An Online Plan to Modernize Age-Old Shipping Industry
Each month the James J. Hill Center interviews 1 Million Cup presenters for the Startup Showcase feature in the Pioneer Press. Recently we connected with presenter Tom Venable. See interview as seen in the Pioneer Press Startup Showcase on March 10, 2017.
According to the Inland Waterways section of the 2017 American Society of Civil Engineers Infrastructure Report, the waterway system supported “more than half a million jobs and delivers more than 600 million tons of cargo each year, about 14% of all domestic freight” and “between 2000 and 2014, the average delay per lockage nearly doubled from 64 minutes to 121 minutes.”
While delays are inevitable, freight shippers and receivers do have an opportunity to maximize their margins by making sure they limit (or eliminate) miles when a cargo container is empty. Enter Basin Commerce, offering technology to a business that currently relies heavily on low-tech solutions, to save time, money and headaches.
CEO/co-founder: Tom Venable
City you live in: Excelsior
City of birth: Peoria, Ill.
High school attended: Edina High School
College attended: University of Minnesota
Name of company: Basin Commerce
Business start date: October 2016
Number of employees: 9
Number of customers: 15
Q. What led you to this point?
A. I have over three decades of experience starting and managing software companies all over the country. Most notably in the Twin Cities, I was SVP of sales for Digital River for most of the ’00’s.
In 2016, I met one of my business partners who was a lifelong commodities trader. Scott Stefan explained to me the inefficiencies of the bulk freight market and I explained to him the efficiencies of ecommerce techniques. So we teamed up to create the first and only on-line marketplace for bulk freight transportation services.
It is the story of a commodity guy meets an ecommerce guy in a bar one night, and thus Basin Commerce was born.
Q. What is your business?
A. Based on the shores of Lake Minnetonka, Basin Commerce aims to increase the utilization of the U.S. Waterway System for the transport of bulk materials and other heavy loads that are typically moved via rail and trucks. We do this through an online service similar to Uber or Expedia. At ibookfreight.com a “shipper” can request pricing for moving large quantities of bulk commodities from a myriad of suppliers across the country using the Inland Waterways System.
Q. Where do you go for help when you need it?
A. My three co-founders and a network of trusted advisers I have built up over 30 years.
Q. What problems does your business solve?
A. The manual, cumbersome process of finding, buying and managing bulk freight services via barges and trucks.
Q. What big obstacle or hurdle did you have to overcome?
A. We have to overcome the hurdle of changing human behavior in an industry that has been around for over 100 years.
Q. What personal strengths or skill sets do you bring to the business?
A. Sales, leadership and the understanding of how to build a software company.
Q. What are you most proud of?
A. Besides my 33 year marriage and three adult children it would be the speed by which we were able to launch Basin Commerce and start generating revenue quickly….READ FULL ARTICLE
You can hear from startups like this one each Wednesday, 9-10 a.m. at the James J. Hill Center during 1 Million Cups St. Paul. The James J. Hill Center is a nonprofit in downtown St. Paul that provides access to business research, educational programming and a place to work. The Hill is open to the public 8AM – 4PM, Monday-Thursday. To keep updated on what startup is presenting next or to apply to present, visit www.jjhill.org.