EdgeworthBox
HQ Address
NYU Tandon Veterans Future Lab, 87 35th Street, 2nd Floor, Brooklyn, NY, 11232, United States
Website Address
Relevant Regions
Business introduction
Sourcing made simple
EdgeworthBox helps B2B buyers purchase the right solution, from the right supplier, at the right price
EdgeworthBox is a procurement platform with tools, data, and community that helps buyers obtain value for money. We enable elastic procurement™. Buyers can scale up their use of EdgeworthBox when they need it and scale it down when they don’t, paying only for what they use. The platform is a web application, requiring no implementation. It is simple to use with a familiar, consumer-like interface, demanding no training. Seat licenses are free, so organizations can have an unlimited number of users, spanning the enterprise.
EdgeworthBox charges fees for value-added services including RFP/RFQ execution and sales enablement. Included in the free tier is access to structured data about public purchasing activity, tools for organizing and sharing internal procurement data privately, and a social network connecting all the users on the platform to one another for multi-dimensional collaboration. We offer a knowledge base with a variety of help materials, as well as full support during North American business hours.
Business Overview
Coming from financial markets, we were shocked at how difficult it was to get set up as a vendor of record, how hard it was to help our customers understand the market, and how long and bureaucratic the whole process took. We were astonished to find that the buyers had an even worse time putting together RFPs and RFQs and getting relevant suppliers to engage and respond. We decided to build a platform similar to ones that we saw work in capital markets that trade millions of times a day. EdgeworthBox brings tools, data, and community so that buyers can research markets, write better RFPs, engage suppliers, and speed up the cycle for more efficient reverse auctions. In financial markets, investors focus on what security to buy, what price to pay, and what kind of risk they are taking. What we found in the markets for real goods and services was that buyers were too often pre-occupied with how to execute the trade. The questions as to what to buy, from whom to buy it, and what price to pay were afterthoughts, despite their superior import. EdgeworthBox is a platform designed to refocus the buyer and supplier on matching with one another efficiently, so that both get value from the relationship. Our vision includes introducing smart contracting to mediate frequent, repeat purchases, as well as the introduction of AI tools for Statement of Work generation and supplier proposal development. These will shorten the cycle and improve outcomes.
Customers
We focus on clients that have sourcing and matching jobs to be done that are not well served by existing Big Procurement systems. This may be because the buyers are too small to justify the expense and complexity of Big Procurement. Or it could be that the design of these Big Procurement systems is inflexible, making them well suited for one context but poorly suited for another. EdgeworthBox is especially useful as a replacement for email and spreadsheets where there is a need to coordinate multiple people in coming to a decision. Our initial areas of focus include financial technology, innovation, operational due diligence in investment management, AML/KYC, and social procurement.
Key Data
Year founded
2017employees
2-10offices
2Type of Clients
- Asset Managers
- Bank Wealth Managers
- Brokers/Broker-Dealers
- Financial Advisors
EdgeworthBox Solutions
EdgeworthBox
From the Industrial Revolution, businesses have used the reverse auction to buy goods and services. Requests for Proposal (RFPs) and Requests for Quote (RFQs) were a way to get suppliers to compete on price. For a long time, this worked well. As long as companies were buying simple things, it was......
