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The Market's Changing, And The Tech Industry Needs To Change Like Everyone Else

CompStak CEO Michael Mandel, Xceligent CEO Doug Curry, VTS Senior Vice President Andrew Flint and Reonomy CEO Richard Sarkis

With the market radically shifting, not only is tech needed more than ever, but tech companies need to rethink how (and to whom) they present their products.

VTS head of business development Andrew Flint (second from right) believes uncertain markets like today are where tech and data shine, as they can justify an acquisition or investment with clear, concrete evidence. Uncertain markets also force brokers and developers to analyze and question their workflows and strategies, Xceligent CEO Doug Curry (second from left) notes, creating a perfect opportunity for a tech company to swoop in.

"When things are good," he said, "no one's going to stop and ask why, but a downturn is where we'll thrive."

But Reonomy CEO Richard Sarkis (far right) said real estate professionals have every right to be skeptical. Time is money, and spending hours on figuring out a program that doesn’t increase efficiency could mean millions down the drain and a lot of angry investors.

That’s why, he says, tech companies need to do a better job showing--in a clear and manageable way--how they’re solving problems, creating strong ROIs, or is better than what’s currently being used. Everything from an app’s interface to how it fits in the workflow process needs to be considered for maximum efficiency and intuitiveness. 

Even then, CompStak CEO Michael Mandel (far left) stressed, no tech company will ever go from zero to completely changing the way people work, so tech execs need to have measured expectations of their growth patterns. 

The panelists’ advice was particularly potent when they reminded the crowd that many processes are still desperate for disruption and innovation.

Richard, for example, wants to see the “enterprise nut” cracked, expressing frustration that many large firms sit on treasure troves of data collecting dust in a warehouse. Michael was more focused on marketing, stating that many owners spend millions on lackluster marketing materials, like brochures or fliers, because they have no idea what to do with their budgets.

“There needs to be somebody who can figure out and spend that money better to achieve a true ROI,” he said.