A new year, a new space: Moderne Ventures has moved from its old home into the historic confines of the Wrigley Building in downtown Chicago.
Photo by Phil Roeder, used under Creative Commons license.
Our new address is:
400 N Michigan Ave.
Suite 410
Chicago, IL 60611
Stop by and say hello!
From Accelerator news to award nominations, October, November and December have been filled with milestones. A few highlights:
In October, Chicago Inno’s 50 on Fire announced the finalists for its list of visionary individuals and companies disrupting and innovating Chicago’s top industries. Moderne Ventures was honored to be among them.
On November 17, Moderne Ventures announced the first two companies to be accepted into the Moderne Accelerator, which provides resources and guidance to help launch technology companies in to the tech marketplace. This included Growth Geeks, a marketplace that connects businesses to freelance marketing talent, and UrbanBound, a service that helps companies provide new hires with relocation assistance.
In December, Constance Freedman was named one of the Inman 101, a selection of what the award calls “rebels, CEOs, power brokers, misfits, deal-makers, newbies and innovators whose ideas and actions will influence the way homes are bought and sold.”
December 15 saw the deadline for applications to the Moderne Accelerator. This means that in just one short month, the full class of participants will be announced at Inman Connect, real estate’s premier technology conference. The conference takes place in New York City on January 26–29.
On October 19, 2015, CBInsights posted an article that detailed the venture-backed startups responsible for disrupting the multibillion-dollar real estate industry. The full article can be read here. The following is a response from Moderne Ventures founder and Managing Partner Constance Freedman:
The companies mentioned by CBInsights are making a difference for sure, but it’s important to note a whole host of other companies disrupting the industry—not necessarily "disrupting" the industry in the way we traditionally think of it (i.e., companies trying [to no avail yet] to disrupt the agents), but rather disrupting the way the industry does business. Real estate is an industry of 100,000 brokerages, a.k.a. 100,000 small and medium sized businesses (SMBs). When you fold in its adjacent industries like mortgage, finance, insurance and home services, that number grows to 600,000 SMBs and comprises well over 20% of the US GDP. Tech companies that are focused on B2B services like marketing, transaction efficiency, credit scoring and financial transactions have the power to impact this industry far more than the "real estate-focused" startup.
By example (full disclosure, I’ve invested in most of these):
The Uberfication of everything: Knowing that a Zipcar or Divvy Bike is across the street changes whether someone needs a garage; knowing a room can be rented on AirBnB can impact how much one is willing to pay for a mortgage or rent; and knowing that with a click of a button TaskEasy can send me someone to mow my lawn or plow the snow can make a difference between deciding on a condo or single-family home, while TaskRabbit can make sure those IKEA furniture sets get put together right or get a that fresh coat of paint on the wall to make a home the buyer’s own.
Alternative financing solutions a la Patch of Land, Asset Avenue, Realty Mogul, RealConnex and others may (or may not) disrupt traditional financing, but they are causing traditional PE firms to put their assets online, changing forever the insight that investors have into their investments.
On the commercial side, companies like Field Lens are changing the way construction sites are managed, saving millions in cost and months of time in a construction project, not to mention insight that was previously unattainable by project crews and asset managers. Drone Base makes it possible to capture images for real estate without having to have Drones and pilots across the globe. A simple marketplace makes it possible to outsource this need.
At first glance, the CB Insights list of companies changes how real estate is done. A deeper look shows that tech companies improving and approaching the B2B and B2B2C markets at large actually have a far greater impact on the real estate industry, its players and ultimately the consumers’ overall experience.
Featured image used under Creative Commons license from AAG.com
Just by looking around, it’s easy to see that women are underrepresented in the world of tech startups—and as founders of those startups, even more so. But according to TechCrunch, these numbers are on the upswing: in 2014, 18% of startups had at least one woman founder, up from a dismal 9.5% in 2009. We’ve collected a list of innovative startups with female founders, which, even if you’ve heard of the companies before, may surprise you.
