Wissam Akra, Founder and CEO of Tough Leaf, will appear on New to The Street to discuss the company’s founding and its innovative approach to diverse firm bid procurement and compliance. Recently, Tough Leaf raised $4.5 million in early-stage venture funding, supported by Reformation, AlleyCorp, and Stellifi. This funding reflects the platform’s growing influence in the construction sector, where it connects general contractors with top-tier, certified diverse, local, and small businesses.
Akra, a former project manager with firsthand experience in overseeing major infrastructure projects like the Second Avenue Subway and Hudson Yards, shared how his experience trying to solicit bids from diverse firms led him to establish Tough Leaf in 2021. “I saw a massive need for a solution that could simplify the process of finding qualified diverse subcontractors,” Akra says. “Traditional methods weren’t effective. It was a lot of manual searching, networking, and hoping you’d find someone who met the project’s requirements and who had the proper certification.”
In his interview, Akra shared the personal story of how he transitioned from a successful career as a construction manager to pursue an MBA at Columbia University, ultimately leading to the founding of Tough Leaf. He identified a significant issue in the industry: the need to help contractors obtain more bids from qualified diverse firms, including MBE, WBE, DBE, SBE, UBE, and VBE. With Tough Leaf, his goal was to create a platform that simplifies the identification and solicitation of these diverse firms while also providing continuous support to small businesses seeking to access more construction projects.
Topics Akra discussed include:
1. The genesis of Tough Leaf – As a resident engineer on billion-dollar projects, Akra witnessed the ongoing struggle to find qualified small and diverse businesses that met specific project needs and regulatory requirements. This experience sparked his idea to create a comprehensive solution that would make it easier for contractors to fulfill these requirements and award more trade packages to diverse firms.
2. Bridging gaps with technology – Tough Leaf aggregates data from numerous certification databases to streamline the process of identifying and receiving bids from
certified firms. Akra detailed how Tough Leaf provides a LinkedIn-style profile for each business, showcasing critical information on capabilities, revenue, and insurance status.
3. Empowering small businesses for long-term success – Beyond connecting contractors with subcontractors, Tough Leaf is committed to supporting small businesses by helping them build capacity. Akra outlined plans to expand Tough Leaf’s offerings, such as providing resources for insurance, bonding, and financial support, enabling small businesses to take on more significant projects.
4. Future plans for Tough Leaf – Akra discussed how the platform is evolving to support general contractors throughout the entire project lifecycle. By ensuring that compliance continues from bid to completion, Tough Leaf helps contractors maintain project eligibility and pursue future opportunities.