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REBNY Invites Innovators to Confront New York’s Biggest Real Estate Issues
September 5, 2018
New York has always been America’s center for innovation. Our city attracts the best and brightest in every industry and capturing that entrepreneurial spirit has been key to the New York’s success for generations. Fittingly, more and more real estate tech startups are finding their feet in New York City and introducing new solutions to longtime challenges. This is good for our industry – these innovators are truly making a difference.
In fact, during the month of August 2018, during the typically slow summer period in venture activity, NYC Startup founders reportedly managed to drive massive investment into the NYC tech ecosystem. According to AlleyWatch, from August 1st to the 22nd, NYC startups collectively raised in excess of $2 billion, which makes August the highest monthly total for NYC startup funding.
REBNY understands that the future of real estate is with technology, and that is why we are hosting the PropTech Challenge. Building on last year’s #REBNYTech Hackathon, which brought together 200 of the industry’s most innovative minds, the ongoing PropTech Challenge promotes the discovery of solution for real estate’s most pressing obstacles.
Our PropTech Challenge is being hosted by Devpost, a platform that helps engineers participate in software competitions and find jobs. And thanks to Devpost, the physical limitations of a traditional hackathon have been removed, allowing software developers from all over the world to tackle New York real estate’s biggest issues.
Participants are actively working across four categories – Blockchain, Operations & Maintenance, Brokerage, and Architecture Engineering Construction (AEC) & Development – as either individuals or in a team of up to five people. Competing for a prize of $50,000, they will submit their solutions by October 16th to be reviewed by a judging panel comprised of REBNY members, industry experts, and sponsors.
In order to ensure their proposals are viable, applicants must produce submissions that include a revenue model, marketing plan, and security considerations. The top three finalists in each category will present a five-minute demonstration of their solution at the PropTech Challenge Demo Day on November 8th, during New York Real Estate Tech Week 2018, at Rudin Management Company’s 41 Madison Avenue in New York City.
There is a great appetite for innovation that supports our industry’s goals for producing more housing, ensuring the quality and resiliency of our building stock, and upholding the highest ethical standards for brokering real estate transactions.
The PropTech Challenge will help in advancing New York’s dominant position as the destination for real estate tech. The challenge will also encourage the development of innovative answers for the unique issues faced by the New York real estate market.
The sponsors for the PropTech Challenge are: Platinum Sponsors Newmark Knight Frank and Rudin Management Company, Inc.; Gold Sponsors Suffolk Construction, NYSERDA, and JP Morgan Chase & Co.; along with Challenge Round Sponsors Brookfield Property Partners, The Durst Organization, Fisher Brothers, Jamestown, Lendlease, Oxford Property Group, Related Companies, Rockefeller Group, Silverstein Properties, SL Green Realty Corp., Taconic Investment Partners, and Vornado Realty Trust.
Those interested in the #PropTechChallenge should visit proptechchallenge.com to learn more and register to participate.