The construction industry is estimated to be over $2.5 trillion and growing in the United States, yet the industry has been especially slow at adopting newer technology solutions. Ron Goldschmidt joins us to share his thoughts on how construction companies can adapt to our remote reality, and why they have been resistant to change in the first place.
About Ron
Ron Goldschmidt co-founded Briq, a fintech company for the construction industry, in 2018 and has been Chief revenue Officer since 2020. Prior to this, he worked on Wall Street as Head of Emerging Markets at RBC Capital Markets and as Executive Director at UBS. He graduated from the Ivey Business School at Western University with an honors in Business Administration.
In this episode we discuss:
02:14 Why has the construction industry failed to invest in newer productivity tools?
04:17 What sort of efficiencies are being deployed in the industry today?
07:43 How has management successfully changed in the construction industry?
12:12 How Briq is dealing with legacy APIs in the construction industry
15:54 Technological innovations like electronic invoicing and data solutions
18:23 The role of AI and ML in the construction industry
22:00 The labor shortage in the construction industry
24:53 Carve-outs for construction in the infrastructure bill
27:09 How inflation plays into budgeting and supply/material forecasting
30:06 How Briq approaches these budgeting challenges
34:15 Briq’s Series B funding round with Tiger Global
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The Future of Construction Tech and how startups like Briq are reshaping the industry with co-founder and CRO Ron Goldschmidt