ProcurePro received Entrepreneurs’ Programme Accelerating Commercialisation support of $278,751 to help bring to market a web-based tool to manage complex trade procurement and contract execution tasks. This laborious and time-consuming task costs large construction companies millions of dollars each year. Such unprecedented cost pressures on construction and related industries, an opportunity to achieve significant savings is game-changing.
i4 Connect Facilitator Chris Burnett helped ProcurePro pivot, reassess their business model and optimise their funding to efficiently achieve a fully commercialised product. He also helped ProcurePro to create opportunities to quickly go to market with a solution, and become a profitable investment opportunity. For professionals in Australia’s construction industry, the complexities of trade procurement and contract execution loom large over every new project.
What is ProcurePro offering the construction industry?
These processes typically absorb vast amounts of paperwork and attention. Spreadsheets, emails, documents, certificates and licences are exchanged back and forth, with up to 10 or 15 different processes running consecutively with multiple subcontractors and suppliers at a time.
Alastair Blenkin, the Founder and C.E.O of ProcurePro, said, “The time and resources demanded by contract and procurement operations can cost commercial construction companies millions of dollars per year in inefficient processes and are prone to human error and other limitations.”
“Additionally, the industry is facing significant challenges caused by labour shortages and material supply and cost issues driving prices up.The subcontractor procurement process takes approximately 35 hours per contract, 40 subcontracts per project and for a builder running 25 projects per year, there is 35,000 hours’ worth of procurement and a couple of million dollars in resources wasted per year on contract management,” Blenkin also added.
Why is ProcurePro a great idea at a perfect time?
After working for one of Australia’s leading law practices for six years and specialising in commercial real estate, Blenkin became aware of the large-scale enterprise contracting problems faced by commercial landlords. Following initially commercialising their technology for commercial real estate, Blenkin pivoted focus to the adjacent construction industry.
The result, ProcurePro, consolidates procurement into a single web-based platform that offers real-time progress tracking and consistency in procurement, freeing up staff from time-consuming admin procedures, and improving risk identification and overall profitability.
The result is freeing up contract admins, construction project managers and procurement professionals to focus on achieving better outcomes per project’s specific needs.
Blenkin says, “The platform makes the subcontractor procurement process, better quality, completely transparent and 50% faster, setting a project up for success from the first step.”
Can ProcurePro take it to the next level with i4 Connect?
The software dev’t for ProcurePro having been funded, they turned to the Entrepreneurs’ Programme Accelerating Commercialisation service to help bringing their innovation to life.
An Entrepreneurs’ Programme Accelerating Commercialisation grant of $278,751 paired with the support of experienced i4 Connect Facilitator, Chris Burnett, empowered ProcurePro to make the significant leap into preparing for commercial availability as well as creating jobs.
Working with their i4 Connect Facilitator helped them reassess their business model and optimise their funding so that the company can now begin to generate business growth.
Blenkin said, “The support from the Entrepreneurs’ Programme Accelerating Commercialisation service, plus working with Chris, proved pivotal to the future of the business. One potentially problematic aspect of bringing a pilot product to market is creating consumer awareness.”
Blenkin explains, “Assistance from i4 Connect’s experienced facilitators created opportunities for ProcurePro not only to emerge onto the market, but to quickly establish itself as an industry-solution and a profitable investment opportunity with tangible and proven success.”
How is ProcurePro primed for an exciting future?
Excited by the business’ rapid growth, Blenkin says, “People are often surprised to learn the concept is only two years old, given the success and sophistication of the ProcurePro platform. We’ve gone from 5 to 20 staff in the last 12 months. We expect to grow from 20 to 50 in the next 18 months and are commencing our expansion into the United Kingdom market.”
The company’s rapid growth presents an opportunity to make a significant contribution to the Aussie economy. ProcurePro is creating job opportunities, presenting industry partners with improved processes, and setting construction projects up for success from the ground up. Shortly it will likely also be generating valuable export income for the Australian economy.