Right now, one out of five trucks on the road is traveling empty. This impacts everyone, including you. Carriers are wasting time, fuel and business opportunities. Shippers are subsidizing these wasted miles by paying rising shipping rates. Some estimates place the shipping subsidies at $1.9 billion each month!
And guess who ultimately pays the tab? Yes, that would be you.
Enter Impaqd, an app that solves this problem by identifying and filling empty cargo space. CEO and co-founder Jason Cahill is here to fill in the details.
Tell us about the decision to apply for ER Accelerator.
We were initially introduced to them via an alum founder of Admitted.ly. She spoke of mentorship, direct unbiased feedback and a great network of contacts. After meeting the three founders of ERA, we agreed and saw this as an opportunity to “shift the needle” with Impaqd.
Tell us about your product or service.
We built a logistics marketplace connecting shippers directly to truckers.
Our mission is: To empower logistics decisions through data.
As a military veteran-owned business, we know that many of our fellow veterans work in the transportation space. So we set out to build a platform for truckers and the carriers they work for.
We see the true value of the platform, however, being the business intelligence. Our recommendation engine shows which route an independent driver should take based on: weather, traffic, type of equipment, time of day, overall payout, etc.
We also are building out Highway Heat Maps, which show the best/worst lanes being used. Therefore, at a glance, you will know where you are making great profits. And where you’re bleeding money.
How is it different?
Unlike KeyChain Logistics, DAT, and Cargo Chief, we know that in order to win a large and stagnant market, you have to lead with customer service. We are not going to cut corners to fill the platform quickly. Rather, we are developing some great referential customers. We also are not allowing brokers to post loads. Some of our competitors seem to think this, too, is a faster way to populate a website. We feel that we would be quite disingenuous in saying we are disrupting an industry while becoming wholly dependent on it.
What market are you attacking and how big is it?
The freight broker market. It’s $53Billion industry.
What is the business model?
We are free to truckers, and charge 3% of load value (up to $250) to the shipper as a per-load transaction fee.
What are the milestones that you plan to achieve within 6 months?
Our milestones focus on the 3 C’s:
Capital – Close our convertible debt round of $500K (We have $388K committed to date. Focus on a larger growth round in Sep-Nov
Customers – We have a goal of 100 truckers and 5 shippers by August
Content – Right now we have an Apple iOS mobile app. Our goal is to have the Android version and the web portal available by end of July.
If you could be put in touch with one investor in the New York community who would it be and why?
Fabrice Grindahere. Impaqd is a bold idea, challenging very entrenched markets. Fabrice is a bold thinker, fed up with status quo mentalities. For an example, see his blog post for June 6 :
What is your take on the current scene in New York today?
I think the scene is strong and getting stronger. Whereas I have friends who have moved out to SF and joined the “wantrepreneur” scene, NY still has “grit” and a sense of grounded authenticity. It is a smaller scene and there is a more pragmatic focus on traction and measurable success. I have also met some great people eager to help, whether at meetups, conferences or just at coffee shops.
How will being in NYC help your startup?
Being in NYC means access to capital, great talent to hire from and a really connected mentor network.
Draft or craft?
Craft….
