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.
WHAT WE BELIEVE
In financial markets, investors focus on what securities to buy, what price to pay, and how this affects their risk profile. They take the execution of the trade for granted. In procurement, too often, B2B buyers obsess over the execution of the trade. This crowds out thinking about what to buy, who to buy it from, or what price they should be paying. We believe that techniques and business models proven to work in financial markets can improve procurement massively.
WHAT WE BUILT
A simplified digital procurement experience with no required implementation or training. Shorter cycles. Lower transactions costs. Relevant market intelligence. Supplier discovery. Increased competition on price and solution for lower opportunity costs. More potential customers.
What we do
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.