Stockland accelerates innovation
As property technology takes the industry by storm, Stockland and tech start-up accelerator BlueChilli have launched a program that promises to identify and develop proptech solutions that create better connected communities.
Launched last week, the Stockland Accelerator is a partnership between one of Australia’s largest diversified real estate groups and the nation’s largest tech start-up accelerator, BlueChilli.
The partnership aims to support start-ups with a $38,000 upfront investment to help refine ideas and develop prototypes, and up to $500,000 in follow-on funding.
The Stockland Accelerator follows a flurry of activity in the proptech space.
According to the world's largest early stage proptech advisory and accelerator, MetaProp, investment is accelerating rapidly. Around $US12.6 billion was invested in proptech start-ups in 2017, and MetaProp estimates that acquisitions will increase by 75 per cent over the next year.
Charter Hall kick-started a proptech accelerator program with Collective Campus in 2017, while JLL and Lendlease launched a Singapore-based accelerator in July.
Robyn Elliott, Stockland’s chief innovation marketing and technology officer, says the new program “adds another dimension to Stockland’s innovation approach. It will connect us with ideas and technology that could reshape our industry and benefit our communities”.
“We know that the technology is available now to create new opportunities for our business, and we want to collaborate with innovative thinkers to bring these opportunities to life.”
Elliott says Stockland wants to support the development of a local proptech industry “that can succeed globally”.
Mark Steinert, Stockland’s managing director and CEO says the program will “enhance our ability to progress innovative ideas into commercial outcomes, further improving the competitive advantage of our business for the future”.
BlueChilli has helped launch 120 start-ups by removing the biggest barriers to startup success: building products, finding the first customers, partners, people and raising capital. This approach has helped BlueChilli to raise a portfolio value of more than $500 million.
Australian and New Zealand PropTech businesses can submit their ideas before 19 October 2018.
Up to 40 applicants will be selected to participate in an initial bootcamp with up to 15 start-up ideas selected to move forward into the final Stockland Accelerator program.
During the six-month intensive Stockland Accelerator program, each business will be given hands-on support to refine their idea with access to expert product managers, technology developers, mentors and a co-working space with BlueChilli in Sydney, Melbourne or Brisbane.
Find out more about the Stockland Accelerator program.