Startups Business Ideas in the construction industry

On 11th May 2024, Entrepreneurship Development Cell and IIC in association with Department of Civil Engineering organized a seminar on “Startups Business Ideas in the Construction Industry”. The resource person for the program was Mr.J.Samuel Prabaharan, HOD, Department of Civil Engineering, Francis Xavier Engineering College, Tirunelveli. 41 Civil Engineering students attended the program. The session was coordinated by Mrs. P. Raja Priya, Assistant Professor, Department of civil engineering, FXEC.

The resource person stated that the main goal of a construction startup is to create an innovative product or idea that’s never been seen before in the industry. This typically involves identifying a common pain point, creating a new product or service to address it, and optimizing it for the audience. Because construction startups require funding to get started, most business owners search for partners to back their projects. These partners often include other construction businesses, individual investors and venture capital funds. Startup accelerators and incubators are also popular options for new startups looking for an initial round of funding.

The resource person also stated that the construction sector is moving towards digitization at an unprecedented pace. From project management software to AI-driven design tools, the digital tools available today are helping companies streamline operations, reduce costs, and improve efficiency. Companies like Procore, Autodesk, and PlanGrid are leading the way, offering innovative solutions that cater to the unique needs of the construction industry. He further added that the sustainability is no longer just a buzzword; it's a necessity. With the growing emphasis on eco-friendly construction, there's a surge in demand for sustainable building materials. Startups like Arqlite are at the forefront, producing recycled aggregates that are both environmentally friendly and cost-effective. The speaker motivated the students to think about innovative solutions for the problems faced by the construction industries.