Accelerating Realty Technology Innovations
Brigade Real Estate Accelerator Program (REAP) was set up in 2016 with a view to identify and nurture start-ups from India with a focus on technology that will help the Industry while helping the start-ups scale in a sustainable manner.John Kuruvilla, the Chief Mentor explains.
As per the recent McKinsey report, the construction industry is amongst the least digitised sector worldwide. Large projects across asset classes typically take 20% longer to finish than scheduled and are up to 80% over budget. The financial returns for contractors are often relatively low and volatile. Construction productivity has actually declined in some markets since the 1990s. However, the construction industry globally is ripe for disruption now.
To keep pace with the ever changing needs of the customers, it is imperative for the industryto accelerate its pace of adoption of innovation and disruptive technologies. This can only be done by collaborating and working with young companies.
In India, demonetisation coupled with RERA has thrown up more challenges for the real estate industry. Further validating Brigade REAPs hypothesis in mid- 2016 that it was imperative for the sector to adopt technology to not just deliver much needed process efficiencies but costs savings.
The Accelerator Program
REAP was conceptualised and set up to help Indian innovators and inventors leverage technology to create sustainable and scalable businesses relevant to the real estate industry in India. This will provide developers and other stakeholders with much needed technology led products and solutions to impact various aspects of their business.Soon, REAP will open up the applications for start-ups from across the world with technology solutions relevant to real-estate to join the program.
In India we have found several companies that are creating solutions ground up, to address challenges specific to the real estate industry in India. We call it REALTech. The program helps early stage start-ups unlock value and scale by providing domain knowledge, access to a high powered mentor pool, test beds, access to customers, funding and a state of the art office infrastructure.
The sectors we are focusing on at this point in time are those where we believe technology and innovation can deliver significant impact to the real state, retail and hospitality industries.
- IoT -Internet of Things – Smart homes, Smart communities, Smart cities, Home Automation, Building Management Systems (BMS), Analytics & Enterprise Data Management, Construction Management etc.
- Nano Technology – Nano Tech advancements to make lighter structures, stronger concrete composites, Energy efficient glasses, Self-cleaning paints etc.
- Cleantech and Renewables: Alternate energy, improved technology for higher efficiencies, Waste & Water Management etc.
- Visual computing – Video security & surveillance, Video analytics, Augmented Reality & Virtual Reality, Facial recognition etc.
- Logistics – To address issues faced in logistics and supply chain and improve efficiency.
The well-structured four month program covers almost every aspect required in helping a company create a sustainable and scalable business.The calendar of events include but not limited to in-depth sessions by technology partners, Industry leaders as also discussions with domain and subject matter experts across disciplines.
Access to Customers:
Young companies need access to customers at every stage in their journey, be it at the time of validating a product or solution or getting access to the right people within established organisations to evaluate their solutions vis a vis established players in the market. This will happen through discussions with business leaders both within the Brigade group as also through the network of well-wishers that the Group has across industries.
Care has been taken to identify industry leaders and technology companies to ensure that adequate time and resources be provided for a start-up to get the real benefit of both the expertise and experience across disciplines.
Brigade REAP will draw from the domain knowledge and expertise that the Brigade Group has across residential, commercial, retail and hospitality sectors. In addition, Start-ups within the program will have access to deep mentorship from Industry leaders and entrepreneurs and the program will provide customer access for product validation & adoption along with investor connects.
Value for the Start-ups
The team at Brigade REAP have been entrepreneurs themselves and hence understand the challenges that start-ups in India face.The start-ups have access to mentors who are industry experts in IoT, Big Data, VR/AR, Cloud Computing, Analytics, Law, and Finance including business and Investment Mentorship. Their deep domain knowledge ensures that the Start-ups get advice and guidance on developing monetizable solutions relevant to the real-estate industry in India.
In addition start-ups also get access to developing and fine tuning solutions that are ‘piloted’ at Brigade. The program engages with start-ups across six pillars critical for sustainability and scale:
- Product Development
- Technology Roadmap
- People Strategy
- Go-to-market Strategy
- Marketing, Branding, PR
- Investment Ready
The team at REAP will also help start-ups with developing an investor pitch and a business plan along with an opportunity to present to investors from across the country.REAP also has a fund adjunct to the Accelerator program and is looking at making investments in start-ups that show promise while in the program.
The Selection Process
The start-ups must have a minimum of two co-founders, must be registered and must have traction from a revenue run rate perspective.
The first panel of Jury comprises members from the leadership team of Brigade and its technology partners – Cisco, Intel and Microsoft. They evaluate the start-ups on ‘Relevance to real-estate’ solutions that can have significant impact on the robustness, scalability and innovation from a tech standpoint.
The second panel of Jury comprises leaders from the investment community in India from leading venture capital firms who assess the start-up on business viability, GTM and invest-ability in these companies.
Brigade REAP 1st Batch Start-ups