Company: Honest Buildings
Honest Buildings just had good reason to celebrate: the real estate technology firm raised another $5 million, partly from a venture capital firm founded by the Milstein family, one of New York’s prominent real estate dynasties.
But getting to this point involved no small amount of trial and error.
For starters, Honest Building’s original concept was off the mark. When it first launched in 2012, the firm’s idea was to give buildings tenants and other occupants an opportunity to rate them and identify problems. Honest Buildings believed this input in “real time” would be useful to building landlords as well as contractors interested in bidding repair work or upgrades.
But there was one problem. “People really don’t like to rate their buildings,” said Riggs Kubiak, founder and chief executive.
The story of Honest Buildings’ journey from that initial setback to clinking glasses underscores the benefit of technology startups being flexible. Mr. Kubiak and others at the firm were ready to make major mid-course corrections as they got market feedback.