Our founder, B, had the chance to sit down with Justin Bailey, host of the podcast Freight Famous, to discuss everything from Denim's background to factoring to how today's economic environment is shifting the freight brokerage industry.
Watch the whole interview below or read the highlights here!
The podcast's goal is to interview thought leaders in the space that are helping to build, scale, and automate trucking businesses. Here are some of the topics B and Justin discussed.
After spending some time going over B's background, Justin asked how Denim was doing and B was happy to point out some of our powerful statistics, such as:
We are really proud of these accomplishments and are excited to grow even more.
Next, Justin asked B what type of freight brokers we work with and he shared that the vast majority of the approximately 20,000 freight brokers are doing less than $25 million in revenue and this is who we service. At Denim, we have clients who are really tiny startup brokerages and we have clients who have been around for 5 or more years and are making millions of dollars a month in revenue. Through our platform, we are able to service both of these segments.
In the past, one of the biggest struggles for new brokers has been managing cash flow because they had to wait for the shipper to pay them, to then pay their carrier.
Today, that dynamic has changed because more and more carriers are expecting quick pay which a lot of startup freight brokers can't afford until they get paid. With Denim, we help solve this problem by paying the carriers directly. This is a win-win-win scenario because:
This system not only helps smaller freight brokers have more cash flow, but it also gives them an advantage because they can attract and retain the best carriers with reliable, consistent, fast payments.
While talking about cash flow, B also brings up the quote from Jeff Bezos about building a business strategy around things that are "stable in time." He says that "customers want low prices, fast delivery, and vast selection" and this isn't going to change in 10+ years. We approach freight broker payments in the same way. People have always wanted to get paid faster, and they will continue to want that, and today it's even easier to pay people faster via new technology and being able to move funds electronically. Freight brokers always ask us, and have asked us since the beginning, "can we pay my carrier faster?" and the answer is yes. We have doubled down on this promise.
B and Shawn, our CTO, are both in an interesting position because while they have always been entrepreneurs, they haven't worked directly in the freight brokerage space. But, that hasn't been an obstacle when growing Denim. In the interview, B says that one reason for this is because we approach everything from the position of curiosity rather than righteousness. We aren't telling brokers how to do their jobs, but are instead asking "what technology can we make that will help you grow your freight brokerage more?"
This positioning of always learning has helped us evolve our product into something that freight brokers actually need. We have worked with some amazing brokers that tell us what would be most helpful for them. One example of this is when we had a misaligned focus and had to shift it based on the industry.
This focus that we shifted came in the beginning of Denim. We built an amazing platform and like other tech companies (Facebook, Twitter, etc.) we were judging our success on how much time brokers were spending in the dashboard. But, we realized that instead of maximizing the time brokers spend in our dashboard, we should be minimizing it so they can spend more time growing their freight brokerage.
With this goal in mind, we released some super helpful integrations, like the ones we have with QuickBooks and TMS providers like EZLoader, Tai TMS, and AscendTMS. These integrations make it easier for brokers to factor invoices and manage their back-office operations and these improvements came because we listened to what our audience needed.
As we talk about digitalization, it's really interesting to look at the current conditions of the freight brokerage market and where we see it going. The industry is growing and most of the increased revenue is flowing to the smaller brokerages, which are generally young people starting out. These are the brokers that are looking for new tools and that will be dominating the market in 10 years. In 10+ years, the brokers dominating the market aren't going to look like the brokers dominating the market today.
B closes out the interview by talking about current market conditions and how these market conditions will impact both freight brokers and Denim. As a company, we are well-prepared for these changing times and if anything, these obstacles will make us stronger. Make sure to listen to his thoughts during the last quarter of the interview to understand more about how increased interest rates, a potential recession, and our current economy may help Denim, and our freight brokers, grow.
B joined PDQ America's podcast Trucking for Millennials to discuss how to use automation and capital to unlock your growth as a freight broker. On the Trucking for Millennials podcast, the team discusses what's happening within our industry today and discovers how the next generation of trucking and logistics professionals are impacting the supply chain. The podcast features weekly topical discussions, expert interviews, and real stories from the people moving and managing freight across the country. Hosts Michael Clements, Aaron Dunn, and the rest of the PDQ America team engage with the future of freight happening now.
