I am an entrepreneur. I can’t help but analyze everything around me and look for a better way of doing things. Continuous improvement was something instilled in me from college. I’m probably dating myself, but when I was in college the hot trend was “Total Quality Management”. Nonetheless, principles of TQM seem to fuel my entrepreneurship.
I started a company called Global Test Supply in 2004. Global Test Supply is an e-commerce company that sells test and measurement equipment and electronics. One part of our business was equipment rentals and it happened to be a very lucrative part of the business.
Rental demand for our equipment was driven by several factors. Companies only needed the tools for a short project. They were small and couldn’t afford the tools. They were opportunistic and figured out a way to mark-up rentals and make a profit. They were testing solutions before buying. The list of reasons to rent was endless.
The rental process at Global Test Supply and, as I came to find out, other vendors was quite involved and a pain. We had to make sure the customers were qualified to avoid theft or misuse of our equipment. A rental contract had to be signed. In many cases an insurance certificate needed to be collected. The logistics of getting the equipment had to be worked out. And we had to account for all the equipment parts and accessories upon return. It was a very tedious process requiring phone calls, faxes and chains of email.
The thought occurred to me there had to be a better way. The thought also occurred to me that this process was as painful, if not more painful, for the customer as it was for us.
KWIPPED was born.
The efficiencies of the Internet could certainly be leveraged to the equipment rental market. As I started to do research, I realized the equipment rental market is big… actually HUGE. Any small gain in efficiency could have a huge impact on the market and since I expected significant gains in efficiency from KWIPPED, a lot of companies and people will see value.
So, I started KWIPPED. It will change how companies find equipment, locate vendors and manage the logistics of their rental. It will make the equipment rental process so simple and easy that supply chains will be reorganized, an industry of new businesses will be born, and people’s lives will be improved!
At least this is my vision and the reason I started KWIPPED.