NAEA Propertymark is helping bring a proptech development programme to the UK.
The trade body has partnered with the newly established UK arm of REACH, a US venture capital-backed programme that helps fund and develop proptech ideas.
The idea is that the proptech firms that are eligible for the REACH UK programme could eventually be of benefit to NAEA Propertymark members.
Agents can also join a panel to test the products.
Participants in the scheme get access to mentoring and networking events as well as funding opportunities during an eight to nine month virtual and event-based programme that starts in February 2021.
REACH-backed companies in the US have previously secured partnerships with DocuSign, Google, Facebook and Berkshire Hathaway HomeServices.
The REACH UK application process will open on July 31 and close on September 30, with selected companies announced in November 2020.
Mark Hayward, chief executive of NAEA Propertymark, said: “Proptech is an exciting and growing industry in the UK and the launch of REACH UK’s scale up programme comes at a time when many start-ups will be concerned about their future as a result of Covid-19.
“This programme will allow them to develop a piece of technology that will make a difference from the very beginning, with early engagement from the sector to make sure that the products work for property agents.
“We have seen that the programme has had great success in the US and look forward to working with the team to see proptech businesses flourish.”
Valentina Shegoyan, managing partner of REACH UK, added: “We are excited to work with Propertymark to share the mission of equipping estate agents with the right tools and transforming the industry to reinforce that estate agents remain essential to consumers.
“We also provide the industry with unique access to programme participants where they can provide direct feedback to help shape and drive the technology.
“Estate agents will be able to access exclusive insight via our insight panel.”
Words of wisdom given to me by a respected someone who knows these things well.
“Avoid VC’s Robert they will give you all the cash you want but will eat your eyeballs”
Not to pour cold water on this story but understand how things will likely play out before touching it with your worst enemy’s winky.
These VC’s might not be like the others but do go into things with your eyes wide open.
The presentation and schmoozy day out I was treated to. (important note pre R4) Robert you bust your nuts for 3 years developing the product, pouring everything you can into it. We’ll give you tranches of cash if you’re a good boy and just ahead of launch we’ll take everything you’ve got, everything you’ve developed and cast you aside.
Those weren’t the words they used but that was the upshot.
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