January 5, 2021
Build Me Up: Fostering Tech Innovation with BuiltWorlds
December 8, 2020
We’re launching into a two-part series here on Build Me Up, featuring an innovative company that is pushing the industry forward: BuiltWorlds. This powerful, digital-first platform evolved from a simple blog in 2013 to a robust network and learning platform made specifically for the industry.
In Part I, we focus on how BuiltWorlds got started and its evolution to becoming a network of thought leaders that is pushing the industry forward. In Part II, we dive into the BuiltWorlds Venture Forum (BVF), which is investing in the most promising construction technology products and services.
To discuss BuiltWorlds and its evolution, we talked with Michael Latiner, who leads the BuiltWorlds Venture Forum, and Ryan Trompeter, Senior Venture Analyst with the BVF.
About BuiltWorlds
“If you look at why the industry hasn’t changed in 100 years, the reality is that it’s just a complicated industry. People take for granted the complexity of putting up a skyscraper in the middle of a city.”
BuiltWorlds began when a group of individuals realized how heavily emerging technology was changing the construction industry. It started as a co-working space in Chicago, allowing opportunities for meetings, networking, and sharing new ideas. 7 years later, BuiltWorlds is an industry-leading, digital-first learning platform, with global summits and regular workshops to foster tech innovations in construction. The BuiltWorlds network fosters collaboration across the built marketplace, from general contractors, engineering firms, equipment companies and technology startups, allowing them all to interact and learn from one another.
Challenging Facing the Construction Industry
The new BuiltWorlds Venture Forum was created with the idea that the change and innovation needed in the industry should be led by the industry itself. The $12 trillion global construction industry represents 13 percent of the global GDP. But construction is lagging when it comes to increasing efficiencies as an industry. It is currently facing a $1.6 trillion Labor Productivity Gap, with an average productivity increase of 1 percent, compared to 2.8 percent for the global economy.
“I think the industry realizes it has to do more with less. So what technologies are out there to to make workers for efficient, and at the same time safer … I think COVID-19 has put a spotlight on the fact that people need to focus on that.”
The BVF was designed to give construction technology start-ups the resources they need to get pilot programs out on jobsites. These tech companies face several barriers, and the BVF seeks to unite the stakeholders throughout the construction process and create traction around promising ideas that can positively impact the industry. The COVID-19 pandemic has impacted nearly every industry, and it has only shed more light on how construction processes could be improved with new technology. The BVF is focused on a number of problems facing construction, including robotics, digital collaboration tools, labor productivity, and more.
For a more detailed conversation about the challenges facing the construction industry and how BuiltWorlds is working to move it forward, tune in to parts 1 and 2 of the Build Me Up podcast.
View Comments