Author: Sylvia Pavlova MBA CMC | Founder PropTech Bulgaria | Co-Founder PrEXCELerator Bulgaria
What comes in the equation for a PropTech solution to be a recipe for competitiveness?
Consulting and mentoring startup companies for more than 7 years' now, we have come up with a list of key success factors for PropTech companies to be thriving in a highly competitive industry.
First and foremost, advice number. 1 is 'Never rely on just one factor'.
Try to stand out along at least 2 or more of the features below.
Couple at least two of the following:
1 - PropTech solutions should have overlaps with more than a single industry: Tourism | FinTech | ConTech, etc.
2 - Impact often makes the difference. Do think about how your innovative approach and business model impacts society, the industry and each of us in a better way.
3 - A thriving solution usually is effectuated by more than a single technology.
4 - They are to span 2 or more of the five PropTech areas, and at least one of them indispensably having to do with ConTech or urbanizaion. Put another way, they should not have their focus narrowed down to real estate technologies, all the more so to a mainstream technology in a realm such as proves to be the VR, for example.
5 - They should be set to go overseas and scale at the very outset of their business model. Upon its validation, they are to pivot times and again so as to bolster its boosting capacity internationally.
6 - They are to capitalize on the proficient expert PropTech startup ecosystem which gives them a studied opening into the external markets which they are aiming at, as early as upon their idea validation. Besides, they are to keep off the fancy that what has proven of effect in their home country should make an equal promise elsewhere.
And let us make one more endorsement along these lines.
As of the EU Startup Monitor 2018 Report:
Startup-SME cooperations are almost three times as common, compared to cooperations with large corporates. 78.6% are actively cooperating with SMEs, with 60.2% of these cooperations being crossborder. The main goal is to access new markets (76.5%) and less to boost reputation (24.2%).
This goes to say that a startup would be better off starting a partnership with other startups as one most effective concept for overseas expansion. This way we arrive to the final one:
7 - We would encourage more PropTech companies to tailor their focus upon making such cross-border & cross-industry partnerships. Take advantage of your national hub and do attend such a great networking event as FUTURE PropTech 2020 to foster your international exposure.
Thank you to Sylvia for the insights.
PropTech Bulgaria is the one stop shop for everything that concerns PropTech in Bulgaria. The company is the national PropTech hub of Bulgaria and represents Bulgaria in PropTech House – the European Alliance of National Networks. PropTech Bulgaria is a highly-profiled source of information on the Bulgarian market and the PropTech industry. Annually, the company issues BULGARIA: PropTech Mapping Reports which contain market expertise, contacts with high-potential PropTechs, industry trends analyses, etc.
BULGARIA: PropTech Mapping Report 2020 will be released soon! Stay tuned for the good news! You can see more here: http://proptechbulgaria.eu/
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