The Future of Construction: Meet Our EiR
An Active Pursuit Toward Innovation
⚡️ The Digital Future of an Analog Industry
New technologies in construction are being developed at breakneck speed. But that hasn’t always been the case.
While infrastructure is vital for the development of nations, many people are unaware of the monumental (negative) impact that the construction industry has on the environment. Construction projects worsen climate change with the sector accounting for 39% of the world’s total carbon emissions. In addition to this, the construction industry has become synonymous with wasteful practices and significant energy consumption which is responsible for 36% of the world’s final energy use.
Another challenge facing the construction industry is low workplace productivity including inefficient and outdated work practices. 98% of mega construction projects experience cost overruns with an average cost increase of 80% of the original value and scheduling delays with an average of 20 months per project.
All of these challenges call for novel solutions.
As the impact of the construction industry becomes more pressing, we are beginning to see an influx of new technologies and construction trends such as BIM software to create solutions for previous inefficiencies. Analytics and data are another major trend in the construction industry as they enable organizations to use data to make better decisions, increase productivity, improve onsite safety, and reduce risks. With AI and machine learning systems, organizations can turn the mountains of data they have collected to predict future outcomes on projects.
To gain deeper insights into the Construction Tech space, we spoke to Veysel Doganoglu who joined NBT’s EiR program in January 2021.
🚀 The NBT EiR Program
Next Big Thing’s four-month EiR program is the perfect opportunity for aspiring entrepreneurs to build, test, and refine new ideas into venture-funded companies. The EiR program is divided into 6 stages of venture development, where each entrepreneur will work closely with one of NBT’s venture developers to achieve predefined goals by the end of each sprint.
Our recent retrospective article gives a glimpse into our world of work and the success stories from our very first EiR Cohort.
Take a look here 👇
Learn more about our program and take a look at the open EiR positions if you’d like to take the next step and join our team of visionaries.
🦸♂️ Meet NBT’s EiR: Veysel Doganoglu
Veysel, please could you tell us about your background and professional experience?
I studied civil engineering at university where I completed my MSc degree. After my studies, I moved into the field of information technology and worked at an international company in both Istanbul and Dublin. During my time there, I focused specifically on the technical account and relationship management for more than ten years.
Working for a global company and living abroad was a great learning experience, but after some time I felt the need to take on something more challenging.
It was then that I had the realization that building something entirely from scratch was more compelling to me than being a part of an established organization. So, I decided to start my own business.
Soon after I became aware of the construction industry’s increasing digital transformation needs, I decided to combine my industry knowledge and IT experience to develop solutions in the space.
Why did you decide on Berlin?
To be honest, I did not choose Berlin. In a sense, Berlin chose me because that’s where Next Big Thing is based.
Although I lived happily in Dublin for nine years, I always felt that living in Europe’s mainland would be a great experience as it opens up the door to greater travel opportunities (post-Covid, of course). Berlin is a great city with its rich history and culture and I really enjoy being a part of its vibrant and cosmopolitan ecosystem. I could not ask for a better location to realize my business dreams.
💼 Understanding the Business Case
What challenges currently exist in your industry and how does your business case aims to solve them?
The construction sector is one of the largest in the world and accounts for more than 10% of global GDP. Industry competition is harsh, profit margins are low, and time/cost overruns are the norm. The productivity rate in the industry is below average when compared to other industries and we are still experiencing a resistance to change. Old-school thinking and paper-based processes are still prevalent in the industry.
I believe that by replacing this old-school mindset with innovative thinking and the digitalization of construction processes, the industry can overcome most of its productivity issues. Digital adoption has lagged behind other sectors, but we will slowly see this change with the increasing interest and adoption of new and emerging technologies like digital twins, IoT, and AI.
With the IoT-based solution we are working on at NBT, we’re aiming to collect, store and process data from construction sites in real-time to gain greater visibility overall workforce and material activities. These real-time insights and the interpretation of collected data will result in improvements in resource optimization and overall process efficiency.
Could you explain your business case in one sentence?
An IoT-based solution for the construction industry that gathers structured data about processes so that stakeholders can make more informed decisions throughout the project’s lifecycle to improve resource allocation, productivity, and profitability.
Why did you decide to apply as an EiR and partner with NBT?
Defining an industry’s challenges and coming up with a business idea is a lot easier than developing the solution itself. When developing a business case, you need to follow a systematic methodology such as value proposition validation, product development, marketing, hardware components, etc.
I know all of this because I have tried and failed before. Put simply, I did not have the experience or resources to transition my idea into a workable solution. Now, I have the opportunity to leverage NBT’s vast venture development experience and expertise. Even though I am only at the beginning stages of the EiR program, I am already feeling much more comfortable and confident in developing a successful solution.
What do you find most beneficial about working with NBT?
I am not happy to confess this but I can be disorganized at times. NBT’s proven venture development methodology gives me a much-needed structure in the proper ideation, evaluation, and launch of my business idea. Working alongside a team that is experienced in various fields of technology and venture development has been incredibly beneficial and I’ve already learned a lot. With the company’s open-door policy, I can reach out to experts to discuss product development, marketing, or funding which is paramount to determine the success and feasibility of my business case.
Lastly, I should add that NBT’s reputation makes it much easier to reach customers at the early stages for validation of industry problems.
What technologies are you most excited about for your business case?
Since it’s an IoT-based solution, I would say that I’m most excited about IoT sensors and their ability to collect data from different sources (workers, equipment, material, etc.) to better understand and optimize processes. I’m also eager to implement machine learning and AI concepts into my business case to help industry stakeholders with predictive scheduling and budget monitoring.
What milestone are you hoping to achieve with NBT in 4 months?
I am hoping to find design partners or early adopters who are willing to work with us to develop a solution for the industry. That will prove that a real interest exists and reinforces the fact that the problems we identified are real pain points that need solving.
What is one inspirational quote you live by?
“Imagination is everything. It is the preview of life’s coming attractions.” — Albert Einstein
What does the Machine Economy mean to you?
We are living in a world where our resources are limited and in my opinion, up until now, humans have not done a great job of planning ahead for the potential scarcity of these finite resources. I believe with the Machine Economy, economic activities can more deeply rely on machine logic to bring about necessary operational efficiencies with their ability to decide and execute economic transactions.
If you’re interested to learn more about Veysel Doganoglu, you can find him on LinkedIn.
🏁 Get Involved: Join NBT’s EiR Program
We want to show the world that there’s a different way to build ventures and technology solutions to address current and future challenges. Through our novel venture-building approach, extensive thought leadership, and tech expertise, we lead by example and inspire others to follow.
That’s why we’re calling on you — the future founder.
If you’re inspired to work on a new idea in the fields of Construction Tech, Proptech, Industry 4.0, DLT, Pharma, or the Machine Economy — apply to our EiR program today!
Curious to know more about NBT? Learn about us here👇
