Real estate company JLL India has collaborated with Invest India, Accelerating Growth of New India’s Innovations (AGNIi) and Startup India to launch JLL IDEAs — a real estate-focused accelerator programme.
While Invest India is the National Investment Promotion and Facilitation Agency that helps investors looking for investment opportunities and options in India, Startup India is the government’s flagship initiative to boost the startup ecosystem in the country. AGNIi, on the other hand,is the national technology commercialisation programme from the Office of the Principal Scientific Adviser to the central government.
JLL IDEAs will promote startups working on cutting edge, disruptive technologies and solutions impacting developers, investors and occupier clients. The programme will run multiple proptech hackathons and innovation challenges to select the best startups in real estate and aims to create India’s biggest platform for the convergence of technology in the real estate sector.
Ramesh Nair, CEO and country head, JLL India said, “The proptech space offers limitless opportunities in India and is the single biggest lever to benefit millions of consumers, end-users and occupiers alike. This JLL initiative will bring together the industry to better understand how to utilise the latest innovations to better serve our clients whilst advancing the sectors in which we work.”
Who Can Apply?
The programme is targeted at early-stage startups and individuals, with a clearly defined solution, product or a technology impacting real estate scenarios. This would include asset valuation, smart buildings, employee experience, sustainability, etc working with technologies like Blockchain, AI, Machine Learning, IOT, etc.
The objective of these startups should be to empower investors and tenants, drive efficiencies, increase profitability and enhance safety and trust.
“Through this collaboration with Startup India and JLL, we aim to connect innovators across industries and help commercialise their technology and solutions for the larger good of the real estate sector in India,” Prof K VijayRaghavan, Principal Scientific Adviser to the Government of India said.
What Will The Winners Get?
The winners of the hackathons will receive awards including potential funding opportunities through JLL Spark, mentorship from real estate leaders, incubation opportunities and client meetings to test and pilot their solutions in a real-world environment.
JLL Spark is a $100 Mn investment fund by JLL which is focused on creating new products, investments and supporting startups in the real estate tech industry.
Moreover, the winners from these hackathons will also be invited for a proptech open innovation challenge, which will serve as a thought leadership platform for real estate and tech leaders to engage in meaningful conversations. Top investors, VCs, developers and occupiers will act as mentors and the jury for this challenge. The applications for the hackathons are now open.
Real estate sector in India is expected to reach a market size of $1 Tn by 2030 from $120 Bn in 2017 and contribute 13% of the country’s GDP by 2025.