Cofounded by Linda Avey, Anne Wojcicki, and Paul Cusenza, 23andMe analyzes customers’ genetic information via a small saliva sample, then provides and interprets the data online where they can read it privately or share it with family members and their doctor. The test was named Invention of the Year in 2008 by Time.
Jess Lee, founder and CEO of Polyvore; via TechCrunch on Flickr
Polyvore cofounder and CEO Jess Lee got her start as a product manager at Google, but soon transferred those skills to creating Polyvore’s democratic, personalized style community. There, users can mix and match clothing from pictures on a variety of store sites, then share tips and purchase the pieces they love.
Jocelyn Leavitt and Samantha John founded the KAPi award-winning Hopscotch as a way to make coding more accessible for kids. The visual, easy-to-use interface teaches core coding concepts as children learn to make their own apps and games.
A graduate of Harvard Business School, Katrina Lake founded Stitch Fix in 2011 to help women build a flattering wardrobe while maintaining a busy schedule. Customers are assigned a personal stylist, who hand-picks personalized pieces to be delivered regularly or at the user’s leisure. Once they arrive, customers try on the clothes, keep the ones they like, and send back the ones they don’t.
Danielle Morrill, cofounder and CEO of Mattermark; (CC) Randy Stewart, blog.stewtopia.com
With co-founders Kevin Morrill and Andy Sparks, Danielle Morrill helped found Mattermark, a data platform that keeps VC firms informed on the latest startups with information from news stories, SEC filings, AngelList, and other sources. Danielle Morrill is also the company’s CEO.
It takes a village to raise a child—weeSpring just put that village online. Cofounded by Melissa Post and Allyson and Jack Downey, the platform helps new and expecting parents share advice and reviews on a wide variety of baby essentials, from diapers and bottles to strollers and car seats. The site even connects with Facebook to help users see the products their friends love.
Alexa von Tobel, founder and CEO of LearnVest; via Fortune Live Media on Flickr
With the belief that financial planning isn’t only for those who are already financially successful, CEO Alexa von Tobel founded LearnVest to offer expertise from financial planners at a fraction of the usual cost. In addition to paid services, the site also contains articles and tips to help regular people be smarter with their money.
First built in 2012 by Mara Zepeda and Sean Lerner as a way to help alumni from their alma mater connect and built a community online, Switchboard has become an intuitive, ad-free platform for cities, industries, universities, and other organizations to stay connected. The company was named one of the 20 hottest startups founded by women in Business Insider.
Cofounded by Julia Hartz, who now serves as president, Eventbrite is a social commerce platform that helps people host events with online ticket sales, promotion, up-to-the-minute guest lists, and other essentials. Today, 1.7 million events are held each year with the innovative website.
Jennifer Pahlka, founder and Executive Director of Code for America; by Kevin Shockey
Executive Director Jennifer Pahlka founded Code for America to apply the expertise of the web industry to the problems facing our communities. The organization builds open-source technology to help make government services more effective and easy to use, especially in areas of health, economic development, justice, and community engagement.
From turning off the lights to keeping burglars at bay, smart home technology has made practically every aspect of our lives easier. Holiday cooking is no exception. With these five smart devices, holiday cooks will have a lot more to be thankful for.
When you’re out shopping, list in hand, for a holiday meal, it’s easy to miss some things. Did you check how many eggs were left in the fridge? Are they even still good anymore? Should you buy another box, or risk not having enough?
With the Egg Minder, you can answer all of those questions via an app on your smartphone. The smart egg tray tracks how many eggs you have, determines how long they’ve been there, and sends you push notifications when you’re running low. LED lights even let you know which egg is the oldest to keep any from going bad.
Thanksgiving almost always requires a ton of baking, even if you’re not really a baker. With the Drop Scale, pie crust, cranberry bread, and other baking recipes are immensely simpler to execute. It doesn’t hurt that they leave fewer dishes to clean, too.
The Drop Scale connects wirelessly to its own smartphone and tablet app, which shows you step by step instructions that automatically progress when you add each ingredient—handy if you want to avoid getting the screen dirty. And since every cup of flour and dash of salt is measured not by measuring cups but by weight, many recipes require as little as one bowl to clean.
