Last week we were invited to present at MIPIM Hong Kong, one of the largest real estate conferences in Asia, thank you Deborah Stein and team for looking after me. The CEO’s in the room from leading global funds, PE and real estate developers, who collectively control billions of dollars of real estate, didn’t really seem to get the whole crowdfunding thing.
There was an interesting start up competition and also a presentation from Simon at Nest.Vc, the take aways were pretty simple:
- Lots of people in the real estate industry are talking about tech but not really doing much about it.
- There are lots of people that want to be the next Andreessen Horowitz, 1st angel investor into the next Facebook, etc. but most do not even come close to having the vision or risk appetite for it. It is also a numbers game, so investing into 1 or 2 start ups probably won’t get you that ride on a unicorn to rainbows with leprechaun’s and pots of gold
- Looking back in history, there is a long line of companies that imploded right after there biggest earnings/profit runs ever. A good example was Kodak, who thought they were gaining market share and dominating the film market (remember film??), but actually all the competitors could see the future and were backing out of film and focusing energies into digital. This resulted in even greater revenues and profits for Kodak, and management were probably cheering themselves on results day.Apparently Kodak invented the digital camera and shelved it to focus on making film. Then they died.
- Some of the biggest ballers on the planet always acted/act like they have nothing to lose. Building game changing businesses takes many things, but firstly and most importantly, attitude is everything, Steve Jobs and Elon Musk walked the walk.
- The new world is here and how people are going to live, work, think and operate is dramatically different from what it has ever been before. Developers and city planning officials should be deep in contemplation and heavily researching what all of this means. Moving parts, nothing is static or guaranteed anymore.
- 3D + 4D is going to have infinite possibilities and will add a really exciting new element to real estate investment, design, development and interaction. There are some very cool companies bringing great products to the industry (but probably not as many people will be interested in this, as they will be in 3D porn.)
- I read this recently, and its pretty much true. If you want investment from someone they will give you advice, and if you want advice they might just give you the investment.
- No one really wants to talk about work or listen to presentations about stuff they have to deal with each day. People want to be entertained and learn, and lots of lessons should come from people and companies that are NOT already in the real estate industry. 60% of the speakers should be super interesting intelligent people doing anything but real estate but with great experiences and stories to share.
- 1 good contact at a conference can equal or better, a year of sales calls and emails.
- Hosting a table for lunch and speaking with other attendees, showed me that the interest is definitely growing and the we are now right on the cusp of a big crazy adventure.
Here are some interesting slides from our presentation that you might find useful if you are still trying to get your head around real estate crowdfunding.
New business, new industry, new jacket???(thanks mum)
And lastly, below is some business inspiration for the week, clearly minimising operating costs and maximising utility use, well done.
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