Introducing the PropTech Initiative
Brisbane Economic Development Agency’s Property Technology (PropTech) Initiative has been established to support Brisbane’s technology cluster associated with the property and construction industry. The PropTech Initiative delivers regular thought leadership events and bespoke programs that have been created in conjunction with the property industry to provide local PropTech businesses pathways for national and international expansion.
The PropTech Initiative collaborates with universities, local businesses, and international capital firms to ensure Brisbane’s PropTech cluster has a competitive advantage over its national counterparts while also contributing to the local property economy.
The PropTech Initiative supports emerging technology businesses in three key lifecycle stages:
- Development Stage – Technology businesses generating under $500K in annual revenue
- Scale Stage – Technology businesses generating $500 to $2M in annual revenue
- Growth Stage – Technology businesses generating $2M + in annual revenue
Property Technology (PropTech) is one of the world’s fastest-growing technology verticals with an estimated $20 billion worth of investment expected to stimulate the sector this year. With over 60% of this $20B in investment captured by the Asia Pacific region, there is an opportunity for Brisbane to attract significant capital and support the growth of this technology sector. The Australian property industry is among the most transparent across the globe and has seen a 400% growth in PropTech companies in the past five years and will continue to generate a large number of jobs.
Research undertaken in conjunction with PwC indicated that without digitisation employment in the property sector is expected to increase to 41,700 in South East Queensland (SEQ) by 2038-39. However, with digitisation, employment in the SEQ property sector is forecasted to increase to between 49,000 and 63,400 jobs.
PropTech Pilot Program
The PropTech Pilot Program aims to support the City’s property and construction industry through strategically partnering emerging PropTech businesses with industry leaders.
The successful cohort, comprised of 11 local emerging start-ups, will take up an eight-week residency at the Brisbane Business Hub. Throughout this period, between 1 March to 30 April 2021, the cohort will access support to refine their market entry strategy, co-create a pilot initiative ready for market, and receive facilitated connections to property industry partners for pilot delivery.
PropTech Bridging Initiative
The PropTech Bridging Initiative has been established to support scale-up companies that currently generate between $500K to $2M annual revenue as they look to scale their product nationally and internationally.
Meet the companies participating in the 2021 PropTech Bridging Initiative
Little Hinges are leading the virtual property tour space in Australia. Read more about the start-up here.
Inndox technology provides property professionals with their digital handovers and automation of their after-sales service. Read more here.
HINDSITE is a knowledge management platform that is purpose-built for business continuity and safety. Read more here.
AiRE software uses artificial intelligence to assist real estate agents to make hyper-personalised and relevant connections.
Hutly is a contract solution platform to transform how the world looks at digital real estate contracts. Read more here.