A Chicago-based freight technology company has been selected as an alternate finalist for the 2016 SXSW Accelerator pitch competition.
Nearly 500 companies applied — both domestic and international — hoping to claim one of 48 finalist positions for the big event in Austin this March.
Touting the benefits of its cornerstone Integration Platform as a Service (iPaaS) supply-chain solution, project44 (founded 2014) was selected as an alternate in the Enterprise and Smart Data category.
Alternates will serve as backup in the case of an actual finalist in that category not being able to attend; three alternates were selected for each eight-company category and one winner will be selected from each of the six individual categories. Alternates not used as backup finalists will still have a chance to get in front of the SXSW Startup Village audience by participating in a one-minute speed pitch at the Accelerator awards ceremony.
The team was pleased to make it onto the SXSW list in any capacity. "We're inspired by our competition, who are clearly some of the country's greatest innovators. Even as an alternate, it's a really exciting opportunity," said company president Tommy Barnes—who'd formerly served as VP of Operations at the recently acquired Coyote Logistics.
Though their technology is new, Barnes brings 20 years of experience working in supply chain management and freight transportation to the table — he's seen the financial and operational impact of poor execution firsthand.
Positioning itself through the tagline "we're not a TMS, we just make yours better," project44 integrates with a company's preexisting Transportation Management System to enhance operations through their freight APIs and dynamic pricing engine. A growing demand for faster, more efficient and proactive supply chain communications served as catalyst for the company's offerings. "The [freight] industry is incredibly fragmented because it relies on an outdated communication system to transmit information between shippers and their carriers," Barnes said. "We're using modern, cloud-based technology to enhance the way players in the supply chain operate in real-time."
It's yet another example of how technology can be applied to breathe life into more traditional businesses. project44 saw an opportunity to help accelerate a stagnant industry, and Barnes hopes the awareness they'll gain from SXSW will likewise help accelerate project44's growth.
"As a trailblazer in an industry that has been historically very resistant to change, we know it’s important to demonstrate how the freight industry is evolving to the more mainstream audience of innovators and financiers that the SXSW Accelerator attracts," Barnes said. "Winning would be a huge accomplishment for project44, but it would also show to the world how this $700 billion industry is finally ready to progress in a major way."
Only two other Chicago companies made the competitive SXSW Accelerator cut this year: Hearken (Finalist in the Entertainment and Content Technologies category) and Moneythink (Alternate in the Payment and Fintech Technologies category).
The 2016 SXSW Accelerator pitch competition takes place March 12 and March 13 in the Startup Village at SXSW in Austin, Texas.
