“We want to make large-scale acquisition simpler, fairer, faster,” said Sooran, who is drawing upon his background in finance to do so. “We’ve built a cloud-based solution that acts as a layer that can be used individually or with existing technology.”
One challenge the platform seeks to address is that of finding the right suppliers to submit proposals. For example, out of 100 potential contractors perhaps only three are fully equipped to solve the problem outlined in a RFP, and others offer only a partial solution.
“If none of those three suppliers submit a proposal then you end up buying from one of the other 97 who submits,” Sooran said. “You may end up commonly overpaying for a second-best solution.”
EdgeworthBox’s platform employs a 21st century approach to circumnavigate the tedious and repetitive process contractors endure to register as a vendor with numerous government agencies. The company aims to serve as a clearinghouse for both administration and data.
“Register with us once and give the information needed to be a vendor of record with any buyer on the platform,” Sooran said, adding the platform will also include social networking tools for both buyers and suppliers to tell their stories.