The terms of the transaction were not disclosed. Thomas International is a leading provider of online psychometric assessments, consulting, and related products and services. Founded in by the Reed family, the Company has been at the forefront of assessment innovation for more than 37 years, helping SMEs to recruit, develop, and retain talent.
Other cost-drivers in the trucking industry include; Driver shortages and workforce retention issues, Federal and state transportation regulations, Environmental regulations, and What Opportunities Are Startups Pursuing?
Startups are pursuing opportunities in the freight trucking industry for a number of reasons; First, it is a huge market. Fourth, it is highly fragmented — making it an attractive candidate for the types of software platforms that have already transformed the way business is done in other markets.
Before we discuss the opportunities that startups are pursuing, it may help to get a sense of the investment landscape in which such startups are competing for capital. Based on the data from CBInsights in the 2 charts that follow, we see that there has been a significant increase in the aggregate amount of capital investors have deployed into startups in the freight trucking market each year since We also see that this trend is reflected in the average and median deal size, respectively.
The data is as of mid-November Average and Median deal size are both up significantly this year as well. A cursory inspection of that list suggests that most are based in the United States, with a few in other parts of the world such as the United Kingdon, India, Canada, the Middle East, Bulgaria, Germany, and Brazil — the opportunity is global.
Broadly, the following categorizations can be used to discuss the areas in which startups are most active. These startups match shippers directly with carriers by cutting out the freight brokers who act as middlemen in the industry.
Also, the process by which a broker connects a shipper with a carrier is manual and time-consuming. On-demand trucking startups build apps that promise to remove the inefficiencies that arise from dealing with a broker. These startups provide telematics solutions that enable truck fleet operators to track the location of vehicles in their fleet in order to increase the overall efficiency of their operations.
The product that truckers pay for is often a bundle of hardware and software, with a monthly subscription for the software. These startups provide hardware and software products that enable freight truck operators comply with state and federal regulations in the United States.
The benefit to fleet operators is that these products minimize the number of times a fleet is found non-compliant. They do this through; Compliance related safety reporting and monitoring at the individual driver level, compliance related safety reporting and monitoring at the fleet-wide level, and efficient reporting and monitoring through the reduction of paper and pencil record-keeping, and the creation of electronic audit trails for safety and compliance.
Non-compliance can result in the grounding of an entire fleet while the operator tries to fix the problem identified by regulators.
Autonomous Vehicle Platforms Trucks: These startups develop and build automation technologies and platforms for the trucking industry with the goal of lowering costs, improving safety, and generally increasing efficiency and productivity in the freight trucking industry.
Typically, a software-focused startup partners with an established truck manufacturer to build and test a self-driving system.
First Analysis Securities Corporation estimates that: Moreover, it would also appear that incumbent players in that market are slow, lumbering, and clumsy organizations incapable of keeping up with the threat that startups pose.
While some of that is true, there exist a number of threats that might take some early-stage startups and their investors by surprise. Below, a broad outline of those threats that we pay the most attention to when we encounter such startups.
As a result of the thin margins earned by freight truck operators, products targeted for sale to owners of truck fleets must be seen as necessary for ongoing operations as a result of regulatory changes, or as a demonstrable catalyst for increased profitability. In the latter case, the startup that seeks to sell the product must be in a position to quickly provide a return-on-investment to a fleet operator after the decision has been made to adopt the new product.
In markets that have frontline workforce characteristics similar to that of the freight trucking market, psychological lock-in to incumbent products is extremely strong.
As a result, attention to UI and UX design is an important determinant of success or failure. All trucks have to become compliant within 24 months of the adoption of the new rule. Industry estimates are that—trucks need to be brought into compliance every month during that month grace period.
Furthermore, brokers and shippers have completely aligned interests since both groups stand to suffer adverse consequences if misbehaving truck operators are allowed to remain in business without the implied threat that they stand to lose a significant amount of business.
It is not clear if shippers feel that their interests are aligned in the same way, or as strongly, with the interests of truck operators.
Startups pursuing a business model predicated on eliminating freight brokers need to have thought about how they will solve this problem, or if they will solve it at all. Truckers have a love-hate relationship with brokers. And a point that cannot be overstated—shippers, too, have complete faith in and reliance upon their brokers.
Jason is the founder of Traansmission, a Brooklyn, NY-based startup in the freight trucking market. Given the popular perception that brokers are an unnecessary part of the industry, we expect that several startups will continue trying to eliminate brokers altogether.Cowichan knitting is a form of knitting characteristic of the Cowichan people of southeastern Vancouver Island, British ashio-midori.com distinctively patterned, heavy-knit Cowichan sweaters, popular among British Columbians .
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