Manufacturing is the backbone of industrialized economies. Yet, because of the amount of capital it takes to get started, many entrepreneurs and companies never get off the ground.
McPond, a peer-to-peer platform based out of Chicago, is poised to change that by providing a way for manufacturers to list their idle machines for rent. Temporary access to industrial manufacturing equipment can cut investment costs or increase production for a new or established company. Meanwhile, companies with idle equipment can earn passive income by listing their machines for rent.
“Having had the opportunity to work in family-based manufacturing business for years, I realized that the companies can make money from their idle machines,” says founder Rigved Raut. “At the same time we want to inspire companies and entrepreneurs who cannot justify or afford to invest in machinery — or the upgrading of equipment that does not meet requirements for their specific projects.”
McPond currently lists machines for rent in Ohio, Maryland, Florida, and Colorado. Machinery varies from 3D printers, CNC machines, jig mills to burn-off ovens. Lenders receive more value out of their assets and generate passive income, while those renting get immediate access to machines and an ability to take on a larger workload.
“Access over ownership is the trend of the future,” says co-founder, Albert Burgos from Chicago, who has 35 years in manufacturing industry. “Making redundant hardware useful in generating greater economic activity is advantageous to both producers and consumers. We want to build trust between the two and ourselves making safety and care of the property our top priority in customer service.”