MarkITx is a transparent B2B marketplace to buy, sell & trade used IT equipment.


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Why MarkITx is better than Tatooine

The resale market for used IT equipment is as dry and unfriendly as Tatooine. So what’s an IT pro supposed to do with their old servers, switches and routers?

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If you’re here reading this, you know MarkITx is a friendly planet. We provide you with a free valuation of what your gear is worth and, when you’re ready to buy or sell, our matching engine takes all the work out of finding what you need. Of course, you could always wait for the scavengers to haul away your droids. Maybe they will build clusters to calculate how in the world Han Solo did the Kessel Run in less than 12 parsecs (h/t Stupendous Man).

That Cisco switch gathering dust in the corner of your Rebel base? Yeah, it’s worth money. Want to justify a badass server to battle the dark side? Show your finance director how much you can offset the cost by selling some of your used equipment on the exchange.

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MarkITx is an equal opportunity IT exchange where all members and transactions are protected from Jawas and other rodent-like gear grubbers.

Even though we do our best to keep the tricksters at bay, on occasion, they slip through. Recently, one enterprising Jawa was spotted impersonating a trader on the MarkITx exchange. It’s unclear what this particular Jawa was planning to do with the money recouped through multiple trades. What is more annoying is the high-pitched complaints about sand in the equipment and overheating machines, but no one has yet to file a ticket.

Utinni!


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MarkITx LunchMetrics™: Data Science Doesn’t Break for Lunch

Startup life can be all-consuming. Anyone who has ever worked at a budding early-stage company knows the job doesn’t adhere to traditional business hours or routine meals. Here at MarkITx, we’ve witnessed Neil polish off a single-taco lunch with a breakfast sandwich chaser, and pretty much everyone can subsist on KIND bars, pretzels and multiple espresso shots (that’s four for Frank) at all times of the day.

So I suppose we shouldn’t have been too surprised when we discovered Bryan Harakh, our resident data scientist, has been crunching HappyGrams™ in a spreadsheet called LunchMetrics™.

Charted over the course of several months on a mostly-consistent basis, Bryan has combined quantitative data (e.g. the weight and price of his lunch meal) with other factors (lunch location, items, and “HappinessFactor”) to calculate an overall happiness-per-gram metric. Though this value set isn’t yet approaching “big data,” we can now report the following initial findings related to the care and feeding of our Chief Data Scientist:

  • Chipotle consistently scores the most HappyGrams™
  • Seven on State–though composed of a number of delicious stations–falls quite short of the average
  • There seems to be a larger-than-expected variance in portion size–even at the same restaurant and for the same order
  • Variety is important: restaurants are rarely visited more than once a week, and restaurants with a wide range of HappyGrams™ per dollar are visited with equal frequency
  • LunchMetrics-Dec2013

    Building the industry’s first real-time exchange for trading IT equipment requires the right kind of fuel. Any opportunity to improve the efficiency of our technology and operations will be taken seriously. With the data model in place, more of us are going to start using LunchMetrics™. And now that data drives more than fair pricing algorithms around here, we can get smarter about maintaining a well-fed and happy team.

    We’ll return for a Q1 update to see if HappyGram levels remain constant and Chipotle continues to eat Taco Fresco’s lunch. Meantime, we’re going to make sure all our data is properly digested by taking Bryan out for his favorite meal. Bon appetit!


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Flubbing my Four Minutes of Fame at the Bloomberg Business Summit

As a startup CEO, there are many opportunities to pitch your company. Between fundraising, press interviews and scrappy word-of-mouth tactics that often involve testing your elevator pitch on unsuspecting family members during the holidays, I’ve had a lot of practice. With a continual loop of feedback from a broad range of people, I like to think I’ve honed my MarkITx story into a strong pitch that gets better over time.

Yet somehow, all the repetitive practice couldn’t have prepared me for my four minutes of fame at the recent Bloomberg Business Summit in Chicago. Naturally, it was incredibly humbling to be invited to present at an event that included Madeleine Albright, Eric Schmidt, Walter Isaacson and many other esteemed figureheads on the same bill. This was definitely the coolest collection of leaders I’ve ever been around. It also might explain why I was so incredibly nervous to tell the MarkITx story to a room full of business royalty, press and my wife.

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For those who know me, nerves are not something I typically deal with. I can pretty much talk to a rock if said rock were in a position to buy a seat on the MarkITx exchange or discuss the latest Blackhawks or Bears game. But I learned something really important about myself after this event. In short, I over-prepared.

For weeks, I read and re-read a carefully crafted pitch that told a sweeping tale of how some of the biggest commodities exchanges got their start. For days leading up to the event, I memorized key stats and trend data. Hours before the pitch, I continued to practice and remember all the words I had to cram into four minutes. All of this careful planning was to no avail. When the time came to stand up and tell my tale, I froze.

