NAR Creates Technology-Focused Incubator
There are a few things you should know about at NAR that you probably don’t. I decided to use my time here at the conference to focus on some of these things.
First, have you heard of Second Century Ventures? Did you know that NAR has a venture capital arm focused on investing in businesses that help REALTORS®? They focus on mid-stage companies with $2-20 million in revenue.
Exactly like me, Constance Freedman, who runs Second Century Ventures, started as a REALTOR® in college to pay for school. After working in tech and venture capital, she was asked to join and build the firm for NAR. She leads the investments for NAR in DocuSign and Ifbyphone.
Make no mistake, Constance and her team are strategic and very smart. If you’ve heard of incubators like Y Combinator, that’s her next focus.
Using the analogy of Hewlett and Packard or Jobs and Wozniak, REACH is an early stage technology investment arm to help start-up, “two people in a garage” firms navigate how to bring a technology product to the real estate industry. They will accept 6-10 companies over the next few months and invite them to receive office space, education, mentorship, and exposure, including demo space at Midyear and NAR Annual Expos next year. They will be involved with the program for 9 months, after which time they will either go out and be their own firm, or possibly receive a second investment if they reach at least $2 million in revenue.
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