Exclusive minutes from Propteq Europe 2018 session on Innovating Corporate Real Estate
Property Innovation: Do we need to innovate?
VC: It is necessarily in order to solve business challenges, help a company evolve in the market, encourage more prosperous revenue and increase customer engagement. In order to keep up with such a growing market, it is essential to innovate otherwise it will perish.
German startup: Mentioned that in order to innovate, you need a real business case and you need to solve a real problem. If you manage to do something which a client would need to or want to do anyway and you can do it in a way which is more sophisticated and at the same time, at a better price point, then you are a successful innovator. As a start-up, it is important to learn what is important from the data. For example, using a very simple dashboard we can see where people are within a particular space and thus provide very simple metrics. Most people in the corporate world were suddenly interested. They were interested in what percentage of meeting rooms are actually taken or used. Therefore it is important to collect relevant data and reach relevant conclusions using to data.
Commercial real estate service provider: Property innovation is all about competition, making one thing better than the other. Many firms, including us, are behind from where we could be in terms of trends coming through, for example, like the re-work style space. That is what all the people want, a home away from home essentially. That is what makes them feel comfortable and more productive and I think we are still learning that by testing new styles. We are incubating innovators and working with them to re-work style space. We are currently trying it out in London and if it works we will spread it further.
Why do real estate cooperates need to innovate?
PropTech consultancy founder: If you can ask the question, it means that you are in a pretty good position. We advise on property innovation to real estate clients and what we see is that there are 4 main objectives. The first is communication it is important to create relationships. Some cooperates think they don’t need new products right now. Innovation for them is not an issue. Another objective is to recognise that there is a definitely a way to address the needs of the consumer. The way how one can be able to innovate is a matter of partnerships or even direct investments. In the past 2 years, real estate co-operations are starting to have a systematic strategic approach; what are their goals and how do they reach them?
Attendee: Providing benefit: user is in the middle. The product is created around the user. The more we developed our product and spoke to people, prospective customers, employers, property developers; we managed to create a product that a lot of people are interested in. When you have an innovative solution, the value must be provided to many and different user groups; this will result in a successful product.
Who is the user?
Berlin-based PropTech startup founder: The user/buyer would check to see if there is a demand for the product. For example facility management would want full transparency so that they are easily aware where everyone and everything is. However, the people who work in the building may or may not want this. In co-working spaces such as WeWork, transparency may be seen as rather useful because people can be more easily tracked, but at a hospital for example, nurses may not be fond of being tracked every second of the day. There are also data protection issues with transparency also. Therefore it is a conflict of interest.
Propteq Club is leading the digital transformation of Real Estate by bridging the gap between PropTech startups and the Property industry. Our members are at the forefront of the ecosystem and connect with the people that matter. Find out more.