Built with Billd: Construction Technology, Where We Were, Where We Are, Where We’re Going

Published: January 29, 2021
Last updated: November 04, 2022
Read time: < 1

 

Summary

Construction technology is an evolving ecosystem. On this episode of the Built With Billd podcast, Billd’s Director of Business Development Robbie Reynolds explores the growth of construction tech in the past, present, and the future alongside Procore’s Nate Tockerman (Partner Manager) and Kris Lengieza (Sr Director of Global Partnerships & Alliances). In an industry that has long been slow to adapt to technological advances, construction has begun to embrace new technology for project management, financing, job site safety, and so much more.

As we discover in the podcast, construction technology is improving very quickly. As Robbie, Nate, and Kris discuss, this is because the construction industry was not an early adopter to tech. This slow early adoption was not for lack of need; rather, the slim margins in construction stood as a barrier to investment in technology for small and mid-sized construction companies.

But as time has gone on, these same companies have begun to realize that – by utilizing technology in the right way – they can increase their margins, get ahead of their competition, and ultimately grow their business.

For a long time, the industry has underspent and under-invested in technology. If you’re willing to focus your time and your energy on implementing it, the opportunity for you as a first mover is huge.” – Robbie Reynolds, Director of Business Development, Billd

About Billd: Billd stands alone as a partner that truly champions the subcontractor. Founders Christopher Doyle and Jesse Weissburg, industry veterans in both construction and finance, witnessed the detrimental impact to subcontractors of the longstanding broken payment cycle in construction. Their time in the trades inspired them to launch Billd in 2018, bringing the financial power of Wall Street to the construction job site. Billd's financial and payment products empower subcontractors to bypass project hurdles by providing access to upfront funds to cover their most pressing costs, including materials and labor. Unlike traditional financing outlets, Billd provides flexible lines of credit to accommodate the unpredictability of cash flow in construction, and extends their customers up to 120-day terms to align with industry payment standards. Billd knows traditional credit metrics are poor predictors for risk and has built a variety of industry-specific, proprietary analytic and financing tools to allow subcontractors to stabilize cash flow and more effectively grow their businesses.

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