Just look at me. I was a fumbling, bumbling ball of nerves up there, reading word-for-word from the slides and breaking every presentation best practice that’s ever been written. All I could do was look at my wife and will her to run out and pull the fire alarm or set the carpet aflame to distract from my Bloomberg breakdown.

It’s a given that there will most certainly be nerves when you are presenting to an important audience. And many experts will tell you that the best way to combat those jitters is to be prepared.

In my case, I went to a preparation extreme – a tack that was way outside my normal modus operandi. And I now know that over-preparation doesn’t work for me. (Interestingly, once I let go of the fear and just told my story, things got better and I rocked the Q&A!)

Sure, there are hard and fast rules that accompany the perfect startup pitch. And if this were my first rodeo, I would think nothing of following these rules to the letter. But in this specific case, I was so star-struck by the venue and audience, I opted to wear an unfamiliar and obviously ill-fitting hat, one that resulted in a mangled pitch that sounded nothing like the smooth and natural story I’ve been telling for years.

To those of you who were unfortunate enough to have seen that pitch, I’m sorry and will buy you a drink next time I see you. For those startup entrepreneurs who will undoubtedly face a similar room someday, here’s my advice: Know yourself. Don’t try to be something you’re not. Think of these opportunities as one-on-one conversations and just tell your story with as much passion and fervor as you can muster. It is precisely that kind of enthusiasm and authenticity that will fill the room and speak for itself, louder and stronger than the nervous voice in your head telling you to run for the hills.


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Meet MarkITx, the ‘New York Stock Exchange of IT’

Used computer equipment — such as servers, switches and hard drives used by corporations and governments — is a commodity, so why not trade it like one?

That is the mantra of Frank Muscarello, 42, founder and CEO of MarkITx, an online exchange for enterprise IT hardware. MarkITx connects buyers and sellers, and inspects and refurbishes the equipment through one of its certified partners.

“We’re building a central clearing firm, right in the backyard of some of the largest clearing firms and trading firms in the world,” Mr. Muscarello said. “We like to say we’re the New York Stock Exchange of IT, where the only thing that matters in a marketplace is liquidity.”

He launched the company in April 2012 and now has $80 million in inventory on the site. After starting at incubator 1871, MarkITx moved out and recently raised $2.2 million in capital on top of the $1.1 million raised at the end of last year.

To watch the video and to see more of Lisa Leiter’s Entrepreneurs in Action series, click here.


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MarkITx Raises $2.15 Million in Second Round of Seed Funding

 

Newest Alumni of Startup Hub 1871 Opens Its Own Office and Hires as Platform Gains Market Traction

MarkITx, the premier online marketplace for buyers, sellers and wholesalers of secondary IT equipment, today announced that it has completed a $2.15 Million second round of seed funding. Every original MarkITx angel investor, including Michael Balkin, Francis Wisnewski, Jack Keenan, John Ward and other prominent Chicago business leaders, doubled down on their initial investment, bringing the company’s early financing to $3.31 million.

“This latest round of funding shows the commitment of our investors and reinforces their belief in our platform as a scalable and necessary means of disrupting the $320 billion secondary IT market,” said Frank Muscarello, serial entrepreneur and Founder/CEO of MarkITx.

One of the original members of the startup hub, 1871, MarkITx also holds the distinction of now becoming one of the original “graduates” of the co-working center for tech startups. MarkITx moved from 1871 to a temporary suite at 1 E Wacker Drive while its 2600 sq. ft. of permanent office space is being completed in the same building. The company now employs 11 people with plans to hire another 10 in a year.

“I congratulate MarkITx on its latest round of funding. 1871 is a hotbed of innovation, producing great companies around Chicago, and I look forward to continued great accomplishments,” said Chicago Mayor Rahm Emanuel.

MarkITx’s revolutionary platform brings buyers and sellers together by providing real-time values of depreciating IT equipment and access to the marketplace’s global inventory. Sellers shorten their technology refresh cycles by utilizing the platform’s value-over-time information. Buyers bid on listed products &/or indicate products they are looking to acquire which are not currently listed in the MarkITx marketplace.

From its initial beta launch in May 2012, the transparent two-sided market continues to gain traction; inventory levels now exceed $65 million with over $40M supply and $25 million in demand.

About MarkITx

MarkITx is changing the way the world trades IT. Founded in 2012, it is a transparent online marketplace for buyers, sellers and wholesalers of secondary IT equipment using real-time intelligence to determine market value based on current global supply and demand. The notion is that hardware is a commodity and therefore it should be traded like one. MarkITx is building the NYSE of IT to ultimately monitize the data and become the predictive IT marketplace.The Chicago-based company has been disrupting the $320 billion secondary IT market by keeping hardware sales safe and simple while partnering with leading OEM-certified refurbishers to provide the best value in the industry. For more information visit http://www.MarkITx.com or follow us on Twitter @MarkITx.

