The Problem with Project Write-Offs and How Novl is Solving It for Good
"Project write-offs, financial losses" - that's the problem that Novl is tackling head on for architecture and engineering firms!
Recently we were invited to the BOOST cohort from Suffolk Technologies where we had a chance to interview Shawn and Hassan, co-founders of Novl, and we got to learn about how they are helping companies to improve their margins and attract better talent.
Tune in to find out about:
How Novl is helping companies use data to see where they’ve made and lost money.
Why predictive analytics is key for matching the right people to the right projects.
How Novl aims to be an operating system for AE firms, saving them from hiring large in-house tech teams.
How they are using a "baseball card on steroids" for resource management.
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Bricks & Bytes
The Eye Opening Inside Story of Foundamental’s Origin - VC In Construction Tech
Note: This is the 1st episode of our 8 part Super Series with Foundamental. You can go and check out the complete Super Series with Foundamental at : https://bricks-and-bytes-super-series.vhx.tv/products
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In episode 001 we go right back to the start. How did Foundamental come to be? What was the “random mash-up” that led to the firm’s genesis?
Watch this episode to discover:
The unique origin story of how three unlikely partners came together to create a global powerhouse in construction tech investing
Foundamental’s contrarian approach to building a truly global VC firm focused on construction and AEC (Architecture, Engineering, Construction) tech
Insights into the firm’s investment strategy, decision-making process, and how they leverage their global presence for superior returns
The compelling macro and micro factors driving innovation in the construction industry
How Foundamental balances diverse personalities and skillsets to create a high-performing ‘wolf pack’ of investors
Their unconventional approach to fund size and LP relationships that maximizes potential for outsized returns
Also, if you sign up for our newsletter, we’re giving away TEN 50% off coupon codes. Sign up now: https://bricks-bytes.beehiiv.com/subscribe
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Bricks & Bytes
Bridging Silicon Valley and Construction Sites - The Balance of Innovation and Tradition In Construction - Scott Ellison
"Go slow to go fast" - The counterintuitive advice for startups in construction tech
In this episode, we had Scott Ellison share insights on the future of construction technology. We learned about balancing disruption with respect in an age-old industry, the importance of problem-led growth, and why the "jockey" matters more than the "horse" in early-stage investing.
Tune in to find out about:
✅ The "respect to disrupt ratio" in construction innovation
✅ Adapting product-led growth for the built world
✅ Evolving talent attraction in construction
✅ The power of the "empathy muscle" for entrepreneurs
Listen on Spotify to gain a fresh perspective on navigating the exciting world of construction tech startups.
Note: This is a re-release of an episode originally published in 2023
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This episode is brought to you by Shft—helping contractors like you leverage BIM to secure a leading position in the race towards construction’s digital future.
Visit: https://maketheshft.digital
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BuildVision is a procurement network for the $5T commercial construction market. We are transforming the commercial construction supply chain by bringing contractors, manufacturers, and project stakeholders onto a single software platform—revolutionizing how every component is sourced, purchased, and financed.
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Bricks & Bytes
Trayd's Mission to Simplify Construction Payroll
"The secret to raising $4.5M for a construction tech startup? 149 'nos' and 1 'yes' from YC."
In today's episode of Bricks & Bytes, we had Anna Berger, founder of Trayd - a construction payroll and compliance platform built specifically for specialty contractors. From failing at video dating apps to revolutionizing construction back offices, Anna's journey is a masterclass in persistence and problem-solving.
