Despite the fact that only one company could leave victorious at the third annual National Association of REALTORS® (NAR) iOi Pitch Battle, it hardly felt like a brawl. Though furniture rental company Feather was named the winner out of 12 tech start-ups competing, taking home $15,000 and claiming a booth at the 2021 REALTORS® Conference & Expo in November, the event was more an exclusive meeting of the minds than MMA fight-night, as company representatives and attendees relished the rare chance to mingle and share ideas in person.
“The years that we’ve done the pitch battle, the 12 companies have a bonding experience and they create relationships,” says Dan Weisman, who helped put on the event as the director of Emerging Technologies at NAR. ”This year in particular…they’re hanging out, they’re friends supporting each other.”
Despite uncertainty around pandemic conditions that required a last-minute venue change, Weisman says eventually everything (and everyone) came together to make sure things went forward safely and smoothly.
“People were so onboard with and respectful of that, and I thought that was a really cool thing to do because, at the end of the day, everyone realized how important it was,” he says.
The battle itself—lightning rounds of four-minute pitches with four-minute Q&As—saw a lot of sparks but felt almost like a collaborative effort, according to Feather CEO Jay Reno. “It felt like there was a really good camaraderie around the table,” he says. “It was nice to get to know a bunch of other…people who are doing really incredible things.”
“This year’s iOi Summit delivered on the promise to highlight trailblazing products and ideas,” said NAR CEO Bob Goldberg, in a statement.
Reno credits the large-scale, disruptive vision of his company, along with its proven business model, for the win. “Any durable goods that anybody has inside of real estate, we want to own and manage for people,” he says.
Founded in 2017, Feather offers a subscription rental service, delivering and setting up beds, tables, sofas and decorations, which a client pays for monthly. If they move to a new home or apartment, they do not have to worry about trying to transport and fit their furniture into another living space. If they choose to continue paying, they will eventually own the item at retail price.
Reno described the model as an incredibly flexible, affordable and sustainable way to think about furniture. Feather furniture also has replaceable components, meaning damaged pieces can be made whole instead of discarded.
“Our mission is to transform humanity’s relationship with material goods for a healthier and happier planet,” Reno says.
And broader moves away from traditional ownership will hopefully help people consider what Feather can do for them, he added. You take an Uber or a Lyft, you’re renting your music with Spotify…you don’t own as much as you think you do,” says Reno. “Furniture is the biggest, bulkiest, most painful asset that you could have, and so why still own it?”
“Have a think about it,” he adds.
Jesse Williams is RISMedia’s associate online editor. Email him your real estate news ideas to jwilliams@rismedia.com.