Check out the podcast on Google, Spotify, Apple, or on PDQ's website!
In the beginning of the podcast, B explains that freight brokerages are a bit of an "invisible" industry, meaning that tech companies aren't focusing on how to evolve the industry as much as some others. He shares that this is one of the reasons why he and Shawn started Denim. They wanted to help digitize freight finance and bring all the modern tools that freight brokers deserve. This opportunity helps both existing freight brokers, as well as those just getting started.
"There are a lot of small and medium-sized businesses adding a lot of value to the ecosystem who are interested in building a tech-forward business but they don't have the resources or capabilities to build that tech themselves. We can fill that gap for them." - Bharath Krishnamoorthy, CEO of Denim
One of the main talking points B includes is the fact that having access to instant capital is a huge springboard to help young brokers get started and reduce a major bottleneck when growing their business. Denim provides working capital financing to brokers so they can pay their carriers quickly, which is key to helping them grow their business, stay competitive, and attract and retain top carriers.
In the past, a lot of factoring companies focused on providing carriers financial support, and the reason for this is that it was accepted that brokers wouldn't pay carriers for 30 or more days. But things have changed in the industry since the rise of quick pay solutions and now carriers want to get paid fast. They consider the fact that if shipping giants like UberFreight are going to pay them the next day, why would they go with a smaller broker? Our QuickPay services help small and mid-sized brokers stay competitive against these shipping giants.
We buy the invoice from the client, advance funds to them and pay the carrier directly, whenever the invoice is due we collect from the shipper.
Our primary product is invoice factoring, but we also offer a wide range of solutions for freight brokers, as B outlines in his interview with Trucking With Millennials. He explains some of our services:
The whole podcast is a really interesting look into what brokers want and need today, and offers tips on how to get started in the industry as a younger broker. B and the team at Denim believes that the freight brokerage industry is ripe for disruption.
Want to learn more about how Denim can help you grow your freight brokerage? Contact us today!
In this podcast, B sits down with David Tran on his Fuse Founders podcast. They talk all things entrepreneurship, how B and Shawn got started, and why they decided to focus on the freight brokerage industry. Watch the full interview below!
If you’re interested in learning more about how Denim can help grow your credit and help build your business, we’d love to talk.
Our CTO, Shawn Vo, Sat down with Tim Winkler, the founder of hatchpad, to talk about how engineers can stand out when interviewing for a startup like Denim. They touched on interviewing tips, how to leverage your network, and what to do if you don't know about a certain software in an interview. Watch the video below and read all about the interview here.
When Shawn talks about interviewing for a startup, he explains that there are three important components the interviewer should ask themselves: can you do the job? Do you want to do the job? And are you a good culture fit for the company?
Technical skills are a very important part about being an engineer so any company is going to evaluate your skill level, but there are always new tools to learn so don't fret if you don't know them all.
According to Shawn, what's more important is that you're willing and able to learn new tools. At Denim, the engineering team is happy to teach new employees things as long as they are willing to learn.
Are you motivated and engaged about this role? Shawn shares that to get a leg up during the interview process, make sure to show that you're interested in the company and the role by doing your research, asking questions during the interview, and sending a follow-up email. He prefers when candidates show a lot of enthusiasm about their potential role at the company.
Lastly, it's important to consider whether or not this candidate would be a good fit for the company and vice versa. At Denim, we ask ourselves "would this candidate be a good fit for an early-stage startup?"
At our company, we have important individual and team values that we share with every candidate and evaluate them against:
Shawn states that "having empathy is just as important as strong technical skills on a startup engineering team."
In addition to discussing how engineering candidates can stand out in their job interviews, Shawn and Tim also talked about Denim's programs for further education once an engineer is hired. Shawn broke them down into two different categories: financial support and mentorship.
Denim also offers a myriad of opportunities for engineers to learn new skills through collaboration.
Shawn and Tim closed their conversation by sharing some of their favorite ways to find mentorship and success as entrepreneurs and founders.
Watch the whole interview below!
