At Blutip, we’re always on the lookout for smarter technologies and business model innovations that save money for our customers in the mining, construction, and power generation industries. Here’s one worth sharing: EquipmentShare, a Caterpillar-backed start-up in the $40 billion construction equipment rental industry.
EquipmentShare has set up a peer-to-peer equipment rental platform for construction contractors, who typically own about three times the construction equipment owned by the combined rental industry. That means that equipment is sitting idle much of the time.
Enter EquipmentShare, which has set up an online platform for contractors to post available equipment for rent, along with pricing. Because that equipment is sitting idle anyway, prices are typically 30% lower than those of a typical equipment rental company. There’s a two-sided rating system, much like UBER, which encourages equipment “lenders” to provide solid equipment on a timely basis and “renters” to return it in good shape. EquipmentShare’s also done some of the legwork by combining insurance verification, background checks, and easy payment processing.
Currently, about 1,000 companies and contractors use the marketplace, most of them renters. In January 2017, co-founders William and Jabbok Schlacks announced they had secured a new $20 million+ round of funding, led by Romulus Capital and Insight Venture Partners, to expand into new U.S. markets and deliver new products (like ES Track, a telematics and fleet management software package). The new telematics software offering arrives just as a new US federal regulation requiring contractors to track hours of service hits later this year.
William and Jabbok are both in their thirties. Suddenly, we feel like we’ve wasted our entire careers. Time for a long lunch. EquipmentShare’s model is not just smart, it’s smarter. Bravo.
Blutip uses the intelligence inherent in the Industrial Internet of Things to produce smarter diesel fuel management platforms. Blutip SmartRFuel reduces fuel costs, lowers particulate emissions by up to 70%, and provides 10X more accurate data on fuel consumption. And our no risk, all reward approach to pricing means you pay nothing until you save money on fuel. If you’d like to discuss how Blutip can help you unlock productivity, lower costs, and reduce your carbon footprint, please contact Rick at 647-274-6695 or firstname.lastname@example.org.