Contract Opportunities vast landscape of U.S. government
worth billions annually, lies a challenging terrain for vendors due to bureaucratic hurdles and red tape. With more than 11 million Contract Opportunities signed each year, the potential is immense, but the complexities are equally daunting.
Navigating federal contracting involves not only the arduous process of becoming eligible but also dealing with the intricacies of proper reps and certifications, filling out various “standard form” documents, and complying with federal acquisition regulations. The wait for contract awards averages from months to over a year, adding to the frustrations faced by companies.
Mike and Nick Weiland, founders of Telescope
initially dedicated to seizing government contracting opportunities, quickly realized the need for a solution that goes beyond mere identification. This realization led to the birth of Govly, a platform designed to streamline the entire process.
Govly, recently backed by a $9.5 million Series A round led by Insight Partners, aims to simplify the complex world of federal contracts. Mike, the CEO, emphasizes Govly’s role as a “market network for public sector procurement,” offering a singular platform that minimizes the risk of entities in the supply chain missing opportunities or crucial notifications.
The platform leverages SAM.gov, the official vendor eligibility tracking site, as its default source for potential contract opportunities. However, Govly goes further by supporting other contract feeds. Users can create targeted searches to match specific contract types and receive timely notifications when new opportunities align with their criteria.
To enhance the efficiency of contract searches, Govly employs a combination of third-party AI services, including OpenAI’s GPT-3.5 and AWS Comprehend. These services focus on key elements of a contract, such as description, due date, customer details, and location, while normalizing the various classification codes used by the government.
Beyond contract searches, Govly offers automation of contracting workflows. The platform facilitates tasks like initial solicitation, enabling businesses to collaborate seamlessly with partners in response to solicitations. Govly users can even identify potential new partnerships during the process, fostering a collaborative environment for government contract bids.
In essence, Govly emerges as a game-changer in the realm of federal Contract Opportunities, providing companies with a comprehensive and efficient solution to navigate the complexities and seize lucrative opportunities.
