More than 400 leaders and innovators in real estate and tech, startups, investors and industry professionals gathered on Tuesday, May 14 at the Future of Real Estate Tech Summit by LAB Miami Ventures. The company that ideates new tech businesses and develops them from scratch hosted the second annual event at the Miracle Theatre in Coral Gables, which featured speakers from companies like JLL Spark, Suffolk Construction, Gensler and CBRE, as well as named the Global Startup Pitch Competition winner.
The full-day event featured five panels that provided an in-depth look at the role of today’s technological innovations and Big Data related to real estate investment, construction and design, multifamily development, and office space. Panelists provided insight on the ‘dos and don’ts’ for startups seeking to secure venture capital, as well as emphasized the importance of a company’s values in addition to its valuation. A common theme discussed throughout the event was that while technology continues to drive productivity, boost efficiency and reduce errors, for the end user, a level of personalization must remain.
“Bringing together this powerful group of thought leaders across both real estate and technology has provided the community with an opportunity for education and investment within the PropTech sector, highlighting the latest innovations changing the way we build, live and operate,” said Thomas ‘Tigre’ Wenrich, CEO of LAB Ventures. “Miami continues to serve as a landscape for startups and entrepreneurs with large-scale growth potential. We’re proud that the Future of Real Estate Tech Summit is growing and can provide a platform for the next generation of disruptors to connect with the industry’s top decision makers.”
The event also served as a platform for LAB Ventures to officially unveil the launch of LAB Fund I, a $50 million fund for real estate startups and the first PropTech fund in Florida. To be backed by traditional real estate investors, the fund will expose the real estate industry’s power players to a new asset class, as well as provide an opportunity for these firms to support the technologies that will directly impact their future business developments.
A highlight of the summit was the Global Startup Pitch Competition, in which 10 selected finalists participated. Startups with an active product in the market presented to a panel of judges that included executives from Colliers International, Related Group, Krillion Ventures, Plug and Play, and Metro1, in hopes of clinching first place and securing investment. Licify, a Bogota, Colombia-based startup and specialized procurement management platform that generates an efficient and transparent community with developers, contractors, and suppliers, was named the Startup Pitch Competition winner. Licify was awarded $50,000 in Digital Ocean Credits and access to its Hatch Program, $6,000 in Sendgrid Credits, $2,000 in legal services from Private Advising Group, $3,600 in co-working space at The LAB Miami, and access to the Colliers Proptech Accelerator Powered by Techstars program.
Additionally, summit attendees were able to select a People’s Choice winner by submitting their choice via mobile app. Likk Technologies – a Miami-based, early water leak alert and mitigation platform – received $50,000 in Digital Ocean Credits and access to its Hatch Program, as well as $1,500 in Sendgrid Credits as the event’s runner up.
LAB Miami Ventures will host the event again in May 2020.