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Tuesday, November 30, 2010
The Pitch
EximFlow aims for smooth trade transactions
By Lynette F. Cornell
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UMass President Jack Wilson on Entrepreneurship
EximFlow Inc.
Headquarters: Boston
Phone: 781-333-8681
Email: s.arbetter@EximFlow.com
URL: www.EximFlow.com
Founded: 2010
Employees: 1
In the company’s own words:
“For most, international trade is a complex and daunting process. But when you look closely at the industry, you see the glaring inefficiencies and problems and the fact that traders can improve their profitability by 10 to 40 percent by automating their trade practices – now importing and exporting becomes much more interesting. EximFlow is a platform for international trade that automates the document creation process and eliminates costly errors. EximFlow is like TurboTax for trade. EximFlow’s trade wizard allows people to work in a structured format using the exact codes and conventions used by financial institutions, government agencies and other third-party suppliers, thus eliminating errors up front. Our trade wizard will also validate the data across the documents of the transaction.”
The technology:
EximFlow’s software allows users to negotiate the terms and condition of their trade transaction with their trading partner. When the terms are set for the transaction, the user then selects the documents they need to generate, such as export declarations, bills of ladings and pro forma invoices. The software also allows users to integrate custom or specialized documents into their own personal library. The software then creates the documents and the user can then send them to the appropriate parties. EximFlow also creates a history/audit trail for future transactions and government compliance.
People behind the company:
Stacey Arbetter, founder & CEO, was formerly the founder and president of Manchester, N.H.-based High Quality Tactile Systems, a manufacturer of specialty tile to aid the blind and visually impaired. Her first company was Boston-based Trilateral Trading Corp., which grew to the largest independent exporter of automobiles in the United States. Michael Fitterman, EximFlow’s technical advisor, is the director of engineering at Constant Contact Inc.
The plan:
Initially, EximFlow plans to target SMBs trading with China in the automotive, electronic and food processing industries. The company will generate revenue on a subscription and pay-per-use model depending on the customer’s size.
The pitch:
The company is seeking $300,000 for product development and to achieve its first-year milestone of 300 customers. Arbetter said she is specifically looking for investors with experience in international trade, including those with manufacturing, banking or shipping experience. EximFlow is also searching for advisors in the international banking, law, shipping and logistics industries.
Accomplishments:
EximFlow is a graduate of the Founder Institute’s Boston Summer 2010 semester and is an enrolled Microsoft BizSpark company.
The market:
The company is pursuing the global trade management tools market, which Arbetter said is a $6 billion+ market.
The competition:
According to Arbetter, the other software companies in the international trade sector offer large enterprise class solutions, focus either on the export or import side of trade or are limited to country-specific solutions. EximFlow is targeted specifically at SMBs, which Arbetter said typically lack the resources for the other solutions.
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