Proptech startups flooded with pre-COVID funding built too many similar small products. Now capital has dried up, forcing consolidation and leaving vendor partners scrambling as the ecosystem shrinks.
What's happening right now? Because I can even feel it, that things have shifted a lot for a lot of our vendor partners over the last, call it 18 months. Help us understand the landscape.
Yeah, I think there was a tremendous amount of funding being thrown at prop tech before COVID and over the last few years it's dried up for lots of different reasons. So if you were experimenting with a small product that wasn't part of a bigger platform, it may or may not be able to survive, right? It's interesting with all the funding that went into prop tech before COVID I mean, In my opinion, there were too many startups doing the same thing. And it's heresy. Can't, I can't hear it.
No, I'm kidding.
And then all of a sudden they're starting to have funding challenges and maybe the integration is really not as good and they don't continue to innovate as well. And the desire to do more with less providers, and that's also putting pressure on the prop tech landscape.
