Project PropTech – A TONOMUS Venture Competition

 Deadline Date: July 06, 2024

 Donor Name: TONOMUS

 Grant Size: Not Available

TONOMUS, a leading technology enterprise powering the world’s first ecosystem of cognitive technologies at NEOM, is partnering with PIF (Public Investment Fund) on Project PropTech.

Project PropTech will influence what and how the world builds. They’re gathering bold ideas from around the globe, shaping them with the unique methodology, and pioneering them in one of the world’s fastest-evolving PropTech landscapes.

Goals

To solidify Saudi Arabia and the Middle East’s position as a leading global hub for PropTech, they need ideas that leverage the power of artificial intelligence, machine learning, data analytics, and other cognitive technologies. The most competitive venture submissions will apply to one or more of the following impact areas:

• Visibility
  • Compelling ideas and innovative technology solutions that stand out in the construction and real estate market with potential to transform the industry.
• Scalability
  • Business models that show promise to grow and expand inside and beyond the borders of Saudi Arabia.
• Adoptability
  • Solutions that break free from a one-size-fits-all approach, integrate seamlessly into the Saudi Arabian construction and real estate landscape, and can be localized to meet the needs of the industry.
• Sustainability
  • Demonstrate a commitment to sustainable practices and offer solutions that improve the industry’s impact on the planet.

Challenge Statements

• Design
  • How might they develop data-driven solutions for designers in the pre-build phase so that they can stay on top of changing market dynamics and more effectively predict and manage the economics and success factors of their projects?
• Construction
  • How might they develop predictive and cognitive systems that leverage data (including supply and demand, materials, methods, etc.) to provide insights for construction companies during the build phase, so that they can more accurately predict project costs, minimize overruns, and mitigate supply chain risks?
• Property Financial Transaction
  • How might they leverage technology and data analytics to create more efficient, transparent, and user-friendly processes for end-to-end real estate transactions such as bid management, risk assessment, financing, and debt management?
• Facilities Management
  • ​​How might they develop new technologies for real estate operators that improves property evaluations, contracting and procurement, and maintenance processes in a way that saves money, enhances functionality, and improves the consumer experience?
• Sustainability
  • How might they innovate and introduce new materials and building methods for construction and real estate firms, aiming to alleviate environmental pressure and promote the use of sustainable building materials and practices?

What makes this competition unique?

• Joining the Venture Studio will provide you and your team with invaluable resources that can help bring your venture to life (and even accelerate it by several years).
• They’ll help develop and sharpen venture-building skills with learning sessions that explore the latest PropTech trends and emerging opportunities in the Kingdom. As you progress through the competition, you’ll gain even more access to expert resources to strengthen your proposal and better position your venture for the final pitch event, including one-on-one mentoring and seminars that address integral entrepreneurial topics.
• Select finalists will have the opportunity to participate in a final pitch to TONOMUS and PIF. Others may have the chance to connect with development companies in the region. And finalists will get to launch their ideas in the Kingdom before sharing them with the world.

TONOMUS Venture Studio

• Competition winners will be invited to join TONOMUS Venture Studio for an immersive venture-building program that features Silicon Valley–influenced methodology and guidance. Benefits include:
  • Methodology
    • The design-focused process consists of finding customer pain points, determining the right product/service, designing the business, and prototype testing.
  • Technology
    • You’ll develop your idea in a state-of-the-art digital environment with a focus on design thinking, research, and prototyping.
  • Expertise
    • The experts will guide you through early sprints and acceleration approaches.

Criteria

• Project PropTech is designed for existing early-stage startups, construction and real estate professionals, experienced entrepreneurs, and anyone with an entrepreneurial spirit. Whether you have a great idea or an existing technology, they encourage you to apply.

For more information, visit TONOMUS.