The application phase for the Construction Startup Competition 2020 has now closed and it is time to analyse the participants and decide on this year’s winners. The winning startups will become the protagonists of the Global Pitchday, where they will have the chance to showcase their solution to a jury, which will be formed by the leading investors in construction technology worldwide. Here are some key figures on this year’s participants:
A Global competition with 50% of the participants coming from North America and Europe:
76 countries have participated in the fourth edition of the Construction Startup Competition, with more than 72% of all entries coming from 12 of these countries. The countries that boast the highest number of participants are: the United States, Spain, the United Kingdom, Mexico, Colombia, India and Germany.
21% of the participating startups are from North America –the United States and Canada- whose participation is only surpassed by Europe with 33%. The participation of the Latin American countries brings this figure up to 79% of all of the total participation.
Therefore, for yet another year running, the United States boasts the highest participation in the Competition, and this is no coincidence if we consider that the main investments in ConTech in 2019 were made in there. Numerous US startups are emerging, and beyond the scale of the solutions that they are able to offer, they also enjoy a competitive advantage thanks to their geographic location as the main Venture Capitals are located in the United States.
Their high levels of participation can be explained by the access that they have to the robust business infrastructure, thanks to hubs which are connected to the business communities in cities such as San Francisco, Seattle, Boston, New York and Los Angeles, and likewise, the American mentality is certainly a factor, as these entrepreneurs tend to be receptive to innovation, less risk averse and confident in their ability to succeed.
Beyond the United States and Asia, investment in the construction ecosystem is gaining considerable ground in other countries such as the United Kingdom, Australia, Brazil, and Finland. These countries make up 12% of the total participation in the Construction Startup Competition 2020.
How much has the Contech Tacos community grown by?
The participation of new entrepreneurs in the Construction Startup Competition has increased by 30% compared to the 2019 Competition. This year, more than 90% of the entrepreneurs are participating for the first time. Only 13% of these projects have previously worked with one or more of the five construction leaders who are behind the 2020 version of this competition.
This scenario demonstrates that this Competition is having a very positive impact on both the analysts from the five companies and on the ConTech community in general. Likewise, it shows that the commitment to driving the construction revolution is strong and resounding. The growth of the ConTech Tacos community’s closed LinkedIn group, in which there is more and more interaction between entrepreneurs and investors, is another example of how this sector is growing. If you aren’t in this group yet, you can check it out here.
New materials, innovative construction methods and artificial intelligence:
These are the disciplines that the projects presented by participants in the Competition 2020 have focused on. It is amazing to see how many projects are working with the Internet of Things, Sensors, BIM, robotics and offsite construction this year.
As in previous years, the startups continue to focus on developing collaborative software and project management solutions. Although this is already a pain point within the construction industry, several startups present innovative solutions that make it possible to tackle problems that were previously considered unattainable.
CEMEX Ventures shares its vision with the other companies that are collaborating in the 2020 version of this Competition; Ferrovial, Hilti, Leonard VINCI and NOVA by Saint-Gobain, who are all looking to the bigger picture and who are particularly interested in operations on an international scale. For this reason, they have established five opportunity areas opportunity in this challenge.
- Project design and engineering: techniques and tools that maximise the efficiency and quality of projects from the design, engineering and planning phases.
- Supply chain management: the optimised management of resources and inventory is fundamental for guaranteeing success and ensuring that the construction deadlines are met.
- Digital solutions for jobsite management: access to digital tools, which boost the productivity, efficiency and quality of the daily management of work on site.
- Innovative construction methods and materials: new materials and technologies that allow for more efficient and cost-effective developments to be implemented and which respond to the current needs of the industry.
- Smart buildings and cities: building the metropolis of the future by promoting smart cities and buildings with a common denominator: technology, sustainability and quality of life.
When will we find out who the winners are?
The growth of the Construction Startup Competition 2020 deserves a great response that matches the great participation this year. In light of the current situation, it’s expored the best way to close what is certainly the most relevant Competition for entrepreneurs in the construction industry.
The aim of the Construction Startup Competition is to find the most promising solutions for the industry, determining, in conjunction with the construction sector’s leaders and decision makers, exactly what the focal point of this ecosystem should be. Likewise, the Competition looks to create a community formed by the sector’s main stakeholders, as by doing so, it will be possible to give the sector a real boost in terms of innovation, technology and sustainability.
The winners of the 2020 edition will be announced at the beginning of November. Stay tuned for further news!