I realized that I’ve been reusing some of my takes for too long.
Time for some fresh soundtracks.
So I’ll leave some of my PropTech takes here for you to borrow or bash. Your choice.
After all, nothing bad every happened to an opinionated white man posting hot takes on the internet. Right?
ConTech
ConTech is 75% Lifetime Value. If you are solving an important enough problem that project managers at general contracting firms actually TELL each other about your tech, you win. Most times, the project ends and your sales cycle starts all over.
Adoption
In a sea of slow adopters of tech, the slowest are lenders and appraisers. You better sign HUGE contracts if these are your customers.
Pilots
Similarly, pilots with huge companies when you are a small startup is generally a bad idea. They are too slow and beauracratic to move at a reasonable pace. You need revenue. Go for the small guys that act quickly not the eye-candy logos for your website.
Resi PropTech
90% of your success depends on customer acquisition cost. Eyeballs are very expensive today. If you are selling tech to homeowners and fighting for their attention with Netflix, YouTube, TikTok, Facebook, et al it’s going to cost you dearly.
CRETech
VTS going public will change the narrative in this part of the tech world.
Climate
What is the moderate take on climate and our role? Where’s the middle ground between deniers and the people who refuse to have children because of climate change?
Other
Good pizza is 90% about getting the crust right. Good sushi is 90% supply chain (fresh fish). Across the Spiderverse is one of the best movies in the past 5 years.
Come at me!
Everything in "OTHER" is 💯 spot on.
Pilots: Yes!
Every time a new company tells me "We have a pilot under way with [insert large CRE company here] I think, "Oh, I'm so sorry. I hope you're still around in six months." When they say, "We're doing a free pilot..." I stop them right there. Large companies will eat you whole with feature requests, meetings, and general slow decision-making, without even realizing that they're doing it.
The road is littered with the dead logo pages of companies who tried to sell into large CRE companies.