OT - But shows we should be doing more than just music n telematics... imo back to medical.
Conxo (Say Cun-Ex-Oh!)
7/1/2002 Author: Andrew Darling, Editorial Director,
Wireless solution for the largest Industry in the WorldE The Construction Industry is a US$300 Trillion (Yes Trillion, Not Billion) Industry worldwide. If there is one vertical market that needs a wireless solution, it is this! With Project Managers, Engineers, Architects, Foremen, and Supervisors being mobile most of the time, huge productivity gains and cost savings can be garnered with the right wireless solution. Conxo aims to fill this need rapidly and then move on to other verticals
Launched in November 2001, This company is moving fast to ensure competition is at least 6 months to a year behind. Conxo announced the construction industry wireless solution, aptly named the Conxo Mobile Toolbelttm. With live demos available now, Beta tests scheduled in February, and the first release in Late March, we are talking supersonic speeds here. The Mobile Toolbelttm, is a 3 tier solution: The forms and reports available on handhelds and PDAs, the middleware that allows for data translation, security, workflow, etc., and the connectors that allow companies to hook into their existing applications.
Conxo has made the decision to support the best of breed technologies and devices, announcing their support for J2ME, and XML, and devices including PalmOS devices (including Palms, Handspring – including the exciting Treo, and the new Samsung I300), RIM Devices, PocketPC, and J2ME phones like Nextel.
Founders
With a career spanning 12 years in the technology business, as former NASA engineer, co-founder of MediaMagic, Manager of Gapfs online stores, CTO of TeamWorks Technology, and Gravitatefs Director, Product Development, Shashi Seth is back as CEO and co-founder of this exciting new company.
Joined in this venture are co-founders Koray Ergur & Redgee Capili. Koray is a veteran of the construction industry, having built several successful companies. Redgee is a veteran of the software industry, with management tenures at companies like Siemens, Gig, and Gravitate.
Finance
In a departure from the traditional VC and Angel funding route that many Silicon Valley entrepreneurs take, Conxo is funded entirely by private capital, and that too from Investors in the Construction Industry. Shashi firmly believes that if the industry veterans are behind the idea, and some of them may be the first customers of the product, then little can go wrong. After all, this is the best attestation from a customer on the validity of the product!
Management Team
Shashi Seth is at the helm as CEO.
Koray Ergur is the Chairman of the Board.
Redgee Capili is the VP, Engineering.
Market Opportunity
What an opportunity! Talk about a US$300 Trillion Market, of which the US alone has a US$365 Billion Share. Conxo plans to start in the North America, and then quickly move to Japan, Korea, and other Asia-Pacific giants like Hong Kong and Singapore. Europe and Latin America will be developed in Parallel.
The plan is to offer the service in a ASP model, ranging from $50-100 per month per user. This way the customers donft have any expensive equipment, and support personnel to deploy before being able to take advantage of this service.
Business Model
The distribution of the Mobile Toolbelt will initially come through internal business development and sales professionals. However, broad business alliances with software companies established in these vertical niches are contemplated.
Marketing will focus on internet and print media focused on these vertical segments. Viral marketing through word of mouth, beta-test customers, and other means are also planned.
The management describe their operations as fast, and very result oriented.
Revenues
Monthly subscription revenues are expected, along with support, and training fees. A siginificant portion of revenue is also expected from integration with customers existing applications and environments. When asked about projected revenues, Shashi said gI fully anticipate that revenues will hit the gMillions of dollarsh mark by Year end 2002, and that we will be able to break even at the same time.h
Competitive Landscape
Competition in this space is almost non-existent. We found many companies that offer bits and pieces like filling time sheets using your phone, and estimation using PDA devices, but a comprehensive solution simply does not exist. This fact, and the speed at which Conxo is moving, makes them a hard target to aim at.
General
A good idea, coupled with a solid management team, financing, and focus, should make for a successful recipe. This is one company to watch for.
www.conxo.com
