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The National Association of Realtors(NAR) announced Monday that it is accepting applications for its fifth annual “Pitch Battle” at the upcoming Innovation, Opportunity and Investment Summit (iOi).
The Pitch Battle, which is presented by NAR’s venture capital arm, offers real estate technology startups the chance to showcase their tech to industry-leading investors for the chance to win $15,000.
“Innovation is occurring at unprecedented speeds across the global real estate market,” NAR CEO and Second Century Ventures President Bob Goldberg said in a statement. “The Pitch Battle at the iOi Summit will bring investors and innovators together to explore the resources, solutions and services that will be used by consumers and real estate professionals alike in the years to come.”
Pitch Battle participants will each have four minutes to pitch their products to a panel of investors and real estate professionals, followed by a four-minute round of rapid-fire questions. Contestants are judged on their abilities to effectively communicate how their products work and how they will improve the real estate industry — residential, commercial or both.
The entrance application to the contest includes questions about the product’s target customer and market, the product’s traction and usage and asks each applicant to explain how their product “wins” in the marketplace.
Along with the $15,000 cash prize, the winner will receive a booth at the next NAR NXT conference, secure a meeting with the Second Century Ventures executive team, be featured in an upcoming issue of Realtor Magazine and present the next Pitch Battle winner at the 2024 iOi Summit.
“The Pitch Battle provides a crucial springboard for tech startups looking to influence real estate markets and better serve consumers everywhere,” Goldberg said. “This platform can catapult businesses into the spotlight, garnering attention from an expansive network of venture capitalists, tech innovators and industry professionals. We’re eager to see the game-changing ideas that emerge this year.”
Last year’s competition named home renovations startup Revive the winner. The company, which helps guide homesellers through the renovation process to increase the value of their homes, was lauded for its potential to have a noticeable impact on real estate professionals and consumers alike.
The iOi Summit will be held in Miami on Aug. 29 and 30. The last day to enter the competition is June 23, with applications accepted through the iOi Summit website. Selected companies will be notified by July 10.