If you’re interested in learning more about how Denim can help grow your credit and help build your business, we’d love to talk.
In a recent article with Transport Topics, Shawn joins other industry leaders to share his thoughts on how the pandemic accelerated change for shippers, brokers, and carriers.
The article, How the Pandemic Accelerated Change for Motor Carriers discusses the rising interest in automation, the importance of automation warehouses and digitizing your back office, and how supply chains are adjusting for e-commerce growth. It also talks about all of the supply chain disruptions we have faced as a result of COVID-19 and how remote work is changing the way we work, shop, and approach the logistics industry.
In discussing the permanence of remote work and the importance in digitizing where possible, Shawn Vo shares the following:
"The increasing comfort with remote work and less face-to-face contact also is pushing the digitization of back-office operations. You are moving to a virtual workplace. Digital workflows are being built to replace paperwork like sending invoices and signing proofs of delivery.”
And we take virtual workplaces seriously! As a remote-first workplace, Denim has perfected the "working from home" mentality. In fact, we were voted one of the Top 100 Remote-First Companies to Work For by Built In! A lot of that success is due to our digital tools. We have found ways to replicate the same culture that many in-office jobs strive for, only digitally.
For brokers, automating your back office operations as much as possible will help you free up valuable time to grow your business. Check out our plans for freight brokers to learn more about how to automate your collections, accounting, accounts payable, and more.
In this interview, Greg Mundy shares how he works with graph databases and the role they play in data collection and collaboration. Watch the whole video below:
If you’re interested in learning more about how Denim can help grow your credit and help build your business, we’d love to talk.
In any industry, remaining relevant requires fluency in emerging trends. This is particularly salient when it comes to tech, where constant improvements to efficiency and accuracy keep companies in a race for the greatest competitive advantage.The meaning of “efficiency” and “accuracy” has changed considerably from the early days of machine learning, AI and other foundational tech tools. With so much focus on their evolution, those tools (and their progeny, like intelligent process automation) continue to promise developments that can impact industries across the speed spectrum, from notoriously backlogged healthcare to agile consumer analytics.
Read More if you’re interested in learning more about how Denim can help grow your credit and help build your business, we’d love to talk.
In this interview, Denim's Head of Engineering Greg Mundy sits down with Tim Winkler on his podcast, Hatchpad Insights. Read the highlights from Greg's interview here and watch the full video below!
Greg is currently the Head of Engineering here at Denim, but for a long time he spent his career as a lead engineer where he could put his career on a sort of "autopilot." He did this by being good at what he did and understanding the key metrics he needed to continue to advance in his role. But when he took an engineering leadership role, a lot of this changed. He was more responsible for making strategic decisions for his department and the company as a whole and this uncharted territory was new to him. This new role prompted Greg to hire a leadership coach, which he says is the best investment he has made in himself. This leadership coach helped him determine what his "superpowers" were and how he could best leverage those superpowers for himself and his organization.
Greg is really happy that he took the initiative to ask for help and he encourages others in the engineering field (and any other field) to do the same if they feel stuck as a leader. He simply posted on LinkedIn that he was looking for a career coach and that's how he found his.
When Greg went to work finding a career coach, he deliberately looked for a coach that was more generalized, not a specific engineering leadership coach. The reason he did this is that he wanted to look at his career in a holistic way, not just through the lens of engineering. Through this, he unlocked more insight about himself as a person. Personal development is very important to Greg and he believes that being a good leader isn't just about what you can do on your own, but also how you can impact your team.
Watch the full interview here!
If you’re interested in learning more about how Denim can help grow your credit and help build your business, we’d love to talk.
Jason and Will are joined by Bharath Krishnamoorthy Founder/CEO of Denim to talk about the perfectly boring world of freight intermediaries and invoice factoring. Jason has some background in the business, and has worked with “B” before, which lends to a conversation with more credence and depth. The industry is a multi-trillion dollar industry that, for all intent and purposes, essentially exists in pen, and on paper. Bharath and his company are changing that, and bringing this literally rusty industry into the digital space.
Listen Now if you’re interested in learning more about how Denim can help grow your credit and help build your business, we’d love to talk.
