Increasing connectivity for IoT tech
Asset Market accelerates the delivery of telecommunications, electric vehicle charging, and IoT infrastructure to increase access to critical technologies that benefit society. Their platform connects asset owners with service providers who need to install devices, such as telecom carriers, EV charging, and technology firms. Simply put, Asset Market aims to be the Airbnb for telecom infrastructure and EV chargers.
Improving infrastructure implementation for cities
In the coming decade, tens of millions of devices like telecom antennas, electric vehicle chargers and IoT sensors will need to be installed around the world. Service providers like telecom companies need to find sites to put their devices. The ideal sites are sometimes on government property or private land, and the service provider will need to go through a process to secure placement. Often, this process is slow and very expensive.
For example, installing a cellular antenna can take an average of six to twelve months and cost $10,000. On top of this, applicants face a 35% rejection rate even when they follow the full process. This system is not scalable for the number of devices that are needed. Asset Market aims to fill this gap. The platform currently reduces the time and cost by 75%, and reduces rejections to only 5%.
Early wins and going international
Founded in 2020 the Asset Market team has deep industry and technical expertise, as well as entrepreneurial experience. The team already has a first commercial product to market, serving a base of ten customers in telecommunications and EV charging, who have become great partners and advocates. With their success in the Canadian market, Asset Market has also started to expand globally. They have started serving customers in the UK, and the team is working on building foundations to scale sales and customer service capabilities abroad.
The Asset Market team spent their first year exploring industry problems, and creating their MVP solution. As the team looks ahead, they are focussed on gaining customers, learning from customer feedback, and testing the scalability of their revenue models. These plans will require team expansion to support scaled operations. The company is aiming to raise their first funding round in the Fall of 2022 to accelerate this growth, and establish market share.
When asked about the best business advice he's received, CEO Jeff Davis shared some thoughts with us on advice he and his team have taken to heart. "Be curious. This means building a team and a culture where we are passionate about the fascinating industry in which we work and all its challenges and innovations. Love listening, love learning, and instil in our team and in our internal processes the ability to take what we’ve learned and to iterate and improve quickly. This ability to continuously learn, evaluate and react takes the pressure off of getting things right the first time. It also keeps us nimble for those veins of opportunity that can catapult our business to the next level."
About the founders
Jeff Davis, Founder and CEO
- Education: UBC Mechanical Engineering (Honours), Harvard Business School General Management Program
- Fun Fact: Ice cream aficionado
Kelsey Morrissey, Chief Customer Officer
- Education: University of New Brunswick Civil Engineering
- Fun Fact: Dog aficionado
Cheat sheet:
- City: Vancouver
- Founding date: 2020
- Type of tech: B2B Software as a Service
