R-LABS Expands Entrepreneur-in-Residence Program with a $1M Commitment to Building Game–Changing Ventures
Toronto, ON – June 5, 2024 – Building upon the momentum generated by the recently unveiled 2024 Industry Innovation Agenda (IIA), Canadian real estate leaders and entrepreneurs are strengthening their commitment to tackle pressing challenges in the sector. The Industry Innovation + Transformation Council (I+T Council), convened by R-LABS, has announced a continued expansion of pledges to drive innovation and transformation at the Building Lasting Change conference.
George Carras, Founder & CEO of R-LABS, emphasized the importance of this momentum: “Crisis is not what is defining the real estate and housing sector. What is defining us is how we are responding to the crisis and the continued expansion of pledges is further evidence of a growing cluster of innovation that is bringing new solutions through new companies that create new, higher productivity jobs.”
Doubling Down on Key Priorities
The IIA identified five critical challenges facing Canada’s real estate sector:
- Leadership and institutions: Canadian institutions, including government, not-for-profits, or the private sector lack a culture of risk-taking and willingness to take leadership on driving innovation in Canada.
- Housing Affordability and Supply: The Canadian Mortgage and Housing Corp (CMHC) estimates that Canada needs to build 5.11 million homes between 2022 and 2030 to restore affordability to the housing market. To achieve this, the real estate leaders are advocating for innovative approaches such as modular home construction and adopting innovative technologies and automation.
- Climate Resiliency and Low Carbon: Canada’s ambitious emission targets aim to reduce emissions by 40 to 45 per cent below 2005 levels by 2030. To achieve this, real estate companies must explore sustainable building practices, energy-efficient designs, and green infrastructure to meet these targets.
- Optimizing Building Stock: Canada’s existing building stock faces suboptimal utilization due to factors such as limited transition options and inflexibility in converting one form of building use to another.
- Capital, labour and supporting infrastructure: Ensuring firms have the essential building blocks for success.
Geoff Cape, CEO of Assembly Corp, an industry leader in the delivery of sustainable, prefabricated mass-timber housing said, “Our commitment to sustainable innovation drives us forward. At Assembly, we’re revolutionizing housing construction through pre-manufactured modular solutions, allowing for faster, more efficient building while prioritizing environmental sustainability. But beyond our own efforts, the Industry Innovation Agenda is crucial. It unites industry leaders, fosters collaboration, and propels us toward a future where real estate and housing challenges are met head-on with creativity, resilience, and purpose.”
To make a pledge and read all new pledges from Assembly Corp., Residential Construction Council of Ontario (RESCON), Dorsay Development Corporation, and the Federation of Rental-housing Providers of Ontario (FRPO), visit www.realinnovators.ca.
The Real Estate Industry Venture Builder is Calling for Game Changing Entrepreneurs
As part of the Industry Innovation Agenda initiative, R-LABS has pledged to invest up to $1 million in early-stage startups focused on solving key problems facing the real estate industry in 2024. A major area of focus for the campaign is climate resiliency and decarbonization of the real estate and housing sector. The costs associated with damage caused by extreme weather create the market conditions for innovators to develop new products, processes, and services. To that end, NOAH, an R-LABS partner company, is seeking a visionary Co-Founder & CEO with a proven track record of at least one successful startup exit to revolutionize flood risk understanding, prediction, and mitigation, transforming both insurance and asset protection.
Through a co-creation model, qualified entrepreneurs complete the Entrepreneur-in-Residence program, build a team, and get the funding and professional support to get started. NOAH is ready to launch, and R-LABS has several more ventures in the early stages of validation, each contributing to a more resilient, affordable, and sustainable housing ecosystem. Entrepreneurs can apply to the program at www.rlabs.ca/entrepreneurs.
About R-LABS
R-LABS is the real estate industry venture builder, established in 2018 as a partnership of innovative corporations, institutions, industry organizations and game-changing entrepreneurs to build and grow great companies that solve major problems in real estate and housing. www.rlabs.ca
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