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“There are two ideal profiles for a procurement founder … you have industry veterans that live the problem, feel the pain, go out and create a solution to solve that pain. That’s been a tale as old as time. … There’s also serial entrepreneurs that don’t have a procurement background but understand a problem and want to go study it and bring on others to help them.”
In recent years, there has been an “explosion” of procurement tech startups. But not all procurement startups are able to reach their full potential.
In this episode from Digital Outcomes 2023, Philip Ideson speaks with Jack Freeman, procure tech investor and Partner at PeakSpan Capital, about the challenges and opportunities procurement tech startups face, particularly in category specialized solutions like SaaS, vertical software, finance, or construction.
Jack shares his perspective on:
- The most common reasons procure tech startups struggle
- Strategies for avoiding the most common roadblocks founders and CPOs face when working with or launching young or emerging technologies
- The skills and background procurement tech founders should develop to successfully raise the capital they need to scale their technologies and go to market
- The nuances of what makes a successful procure tech founder