Tune in to learn about:
✅ How working in her dad's construction office led to discovering a massive market opportunity
✅ Why Trayd focuses on specialty contractors instead of general contractors
✅ The power of Trayd shows in B2B sales (and why cold calling doesn't work)
✅ Building an effective founding team: why having a technical co-founder matters
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Chapters
03:43 Introduction and Background
06:34 The Journey of Curtin: A Video Dating App
09:41 Transition to Construction: Insights from Family Business
12:48 Building Trade: The All-in-One Solution for Construction
15:43 Understanding Payroll Complexity in Construction
18:43 The Importance of Scheduling and Labor Tracking
21:49 Customer Focus: Targeting Specialty Contractors
24:44 Product Discovery: Listening to Customer Needs
27:42 Market Landscape and Competition
30:49 Fundraising Journey and Challenges
33:45 Lessons Learned and Future Outlook
37:17 The Evolution of Trade's Focus
38:59 Experiences with Y Combinator
39:51 The Importance of Strategic Investors
43:31 Navigating the Construction Industry's Challenges
44:52 Hiring for a Growing Team
46:04 The Value of In-Person Collaboration
47:14 Product Development Insights
48:53 Effective Customer Engagement Strategies
51:45 Building Emotional Connections in Sales
53:07 Understanding the Buyer Persona
53:59 Evaluating Cost Savings for CFOs
56:00 Exploring Growth Tactics Beyond Trade Shows
57:38 The Role of Content in Marketing
58:02 Addressing Skepticism in Sales
01:00:17 The Importance of User Experience
01:03:20 The Value of Community Among Founders
Construction Crash Coming - Our NEW Host, US Economy Contracts 0.3%, Trump Tariffs Hit Construction, Autodesk vs Procore Battle, AI, Biggest Construction Tech Failures
Is Construction Headed for a Slowdown, or a Full-Blown Crash?
This week on Bricks, Bucks & Bytes, things get spicy.We dig into the 0.3% drop in US GDP—and why it might just be the beginning for the construction sector. But tariffs and rate hikes are only half the story. The real drama? AI hype cycles, Autodesk vs. Procore, and why most “AI for construction” startups are just faucets with no bathtub.
Inside this episode:Why the US economy is wobbling—and how it's already hitting constructionThe real reason projects are stalling (hint: it’s not just input costs)The “bathtub vs. faucet” theory of AI—and how it exposes weak GTM strategiesAutodesk: overpriced legacy? Or sleeping giant ready to crush Procore?The top 20 construction tech failures—modular startups dominate the list
Plus:What BuildingConnected could have become (and why Autodesk isn’t using it)Why not having pricing certainty is killing dealsThe Katerra excuse that made everyone on the show wince
Key Quote:
"You're not solving the problem. You're just identifying the problem for someone else to win." - Dustin DeVan
If you’re in AEC and want to see the next wave coming before it hits... this one’s required listening.
------Chapters00:00 Intro01:35 Introduction and Welcome02:43 US Economy Contraction and Recession Concerns08:38 Impact of Tariffs on Construction Costs13:37 Short-term vs Long-term Economic Perspectives19:40 Global Supply Chain and Trade Dynamics25:34 AI's Role in Construction and Economic Resilience31:35 Business Strategies in a Volatile Market38:25 Innovative Content Formats in AI and Supply Chains40:06 The Role of AI in Construction Economics42:57 AI as a Commodity: The Bathtub Metaphor49:26 Disrupting the Authoring Space: Challenges and Opportunities56:44 Investing in Autodesk: A Critical Analysis01:11:11 Procore's Challenges and Market Dynamics01:13:44 Marketing Strategies in Construction Tech01:15:55 Potential Disruptors: Google and Microsoft01:20:15 Mergers and Acquisitions in Construction Tech01:21:47 Top Construction Tech Failures: A Game01:27:00 Lessons from Construction Tech Failures
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Bricks, Buck$ And Bytes
VCs Are NOT Always The Answer - Bootstrapping Benefits & Sustainable Growth from Funding Experts
