Business incubator Geovation has expanded its programme to support three new PropTech start-ups. This is the first time the programme will back PropTech disruptors and follows news that HMLR will begin to collaborate with OS to stimulate the innovative use of land and property technology and data through Geovation.
The PropTech businesses will be joining the programme alongside three GeoTech start-ups. Business Minister Lord Prior said, “Building more affordable homes is central to the Government’s commitment to creating an economy that works for everyone and the partnership between HM Land Registry and Ordnance Survey is a new and exciting chapter of this.”
The Geovation Programme encourages and supports the growing number of new start-ups driving innovation in the housing sector. Geovation is now supporting six new PropTech and GeoTech companies to develop new technologies.
John Abbott, Director of Digital, Data and Technology at HM Land Registry said, “With our support these start-ups have the opportunity to revolutionise the technology that underpins the property sector and create data-driven services that will make property related transactions simpler, faster and cheaper for everyone.”
During the first six months of the programme, participants will develop their ideas to prototype stage. They will benefit from £10,000 of funding and commit to spending 20 hours per week on their project. At this point the prototype will be assessed for its commercial viability. If the Geovation team decides it has viability, the following six months will be spent creating a product and launching it, assisted with a further £10,000 funding.
Alex Wrottesley, Head of Geovation, said, “We’re very excited to be working with these businesses. The programme offers an exceptional launchpad for any new business in the PropTech or GeoTech markets and we’re looking forward to giving this new group our full support.”