NAR’s noncompete clause with a factor in tech incubator selections

Companies that engage in the public display of listings 'likely ineligible' for REach program

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The deadline to apply for the National Association of Realtors' tech incubator, REach, is looming, but the odds of success may be stacked against companies that are in the business of publicizing for-sale listings. A noncompete clause in the operating agreement between Move Inc. and NAR means that companies that engage in the public display of listings are "likely ineligible" for REach, according to Constance Freedman, founder and managing director of Second Century Ventures. Despite the limitation imposed by the agreement, "We encourage interested companies not to self-select out of applying to the program," the director of NAR's 5-year-old venture capital fund said. "We work closely with, and if there is a mutually beneficial partnership opportunity that can be agreed upon by all parties, we would consider an acceptance in that case." The final deadline for applications for the 2014 class is March 1, and NAR plans to accept between six ...