"Venture capital in PropTech increased 82X from $200M to $15B in just 15 years - but is VC money right for construction tech founders right now?"In today's episode of Bricks, Bucks and Bytes, we got to learn about J.P. Bowgen's journey from AlphaSites to Macy's corporate innovation team to becoming a partner at Camber Creek.We got to learn about how Camber Creek de-risks investments by testing startups with their 300+ real estate and construction LP network before investing.Also, we learned about J.P.'s hot take that PropTech and ConTech might not actually be mature enough for venture capital money right now - with only 1 in 4 companies spending more than 1% of revenue on digitization.Tune in to find out about: ✅ How Camber Creek operates as an "outsourced R&D department" for real estate companies ✅ Why construction tech is 5-7 years behind PropTech but might soon leapfrog it ✅ The shift in ConTech companies selling upstream to owners instead of just GCs ✅ The importance of personal brand building for VCsListen now on Spotify to hear the full conversation with J.P. Bowgen.-----------Chapters00:00 Introduction and Personal Updates01:10 Journey into Venture Capital05:30 Transition from Macy's to Camber Creek14:51 Establishing a Presence in Europe16:23 Camber Creek's Investment Thesis and Origins18:29 The Digital Transformation of Real Estate19:55 De-risking Investments through Strategic Engagement21:21 The Role of Strategic Investors in Venture Capital23:41 Navigating the Landscape of Venture Capital26:26 The Importance of Media in Deal Flow30:29 Building a Personal Brand in Venture Capital33:41 Opportunistic Investing in PropTech and Construction Tech37:30 The Shift in Technology Adoption in Construction39:36 Debunking Misconceptions about Venture Capital
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Bricks, Buck$ And Bytes
US VC Returns Underperform Globally - Market Saturation & Hidden Opportunities from Construction Unicorns
"The US VC market is the worst performing of all VC markets across the world in terms of financial performance." In today's episode of Bricks, Bucks and Bytes, we got to learn about BuildOps securing $127 million in Series C funding and achieving unicorn status with a $1B valuation.We also explored the structural differences between US and European contractor software markets, where European contractors are typically smaller and 5-10 years behind in software adoption compared to their US counterparts.Additionally, we gained insight into how fund size impacts investment strategy, with smaller VC funds avoiding obvious competitive spaces that larger funds eagerly pursue.Tune in to find out about:✅ Why BuildOps and Service Titan succeed with modular software for contractors✅ How SaaS business models justify higher valuations than traditional services✅ Why European construction software is following a roll-up strategy✅ The difference between investing in "the business" versus "the share price"------Chapters00:00 Introduction and Recent Developments04:50 BuildOps: A New Unicorn in Construction Tech19:06 Comparing BuildOps and ServiceTitan27:49 Valuation Insights and Market Dynamics
"Windows and doors constitute about 8% of a home's value, but the ratio actually skews upward as the value of the home goes up." - A fascinating insight into why this category commands such high margins globally.In today's episode of Bricks, Bucks and Bytes, we got to learn about Green Fortune's $4.5M funding from Fundamental, bringing cloud manufacturing to the windows and doors industry in India.We got to learn about India's evolving investment landscape, with Western funds increasingly launching India-specific strategies rather than treating it as just another "emerging market."Also, we learnt about the "Dolphin Founder" philosophy that investors value - founders who "come up for air" by proving EBITDA profitability before a funding round.Tune in to find out about:✅ Why windows are one of the most touched points in your home and critical to energy efficiency✅ How Green Fortune is filling the "missing middle" between luxury and substandard options✅ Why building materials companies perform exceptionally well in Indian public markets✅ The upcoming IPOs of construction tech companies in India for 2025Listen to the full episode on Spotify to hear more insights on construction tech investments across global markets.-----------Chapters00:00 Introduction and Guest Welcome01:39 Investment in Green Fortune: Overview and Rationale06:30 Cloud Manufacturing in the Building Materials Sector10:04 Market Dynamics: Customization and Standardization in India13:21 The Importance of Windows in Construction15:06 Green Fortune's Unique Selling Proposition18:58 Utilization of Investment Funds26:38 Business Model and Revenue Generation26:44 Exploring Green Fortune's Sales Channels29:01 Profitability and Business Model Insights31:19 Innovations in Manufacturing and Supply Chain34:01 Investment Landscape in India39:45 Challenges and Opportunities for Startups46:55 The IPO Market in India
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