View original post here on PRWeb website


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MarkITx Raises $1.06 Million to Begin Disrupting a $348 Billion Industry

MarkITx has some exciting news we thought was worth sharing. We’ve raised over $1.06 million in angel funding which will allow us to move forward quicker than ever to begin disrupting a $348 billion industry, an industry that is currently screaming for disruption. For the past year our team has been hard at work building out a product that will make the process of buying, selling and upgrading IT equipment painless and most importantly we’ll provide real-time data analysis of the market which will ultimately help our members make smarter business decisions on behalf of their company. Thank you for your continued support, we cannot tell you how thrilled we are to continue building this platform out to reach its greatest potential. It’s nothing but up from here, folks!

Check out the announcement released in the press:

MarkITx, a transparent marketplace for buyers, sellers and wholesalers of secondary IT equipment, today announced that it has raised more than $1.06 million in angel funding led by Michael Balkin, Francis Wisnewski, Jack Keenan, John Ward and joined by other prominent Chicago Business Leaders.

Founded in 2012, MarkITx has developed a technology platform with a unique and proprietary algorithm to offer predictive pricing around the exact value of the depreciating IT. It allows for a major market disruption in a marketplace where there are currently no trusted, neutral parties, no clear brand leader or governance.

MarkITx’s unique platform manages the exchange of IT hardware, providing buyers and sellers with a real-time, transparent view of the secondary market. Using the platform, sellers are able to ship equipment to MarkITx’s OEM-certified partners where everything is inspected and refurbished before being sent on to the buyer. When delivery is accepted, money is released from escrow. Gartner estimates the secondary IT market is $348 Billion worldwide.

“We founded MarkITx with the vision to address a much needed void in the IT marketplace,” remarked serial entrepreneur and MarkITx Founder/CEO, Frank Muscarello. “MarkITx will effectively level the secondary, IT playing field by accurately and clearly communicating supply and demand to determine actual value.

Since kicking-off in April, MarkITx has already approximately $10M in Demand and $900,000 in Supply posted on its platform with a majority coming from Cisco Networking equipment and Apple iPads for the B2B space. MarkITx is using its seed financing to scale its team to meet customer demand and further build out its platform.

The leadership team consists of experienced entrepreneurs, Ben Blair, Marc Brooks and Muscarello, all of whom bring an understanding of both the trading and technology industries.

Muscarello commented on the fundraising “This is the first step in taking MarkITx toward the ultimate goal of revolutionizing the way that hardware is traded Globally. This funding is a small step towards achieving our goals and we look forward to changing the dynamics of the IT community. I want to thank our members for believing in MarkITx and our team, as well as our initial investors for their continued support.”

About MarkITx 
MarkITx is the premier online marketplace for buyers, sellers and wholesalers of secondary IT equipment. Launched in 2012, the site is already causing a major market disruption in the IT marketplace with over $1.0 million in transactions, $10.0 million in demand, and just under $1.0 million in supply. For more information, visit

Source: http://www.prweb.com/releases/2012/11/prweb10099130.htm


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1871 Membership Has its Privileges

Below is a post CEO, Frank Muscarello wrote for the 1871 Blog.

There are so many great startups in this city vying for attention and trying, sometimes desperately, to get funded with the hope of hitting it big. I have been a serial entrepreneur for the past 19 years with my fair share of huge wins and tremendous failures along the way. What amazes me is just how talented Chicago’s digital community is and just how remarkable the companies living, growing and doing business here are as well.  Even though I was born and raised in Chicago, built my businesses in Chicago and now raise my family here, I realize I have been blind to what has been here for years. Chicago’s entrepreneurial ecosystem is incredible.

To say that I have had the pleasure of meeting and getting to know some incredibly talented people would be an understatement. People like Brian Spaly from Trunk Club, Neal Sales-Griffin from Code Academy, Justin Massa from Food Genius, Jessica Zweig of CheekyChicago, Todd O’Hara of Toodalu, and Erik Severinghaus of SimpleRelevance to only name a few.  These are the people to watch; the ones that are creating energy in the community and who I feel confident to say are building the next great businesses here.

Sometimes you need to catch a break and sometimes if you work hard enough, you can create a little luck.  That’s exactly how I feel about my team being accepted into 1871. We didn’t have a real direction before 1871, we didn’t have a product to speak of before 1871, we didn’t have a rock star team before 1871 and I didn’t have partners before 1871. 1871 has singlehandedly changed the trajectory of our business – and it has happened in a little less than 90 days.  We’ve raised more capital than ever before, closed more deals than ever before, and now have a remarkable future ahead of us. 1871 is all about creating a culture that peppers in a healthy bit of competition among the startups where the strong will survive. And where else in the span of one week, can you get the opportunity to speak with JB Pritzker, David Cameron, Prime Minister of England and Rahm Emanuel about creating jobs and doing something remarkable to build business in Chicago.

I can personally say that it’s an honor to be a part of 1871. We are one of the lucky ones that intends to take this chance to make something big happen. Thank you to all the members and staff of 1871 for giving us a launch pad. I look forward to the day when I will be able to give back.

Happy National Co-working day!