Colliers International Singapore on Sep 11 announced that ten startups from around the world are convened in Toronto, Canada for this first global proptech accelerator. Colliers, a leading commercial real estate services and investment management company, reported its 2018 class of proptech startups for the Colliers Proptech Accelerator powered by Techstars.
This program is part of Colliers’ focus on targeted innovation that will enable us to create solutions, shape technologies and find opportunities to advance its business and accelerate success. In its inaugural class, we have diverse technologies and entrepreneurs, including:
- Solutions across the real estate value chain such as commercial datasets for occupiers and investors; office services and tenant engagement; big data, analytics and artificial intelligence; space as a service; marketplaces and space utilization; and, Smart City and Internet of Things
- Entrepreneurs representing eight cities in seven countries
“Each startup in our Class of 2018 has been carefully selected for investment based on their approach to near-term, value-enhancing opportunities for our clients and professionals as well as longer-term opportunities that, with strong technology platforms, will help us push industry boundaries,” said Jay Hennick, Colliers Chairman & CEO. “At Colliers, our enterprising culture values mentorship and the benefits it can bring to a growing company. Our class will have access to more than 100 Colliers and industry mentors, as part of the Colliers Proptech Accelerator, giving them an exceptional opportunity to test, pilot and grow their companies.”
Over the next 13 weeks, the Class of 2018 will work from the Techstars Proptech Accelerator space in Toronto to refine their business plans and gain traction with the market, while accelerating their fundraising strategies and developing Demo Day presentations.
Through this process, the startups will work closely with mentors from Colliers and the broader real estate industry, successful startup founders and venture capitalists. At the end of the program, each startup will present to investors and mentors at Demo Day on December 4, 2018.
“Colliers is entrepreneurial and enterprising, which puts us in a unique position to help startups develop innovative, focused, and value-enhancing services for our clients and professionals,” said Dylan Taylor, Colliers President & COO. “Our Proptech Accelerator combines Techstars’ expertise in technology innovation, startups and alumni networks with our real estate expertise and international network.”
Mr Paul Ho, the chief mortgage consultant at icompareloan.com said that proptech accelerator initiatives are already disrupting traditional business operating models in real estate here.
In keeping up with proptech start-ups, property agents “must upgrade or die”, said Mr Ho. He noted that many property agencies struggle to keep up with all the regulatory changes in the industry, as well as the changing financial calculations for acquiring a property. He urged property agents to master the basics in property financing, refinancing, taxation and CPF.
Mr Ho said that iCompareLoan.com runs a full 2 – 3 days course on how property agents can produce such reports for their customers. He added that the trademarked course teaches Property Agents how to generate complicated Financial calculations using – Home Loan Report (TM) – in 3 mins flat. This helps Property agents to close deals faster and serve customers more professionally.
Proptech is technology and real estate coming together to propel the real estate industry forward. The proptech ecosystem is flourishing now in many parts of the world, thanks in large part to ample venture capital, community efforts in local tech hubs, and an increasing realisation that there is a real need for innovation in the sector.
Proptech will have an impact on traditional business operating models. Whether this impact turns out to be positive or negative depends largely on how real estate players will use them to their advantage. These technologies are however still a long way away from replacing human judgment, touch, and ability to react to dynamic changes, which are all critical to the decision-making process.
Colliers’ announcement comes on the heels of JLL and Lendlease, two of the world’s leading international real estate companies, announcement on Sep 4, that five proptech start-ups that have been selected for the first Singapore-based regional property technology (“proptech”) accelerator. JLL said its programme to identify the proptech start-ups with potential, received many applications from start-ups across Asia, and the eventual five selected were early stage companies chosen based on the commercial viability and scalability of their idea, as well as each team’s strength and technical competency. The chosen start-ups offer a good mix of solutions for office and leasing, construction productivity, facilities management and Internet of things (IoT) platforms.
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