Jay Steiner founded Domo Me to solve two problems: developers lack reliable rental data, and renters under 30 have a terrible experience. He built a prototype, plans to launch to renters by year-end, and credits the LEAP program for accelerating his progress and investor connections.
Questions this video answers
Jay Steiner.
Domo Me.
Lack of credible rental comparables for developers and a poor, inequitable renter experience (especially for under-30s).
Vancouver.
LEAP / Launch Academy.
Chapters
My name is Jay Steiner. The startup is Domo Me. We focus on rental intelligence for apartment builders in Vancouver. So there's two sides to the marketplace and I identified the developer side when I was in brokerage at cbre. What there isn't is any source of valid comparables. A lot of them use Craigslist Padmapper to validate $30 million land purchases, which is risky on their behalf. And also they're not sure whether or not they're bringing the right units to market. So that generated the idea in my head that we need some sort of credible source for intelligence. And then when I was looking for a rental, it was terrible. You go to Craigslist and then you put in your email, your first name, last name, and you show up and there's somebody who's 10 years older than you. They're wearing a suit, it doesn't matter whether or not they have a job, but you're not getting the apartment. And that's how everybody my age feels. If you're under 30, you're at a disadvantage. What's next is going from non functional prototype to really working with renters and working with developers. We have listings on there, but nobody can see them. We're working out the kinks and then it's going to be launched to renters and we're going to get their feedback as quickly as we can to turn it into a real clean, aesthetically pleasing experience and also get people into new rentals in Vancouver. So that should happen before the end of the year. So far I've met with the largest rental apartment owner and they might be on the advisory board. And if I had that, that would add a lot of credibility and a lot of support for me to go to somebody who knows exactly what's happening and they've known for over 40 what's happening in rentals. So that would be the biggest achievement, getting to express myself in the fullest way that I haven't been able to before now. It's been playing a role that eventually led to this in different shops and figuring out what I like and what I don't like. But now that I'm doing what I really love, it's an amazing experience and I'm learning something more and more than I do when I'm just kind of hiding in a different role. You're always, I think, pushing yourself, but you also can lean on the things that you're good at. I've been fortunate to have a big network of people in real estate and I'm able to transfer that well into the startup community. So I try to surround myself and people that know more than I do about whatever I'm doing. Leap was I honestly first thought I was just giving money away for something that was going to be over before I even blinked. But it was amazing. It was compressed and it taught me more than anything that I learned in school. And I focused on business cases and business plans, but this was a business case and a business plan in one piece of paper. So. So for somebody starting a business, efficiency and not wasting time is the most important thing. So that was the best part about it, was that it gave me the tools to leave and then make my own decisions afterward. It doesn't hand hold you too much, but it doesn't leave you floundering. I think Accelerated is in the title, but it does accelerate you not only in your learning efficiency, but also how much you learn. You're accelerating your growth. If you're trying to learn in your own office or study or your apartment, you're not going to get the same motivation that you do when you're in a room full of young people in the LEAP program. Motivation, acceleration, trust. I think that's a big issue that I had was it's hard to trust somebody when your idea is really small, but you think it has the potential to be a big idea. You don't want to talk to too many people that might know somebody else. But Leap really gave me the confidence that it's not that type of community, at least not in Vancouver and Launch Academy. And so the more people I meet, the more I talk about it and the better it's turned out. Sadly, I would feel either in the same role I was at, I might have not gone for, because that really pushed me over the hurdle to launch and do this idea. So I'd either have found another incubator and there's not a lot like it where it's this condensed course, or I maybe not have been as likely to pursue it, which is sad. I think it's going well. What I like about the format is it works with your work schedule. It's after hours, so I was still working at the time and that was like I could have one foot in the startup idea and one foot still at work and decide whether or not it was the right decision. So it gives you flexibility when you're on the border of making that decision. And then at the end of it, you present to three panel members here that are real advisors and investors in other startups. So it gives you a chance to pitch investor, if you choose to view it that way, and then get real feedback from those type of experienced people. So if you're just pitching to family and friends, it's not exactly as qualified as that. So it's a good experience. First I'd ask them, where are you at now? And why do you want to? And hear their reasons behind it. And then I would tell them, take the leap. If they're thinking about it, then they're already too far to not take the leap, because if you've thought about it, it's kind of like you're gonna drive yourself crazy if you let it slip past. So join this. And it's just an intro, so it's no risk and a lot of rewards. So go for that. Yeah, as a startup, we had no foundation. We were just a lot of ideas in the iPhone notes and then eventually moved it into a proper business plan and everything. But it's given me the resources that I need so I can talk to BCITIA and try to talk to them about funds and grants and that sort of thing. And the network of people that could help me develop this, I wouldn't have access to without them. And the alumni that I graduated with, there's a lot of people that I'll stay in touch with just to keep up to date with how their success is going. And personally, it, I think, taught me a lot about reaching out for help more than I would like. When you're starting a business, you want to be half on the side of knowing everything about it so that you can give people confidence that they should work with you and. But on the other side, you have to reach out to the resources around you because there's a wealth of knowledge. They've done a lot more than I have. And launch Academy and the Lean program teaches you and actually opens the door to a lot of people.
