Mission

a) The mission of the company is to democratize real estate investing while building a network of homes where people can live anywhere. Traditionally, the investor-renter model benefits those with resources to own properties, while those unable to save for a down payment are left renting. Wove aims to reverse this dynamic.
b) The mission of the Wove platform is to create a marketplace where individuals can buy shares in homes and receive passive income from renting them to digital nomads who want the flexibility to live anywhere.

Users

Wove serves both investors and renters. Renters are expected to live within the network of homes, provided the properties are in attractive vacation-like locations, fully furnished, and offer reliable internet access. On the investor side, Wove targets three key groups:

a) Institutional investors
b) Accredited investors
c) Amateur investors

The company’s goal is to open up real estate investing to more people. Therefore, institutional and accredited investors (groups A and B) aren’t ideal because they already have easy access to real estate opportunities. The focus should be on amateur investors (group C), who typically face barriers to entry.

Pain Points

a) Lack of capital to invest in high-ticket real estate opportunities
b) Limited portfolio diversification, with many opting for simpler stock investments on platforms like Robinhood
c) Fear of risk, leading them to avoid committing fully to real estate investments

Given Wove’s mission of democratizing real estate, the primary pain point to address is the high entry cost. Afterward, we can tackle diversification and risk.

Solutions

a) A platform that divides homes into shares, allowing individuals to invest in real estate, with Wove renting out the properties for them
b) A model where people can buy shares of homes and live in them as vacation properties
c) A fund where individuals pool money to buy and manage real estate, though they wouldn’t own the properties directly—just shares of the fund

Since the company’s mission is to give people direct ownership of real estate, option B doesn’t align well because the property would initially be an expense rather than an asset. Option C doesn’t offer ownership of the homes, only shares in a fund. Option A is the best fit, as it allows individuals to own a portion of real estate and receive a cash flow from renting it out—turning it into a true asset.

Metrics + MVP

a) Number of investors
b) Number of homes purchased
c) Number of active renters
d) Click-through rate of ads

The MVP has two parts. First, we acquire investors to purchase the initial homes for the network. Then, we attract renters to generate cash flow. The MVP will launch in Miami Beach, a popular real estate investment destination, especially with the rise of remote work. Many people from cold cities like New York and Boston are relocating to Miami for its favorable climate and need homes that are ready for both living and working. This is the opportunity we’re tapping into.

Growth

We used digital marketing to acquire the first 200 renters. For the investor side, we engaged directly with individuals who had shown interest in real estate investing but hadn’t yet taken the plunge due to high costs.