need to have…”
Assertion Not checkable as stated
A VC offered BuildDots a $4M seed round to pivot to cybersecurity
“There was another meeting in which we explained, and then this VC guy, he looks at us and says, look, guys, I'm not going to invest in construction. Okay, what the hell? What you are about. Now you guys with your background, say that you're gonna start a cyber…”
Insight
Expanding enterprise construction accounts requires reselling the software for every new project
“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…”
Insight
Product managers must manually prove feature value in Excel before writing code
“I now tell my product people, I've been saving it for a long time. Basically, you will not send anything To development until you will show a customer that experienced this value without the actual product. Hack it in Excel and Power BI. Be the person for them…”
Opinion
Construction knows it needs tech but lacks the talent to build it
“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 …”
Assertion Not checkable as stated
Buildots' founders built a computer vision engine with zero AI experience
“When we realized that to do this, we need to build a whole computer vision engine. And none of us have any experience in any type of, you know, of AI, but Yakir is Yakir. So he will just learn and build it because That's what he is, and he did.”
Opinion
Nothing is ever ahead of schedule in the construction industry
“And blue, which never showed up, because nothing is ahead of schedule in construction.”
Disclosure
Buildots signed its earliest enterprise projects with negative gross margins
“At the time, every time we signed a project, we essentially lost money because our margins were negative.”
Disclosure
Early Buildots construction project contract values ranged from $20,000 to $200,000
“In ACV terms, they could fall into 20 to 200. Really depends on the size of that construction project.”
Assertion Partly supported
The construction industry typically operates on slim 2% profit margins
“It's very difficult to buy for businesses that make like two percent margins, which is what construction does, and you're asking them to spend a non-trivial amount of money on a tool that will help them do their things better.”
Disclosure
Buildots' onboarding frames 80% of product value as a five-minute weekly workflow
“My customer success managers today know how to do this. They come to a new project, they onboard them, and they tell them, I'm going to explain to you this entire tool and all of its features, but here is the five minute thing, that if you do this once a week,…”
Prediction Not checkable as stated
Buildots is currently projecting 2x to 3x year-over-year revenue growth
“I can tell, I don't know the exact numbers, but what I can tell you is that if before that, We did between 1.5 to two year on year. Then now we're doing between two to three year on year. And when we look at this year, what's going to happen? Then three to fou…”