ThinkIQ uniquely focuses on providing end-to-end traceability of materials as they move through complex supply chains. It does so with a software platform that uses sensor data (traditional and IoT) and advanced algorithms combined with semantic modeling to automatically detect physical events. Traceability data is then used as the “spine” to connect existing disparate systems and allow correlations that uncover the real issues in the supply chain.

The industrial sector represents a large portion of the Global economy and yet it is notoriously inefficient with a large negative environmental impact. Prior to ThinkIQ it was very difficult to correlate cause and effect events up and down supply-chains. This challenge prevents the majority of companies from addressing the root causes of waste, inefficiency, poor practices and supply-chain fragility.

Choosing the appropriate response as the world around you evolves. In our case, the changes described above are creating opportunities and challenges. It is tempting and necessary to react fast (the ability to do so is one of the few real advantages that startups have) even though we may not yet fully understand the implications or best solution.

Assemble the right team. There is no shortage of advice about “Only A-Players” and building the “100X Team”, but in reality it is nearly impossible for startups to attract this talent in the early days. Later, when the rocket ride begins, this becomes possible. In practical terms, this means your team structure must be fluid and you have to create a culture that truly encourages people to hire others who are better than they are. Plan for people to move from leadership roles into supporting roles and learn how to project that during the recruiting process so that you can actually bring in that higher level of talent.

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The way the Pandemic has affected people’s perception of Supply-Chains. Previously this was a niche area that enjoyed very little public attention. Even within Industrial Companies, individual facilities and factories would often operate as silos. Now Supply-Chain fragility is a dinner conversation for millions of families, big-tech companies are pivoting toward the problem and governments are looking for ways to help.

One word: empathy. In our discussions with Jim it became clear that Bonfire really does have empathy for what we do as founders and understands that the road is usually not straight or paved. There will be setbacks and they are the true test of the company.

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The experience has been excellent. Jim is incredibly smart and incisive and is able to help reach consensus on difficult choices at the BoD. Stepping up to bridge us to our Series A. The company has been negatively affected by the Pandemic and was not in a good position for the raise. Without Bonfire’s support it would not have been possible.

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Sapiens by Yuval Harare