The 1001 Startup Ideas – Collaboration Software for Real Estate Construction from Yostartups.com is to make a collaboration software for Real Estate Construction Projects where all stakeholders can share the updates, documents, approvals, schedules, & photos on-the-go. This will make the whole team work faster and in better coherence, eliminate avoidable delay in projects quality, cost, and timeline.
Market Definition for 1001 Startup Ideas – Collaboration Software for Real Estate Construction
According to a report on Businesswire.com, the global construction management software market is set to grow at a CAGR of 14.96% during the period 2016-2020. One of the primary drivers of the market is the increased investments in infrastructure development.
According to a report on prnewswire.com, the increased investment in infrastructure development across APAC, the Americas, and Europe is likely to affect the growth of the construction tractors market during the forecast period. It is expected that infrastructure spending in APAC will reach $5.36 trillion a year by 2025, representing 60% of the world’s total infrastructure.
Competitor Analysis for 1001 Startup Ideas – Collaboration Software for Real Estate Construction
There are a few companies which are in the segment providing ERP solution for constructions, contractor bidding management, project reporting & inspection reporting, etc. Textura, an Illinois-based company, recently acquired by Oracle Corporations, offers complete online workflow for the construction industry to help them save time, money and reduce the risk.
There is another US based company, SKYSITE having file sharing, document distribution, and project collaboration application.
Pain Point & Target Audience for 1001 Startup Ideas – Collaboration Software for Real Estate Construction
The target audience for the startup would be Real Estate Construction companies who work across multiple projects or locations.
Construction projects involve several stakeholders at different levels, right from architectures, engineers, contractors, accounts & finance personnel, and managers. And it gets a complete mammoth of a task to maintain a proper coordination between the tasks and the stakeholders for the smooth project execution. Also often these stakeholders are located at different locations and are not able to keep each other updated with the latest developments, so either end up spending a lot of time in meetings and calls, or end up with not an update; these add significantly to the overall risk to the project.
Value Proposition for 1001 Startup Ideas – Collaboration Software for Real Estate Construction
The tool can boost productivity and improved collaboration with its set of tools for the construction industry. It will integrate steps and processes right from design, project initiation to completion, keeping all the involved parties up-to-date with the information in the real time.
The tool will also bring a high level of transparency in the management reporting as all the actions and amendments made will be documented and stored in the cloud.
Business Model for 1001 Startup Ideas – Collaboration Software for Real Estate Construction
The startup will primarily work on B2B SaaS business model with Real Estate Construction companies. As the project cycle for construction projects are longer, the startup can have annual subscription plans based on the number of users. And can provide some specific on-demand services like accounting and detailed project analytics and reporting for an additional fee.
Way to market for 1001 Startup Ideas – Collaboration Software for Real Estate Construction
The first step would be to make an easy to use software for construction industry involving project management, cloud-based documentation, and reporting. The startup would need to complete the mobile applications as well so that the tool can be used by field staff on-the-go. And it must also have the functionality to work offline, as at times site locations do not have access to the internet.
Once the software development and testing are done, the startup should start with small and medium scale construction firms with no more than 20 stakeholders involved in the projects. This will help the startup get the feedback in the controlled environment and further refine the product. Post which the startup should start approaching large construction firms and pitch their product.
Milestones for 1001 Startup Ideas – Collaboration Software for Real Estate Construction
The startup should target to complete the launching draft of their software and the mobile applications in 3-4 months. Once the product is ready, the startup should acquire atleast 5-6 projects to roll out their product over next six months.
Investment Needed For Prototype for 1001 Startup Ideas – Collaboration Software for Real Estate Construction
As the startup should aim to develop the initial version of the software in-house, it should not have high expense rate. It should pitch to raise $75 – $100k from angel investors from the Real Estate industry, who can further help in the beta testing of the software.
Team Capability for 1001 Startup Ideas – Collaboration Software for Real Estate Construction
The team must include a full stack and application software to lead the software development. The startup also needs to have other co-founders from Real Estate Construction and Project Management background to provide valuable insights into the software development and refinement. The Real Estate experience will also help in approaching some of the initial construction company for software testing.
Investors / Expert Take for 1001 Startup Ideas – Collaboration Software for Real Estate Construction
Y-2016 witnessed over $2.6 billion in funding to Real Estate software and platform startups across 277 deals. And according to a report on cbinsights.com, Y-2017 is set to register 10% increased in funding to the category making the total funding over $2.9 billion.
So there is a huge opportunity in the category, but what will create a difference is the domain expertise rather than just a high-tech software. The startup needs to work ground-up with the detailed understanding of the problem they are solving and then demonstrate the perceivable benefits to the early adopters of their tool.
More Real Estate Startup ideas
This 1001 startup idea article is from Yostartups, YoStartups is a Pre Accelerator and it empowers entrepreneurs to propel their business ideas into successful ventures. Yostartups’ core mission is to take the message of entrepreneurship to 1 billion people globally by 2020.
In case you are looking at scaling or launching a venture on similar lines, you can apply for our virtual acceleration program Excelrate on our website, Yostartups.com, Yostartups’ Excelrate program will help you in streamlining and structuring your startup idea. We have limited scholarships and discount packs for deserving startups, depending on the strength of your application, you may qualify for a discount.