March 9, 2023
March 9, 2023
Our team at the PTC is sharing weekly "fun facts" about the Real Estate + Proptech + Investment industry. Our team at The Proptech Connection is constantly in the Proptech market, with all sides in solving their problems.
Here's a few summarized...
In 2021, Google claimed that "Google" was the most searched term for people using Bing. Much akin to that time when my high school crush, asked me for my best friend's number, I can attest to how tough this must have been for Microsoft.
It seems the tables have turned with $100bn being wiped of Google's market cap, in light of Chat GPT and Microsoft's collaboration. Has Cinderella finally got to go to the ball? We will see but some interesting developments we forecast will arise from this:
- Relevant structured datasets will be a key battleground. Owners of this will be highly sought after as once people get comfortable using the tech, the race will focus on refining output quality
-The potential $$ value of IP / data / intangibles will be more scrutinized and baked into investments
- M+A on a par with Facebook buying adjunct technologies at a significant premium (see WhatsApp, Instagram)
- Emerging techs who have this capability on their product roadmap will prioritize the development of this to max funding vals
- Owing to the above, the digitization of processes (particularly in digital laggards such as construction) will be accelerated
-Data governance and security will become key on leadership's risk KPIs.
- The resurgence of the over use of "data is the new oil"
Fantastic visual representation of global population densities across the world. As the image shows, APAC is quite the congested place.
Many of the large APAC economies are now about to kick off a strong growth cycle and construction, work and living will be materially impacted by this.
With Jakarta set to take over Tokyo as the world's most populous city by 2030 and the Philippines holding the top 3 spots in the world for most densely populated cities, the scale of the opportunity has attracted many global Proptech VC funds to set up a base in APAC, as well as the creation of a number of new funds in the region. Excellent news for the ecosystem.
Much like our confused Romeo in the image, Proptech adoption can throw up some quite interesting results. For us at the PTC, over 100 factors need to be reviewed, to help frame + execute a successful adoption strategy. Below is some of the advice we give to our clients:
- One tech wont deliver everything- Often the careful meshing of multiple solutions will equal more than the sum of parts. There is 16k+ Proptechs in the ecosystem (increasing every day as Proptech + Cleantech lines blur) so there are many solutions to pick from.
- The biggest disconnect is between decision makers and the actual tech users-Understanding each stakeholders unique needs is paramount to successful adoption (and determining ROI.)
-1 bad review is apparently worth 40 good reviews- A lack of post-implementation support is why many lose interest / view the tech negatively. Tech integration needs momentum to get over the initial adoption hump. Otherwise many "use" the tech with workarounds (Excel!) and lambast how poor it is at the Christmas drinks.