Can start-up BlockDox build $100m in revenues?
Technology is making it easier to start up a business, with thousands of ideas standing a better chance than ever of becoming viable ventures. We continue our look at 10 of the most promising UK start-ups with BlockDox.
Building management is an area which could be revolutionised by technological advancements, and London-based BlockDox is aiming to be at the forefront of the changes.
The start-up has created a platform to enhance building performance with real-time and predictive intelligence and director Nic Shulman has big aspirations.
“We anticipate being the market leader and generating global revenues in excess of $100m in the next five years,” he says.
Shulman established the business after spending a number of years involved with property management.
“I knew that building management could be significantly improved by new technology and the Internet of Things,” he says.
One of the main features of the platform an app which connects building users, owners and managers, and aims to improve property management worldwide.
It allows residents to easily report issues, provides direct access to the concierge and the ability to view documents related to the building.
The business was founded almost three years ago, and has been self-funded since the beginning.
A number of award wins with cash prizes has also supported the business’ development.
One of the biggest challenges for BlockDox so far has been on the technical side.
“We have had numerous technical challenges as our technology is novel and we are breaking new ground in our approach to building management,” says Shulman.
He cites a strong team as one of the reasons why the company has been able to overcome these issues.
International exposure has been a key aspect of BlockDox’s development.
The team took part in two smart city accelerators in Hong Kong and joined the Mayor of London on an overseas smart cities tech trade mission – the only smart buildings business to be involved.
BlockDox’s time spent with other start-ups through accelerators and trade missions has given Shulman and insight into the industry, and he’s keen to share some of his experience with those looking to set up a business.
“We have come across lots of tech start-ups which are either poorly thought through, do not address a big enough need or are founded by people who could better direct their skills and efforts elsewhere,” he says.
“So, make sure you do lots of market research first and that you are working on a start-up for the right reasons.”