Proptech, as in “property technology”, is newer than fintech, biotech, agritech, … Some people like to point to some big numbers: US$500m in venture capital invested since 2013 or companies with a market value of over $1b.
At the recent RICS Summit Series, proptech was a big deal. The basic idea focuses on machine learning, improved sensors and better data, with help from experienced people to interpret all of it, to help businesses make better decisions. Eventually, opportunities to do things not done now will emerge as has happened with previous innovations. But, what is it? Really?
It is a battle between the arrogant ignorance of youth and the know-it-all-seen-it-all inertia of the ancients (and of youth who think that the secret to success is to mimic the ancients). Developers who manipulate big data in real time are promising amazing things. But, as was stated at the conference, more senior people sometimes feel they want to slap the newbies. Continue reading