German fund manager Union Investment Real Estate and the Berlin- and Frankfurt-based German Tech Entrepreneurship Center (GTEC) have announced the launch of their second annual PropTech Innovation Award.
The international real estate tech competition, which aims 'to recognise the best digital solutions and concepts for the real estate world of tomorrow', features prize money of €40,000 which will be awarded during a ceremony planned for May 16, 2018 in Berlin.
This year's edition has also added the European arm of the global professional body RICS as a new partner.
'In its inaugural year, the competition attracted more than 200 entries from 46 countries and demonstrated the incredible diversity of new business models possible within the real estate value chain. Alongside areas such as smart analytics, virtual reality and data platforms, we want to use the competition to tap into completely new innovation spaces,' said Jörn Stobbe, managing director at Union Investment Real Estate.
GTEC's managing director Benjamin Rohé added: 'We at GTEC are excited to be collaborating with Union Investment and our new partners for the second annual Proptech Innovation Award. The competition draws in the most groundbreaking proptech solutions from around the globe and we’re looking forward to many more exciting innovations in 2018.'
In addition to its new partnership with RICS, the competition is extending its international reach by cooperating with the MIPIM Startup Competition. The main prizewinner of the PropTech Innovation Award will automatically be given a place in the preliminary round of the MIPIM Startup Competition, thereby providing them with a chance to pitch their concept to an international audience of experts at the MIPIM real estate exhibition in Cannes in 2019.
'Digitisation will ultimately break down barriers in the real estate industry as innovative concepts gain traction worldwide. And where digital innovators connect with new systems comprising data, capital and expertise, this will give rise to further innovation. We are therefore delighted to be adding new, innovative partners to our network for the PropTech Award 2018,' added Stobbe.
Union Investment is promoting digitisation in different areas of activity such as the automation of business processes and smart analytics. It has teamed up with GTEC as part of its efforts to exploit the potential to expand and develop the business model.
GTEC is the first private-sector, open campus for technology, innovation and entrepreneurship in Europe and connects an international network of companies, universities, and startups with the public. Founded in Berlin in 2015, GTEC is supported by ESMT, Globumbus, Henkel, Innogy, Noerr, Sigmund Kiener Stiftung, Tishman Speyer and Union Investment.
