Entrepreneurial deadline looms for Logistics Industry Opportunity Challenge

By Milt Capps
Published Wednesday, September 4, 2024 1:42 pm

Entrepreneurial deadline looms for Logistics Industry Opportunity Challenge | Vibrant Memphis, Epimemphis, Ido Sarig, Ian Bergman, Nate Smith, Anthony Young, Minority Business Development Agency, Department of Commerce, economic development, entrepreneurs, accelerators, industry challenges, customer discovery, startups, supply chain, logistics, transportation, shipping, Alchemist Accelerator, EPicenter,

ENTREPRENEURS seeking to operationalize and scale logistics and supply-chain businesses in one of four industry domains have through Sept. 13 to apply for admission to Memphis's Logistics Industry Opportunity Challenge.

The hub city's Challenge initiative engages well-prepared founders of innovative startups with supply-chain industry leaders, among other support.

Founders simply need to bring -- with conviction -- their well-reasoned ideas, prototypes, minimum-viable product (MVP) or early-growth businesses to the table.

Alchemist
Accelerator

The initiative followed considerable industry pulse-taking, as reflected in comments of Alchemist Accelerator Managing Director Ian Bergman in a video overview of the development of the Challenge, which is led onsite by Ido Sarig, managing director of Alchemist's Memphis Hub, and by Nate Smith, Epicenter director of startup services.

The organizers promise that "In addition to being introduced to industry leaders in logistics, founders will participate in facilitated conversations with prospective customers who face these challenges and are ready to try out solutions. Winning pitches will get the chance to implement their product in a real-life setting as a pilot project with the sponsoring corporations."

The Challenge is supported by industry executives and backed by Alchemist Accelerator, Memphis World Trade Club and by Vibrant Memphis aka Epicenter. The program is made possible by a grant from the U.S. Minority Business Development Agency's Capital Readiness Program, within the U.S. Department of Commerce.

No guesswork required: Those running the Challenge have defined four Challenge Areas and 15 problem statements, and invite proposals for still further industry problems.

The Challenge Areas:

  • Traceability and Visibility Across the Supply Chain
  • Automating Customer Interaction
  • Real-time, Actionable Insights into Dynamic Business Conditions
  • Logistics Data Analysis and Prediction

The 15 established problems focus on:

  • Real-Time Cargo Tracking for Shippers or Brokers
  • Ocean Container Tracking for Freight Forwarders
  • Optimizing LTL Rates with APIs for Shippers or Brokers
  • 24/7 Customer Information Access for Brokers and Carriers
  • User-Friendly Customer Interactions for Brokers and Carriers
  • After-Hours Customer Support for Brokers and Carriers
  • Streamlining Operations for the entire Supply Chain
  • Creating a Comprehensive Parts Catalog for Shippers
  • AI for Customs Regulations for Customs Brokers and Import Shippers
  • Updating Tariff Information for Customs Brokers and Import Shippers
  • Data Consolidation Across Systems for customers throughout the supply chain
  • Predicting and Managing Transportation Costs for non-asset carriers or shippers
  • Optimizing Accessorial Costs and Delivery Rules for non-asset carriers or shippers
  • Incentivizing Advanced Shipment Information Sharing for shippers
  • Authenticating and Vetting Carriers for non-asset carriers or shippers

If not one of those fits, then applicants for the Challenge are welcome to suggest additional problems statements for consideration.

EPICENTER is currently led by Interim CEO Anthony Young.

NOTE: Separately, Epicenter is preparing for a non-industry-specific six-week classroom-style accelerator that includes training with respect to capital readiness and recruiting. Related info here. VNC

. last edited 1400 4 September 2024