“What we need to do is always lean into the future; when the world changes around you and when it changes against you – what used to be a tail wind is now a head wind – you have to lean into that and figure out what to do because complaining isn’t a strategy.”
– Jeff Bezos, Founder & CEO, Amazon.com
Change is the one constant in our lives, yet we fear it. In the New York Time best-selling book, “The Innovator’s Dilemma,” Harvard Professor Clayton Christensen says disruptive change rarely happens from large established companies because they are very successful at delivering a high margin product or service to existing customers.
It does make sense that they avoid disruption because why would they change a formula that’s working?
So disruptive or transformational change usually occurs from smaller companies who want to enter a market but they can’t go head to head with the larger competitor in that market. As a result, the smaller company or startup focuses on a smaller sub-segment or niche customer and provides its products to them.
What the larger company fails to realize is that the niche market the startup is serving is comprised of the early adopters in that industry. So the way those early adopters are consuming this product or service is most likely where the industry will be 5 to 10 years from now.
The history of business is littered with such examples; you can look at Blockbuster vs Netflix, the Blackberry vs the iPhone and the list goes on and on.
So how does the innovator’s dilemma apply to the real estate space? Am I saying 5 to 10 years from now people won’t be buying office space, leasing space or living in apartments or homes? Short answer. I don’t know.
What I do know, is that the way we buy, lease, rent, market, operate, transact and collaborate on real estate transactions will be drastically different than it is today.
Over the past 6 years, there has been a tremendous amount of innovation in the real estate space in various verticals from companies like VTS, CompStak, GeoCV & Reonomy and the list goes on and on, but adoption from the owners, brokers and real estate professionals has not necessarily kept pace.
So why is there a disconnect? That’s why we put together Innovate CRE event on October 12th in NYC because we want to discuss what’s causing the disconnect and answer the innovator’s dilemma from a real estate perspective.
We are bringing together owners, brokers, tech companies, innovators and thought leaders to have an open dialogue about what’s being created vs what’s being consumed and how to increase ROI for all the stakeholders.
If you are an innovator, owner, broker or just interested in the forces transforming the real estate industry make sure to join us at Knotel | New York, NY Thursday, October 12 at 6:30 pm for Innovate CRE.
If you would like to speak, sponsor or participate please send me an email at firstname.lastname@example.org.
In the words of hockey icon Wayne Gretzky; “A good hockey player plays where the puck is. A great hockey player plays where the puck is going to be.” Which one are you?
See you all on October 12th in NYC. #InnovateCRE. Register at http://dmspeakerseries.com
Republished with Permission of Steve Nson.