NAR Announces Opening of Applications for Strategic Technology Accelerator, REach™
CHICAGO (January 7, 2014) – REach™, the strategic accelerator for technology startups created and managed by the National Association of Realtors’® investment fund, Second Century Ventures, announced the opening of applications to join its 2014 class. The deadline to apply for the 2014 program is March 1. The program runs from April through the Realtors® Conference & Expo in November, where participating companies will be showcased at the industry’s largest gathering.
NAR’s REach accelerator provides a unique platform for technology companies to execute in real estate, one of the world’s largest markets, which represents over $1 trillion in revenue and more than $7 billion in annual advertising spend in the U.S. The program offers a select group of companies with exclusive access to mentorship from more than 150 industry executives and potential customers, and provides participating startups with the education and tools needed to reach and appeal to NAR’s 1 million members.
Applicants must have a platform to provide innovative products or services with strong utility for real estate professionals or consumers and need not be solely focused on the industry. Previous participants have experienced spectacular results leading REach to launch its second class.
Among the notable accomplishments made by the seven 2013 program graduates are that the companies achieved significant user and revenue growth, with most companies achieving respectable sales and consumer bases in under a year; four out of the seven companies used inside insights from mentors and coaching to launch new products targeting the real estate industry; and five out of the seven companies landed major deals with one or more of the industry’s top ten national brands.
“The mentoring and access to potential clients from working with REach helped us grow our revenue and customer base dramatically in just six months,” said Conor McCluskey, founder and CEO of BombBomb, a video and e-mail marketing company that was part of REach's 2013 class. “As a direct result, our video marketing technology is now used by Realtors® in all 50 states and 25 countries to help them be present for showings when they physically can’t be there. If the real estate industry is at all a focus for your startup, you should definitely apply to REach.”
REach offers education, mentorship and market exposure for early-stage technology companies that wish to address the trillion dollar real estate market, and in doing so helps NAR fulfill its member mission of identify technologies and resources that will benefit the industry.
“REach stands apart from other technology incubators by creating a virtuous circle where young companies and the real estate industry benefit from each other’s expertise,” said Dale Stinton, NAR’s chief executive officer. “REach provides our members with cutting-edge technology already vetted by their association; fosters solutions that improve all stages of the home-buying and selling process for the industry, consumers and investors; and gives startups an unprecedented opportunity to tap the expertise of the people who will make them successful in our industry.”
For more information about REach™ or to submit a business for consideration, visit www.narREach.com.
Second Century Ventures is the strategic investment arm of the National Association of Realtors® focused on promoting innovation in the real estate industry and helping the entrepreneurial spirit of real estate to thrive. NAR can provide immediate strategic value to SCV portfolio companies by allowing them access to the vast resources of a 300-person organization with the expertise, influence and power that comes only by being ingrained in an industry for over 100 years.
The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1 million members involved in all aspects of the residential and commercial real estate industries.