Slow cookers are a godsend during busy holiday cooking sprees: you can simply dump in your ingredients, set the temperature, and come back hours later to a completed sweet-potato casserole or beef roast. Add Wi-Fi to this sweet situation, and things get really easy.
The Belkin Crock-Pot connects to your home network to let you control its every function on your smartphone. Visiting neighbors at a crucial step? Turn the heat up to get that irresistibly crisp skin. Held up in holiday traffic? Turn the whole thing off. It’ll even give you a notification when your dish is complete.
With so many main dishes, sides, and delicious desserts, it’s easy to overdo it at Thanksgiving. And while a little indulgence is a good thing every once in a while, shoveling forkfuls of in your mouth between political commentary with extended family members is hardly the way to enjoy every flavor.
Enter the HAPIfork. This electronic fork is designed to help train you to slow down and enjoy every morsel you eat. It monitors how quickly you bring each serving to your mouth and uses gentle vibrations to remind you to slow down and savor. It even keeps track over the long term, uploading your mealtime data to an online dashboard where you can track your progress.
Turkey, you’ve met your match. The LG Smart ThinQ Oven lets you control its temperature and turn it off remotely, so big feasts in the process of cooking can be micromanaged from miles away. It connects to the LG cooking management app, so every adjustment can be performed right from your smartphone. It doesn’t hurt that the oven’s infrared heating element doesn’t require preheating.
On Tuesday, Moderne Ventures announced the first two companies that have been accepted into the Moderne Accelerator, a program that provides resources to technology companies in order to successfully launch them into the tech marketplace.
By providing these companies essential education and market exposure, plus access to the Moderne Network—a collection of more than 200 brokers, developers, financial institutions, and other important experts willing to offer their knowledge, not to mention a chance to earn their business—the program is designed to help them seize multi-billion opportunities and grow their business at a much faster rate than they could alone.
Growth Geeks is a marketplace that connects businesses to freelance marketing talent. Good marketing is essential for a successful business, but hiring a full marketing agency is often cost prohibitive for smaller businesses and independent contractors. On the Growth Geeks website, these businesses will find hundreds of marketing experts, each of whom work on a gig-by-gig basis and come individually approved by the Growth Geeks team. In return, marketers with unique expertise, such as in content marketing, social media, or analytics, can make the most of their skills while keeping a flexible schedule
UrbanBound seeks to make relocating for a job a less stressful and less expensive process. New hires start with a personalized to-do list filled with tasks ranging from finding housing to ordering internet service to learning about their new city. Every step of the way, the UrbanBound website offers tailored assistance: a list of cable providers with rates and ratings, a thorough introduction to the city and its sights, even a personalized budget and expense list. This leg up on the relocation process helps new hires settle into their new surroundings quickly, reducing moving stress and making them more likely to stay at their new company.
"The Moderne Accelerator™ announced the first two participants accepted into its hypergrowth industry accelerator: UrbanBound (backed by Grotech and Starvest) and Growth Geeks (backed by Techstars). The Moderne Accelerator launches technology companies ($0-$15M in revenues) into the world's largest industries: real estate, mortgage, finance, insurance and home services, each multi-trillion dollar marketplaces that together represent over 20 percent of the US GDP and are ripe for innovation. The Moderne Accelerator provides education, exposure and access to the Moderne Network™: over 200 franchise groups, independent brokerages, commercial real estate brokers, developers, property managers and financial institutions who provide valuable insight, knowledge and a chance to earn their business..." Read More
"However, since these relationships can develop into much more, it’s extremely important to choose them wisely. As Constance Freedman pointed out, you need to 'find those advisors and mentors who are a target customer or group that you’re targeting for your product or service.' Finding advisors who are subject matter experts is critical, as are finding those who can fill in gaps or strengthen your weak spots, but ultimately, finding links to customers is the different between an unsuccessful company and a successful one. If your advisor is a customer or part of a customer company, you can open up crucial sales channels." Read More