The Tishman family is one of New York's real estate dynasties and is now seeking to become relevant in the world of tech startups.
For more than 100 years, the Tishman family has been a mover in New York's real estate scene and one of companies the family has founded, Tishman Realty & Construction, is now getting a good grasp of the impact of technology on real estate. It has been one of the first real estate businesses to embrace technology when it invested in motion detectors and new types of materials used for buildings. According to The Wall Street Journal, the Tishmans have always been adaptable to changes in the real estate landscape through the years and they are applying the same mantra on their venture in the sector of tech startups.
In the same post by The Wall Street Journal, Daniel Tishman is the latest member of the clan to get his hands dirty on a business venture when he helped launched a tech company. Daniel recently became the chairman of Ecorithm, a company that makes and sells software that aids building owners and landlords in improving energy usage and efficiency. He joined the company's management after a shake-up of its workforce just a year ago. Daniel is among the biggest funders of the company which had startup costs of $9 million.
Daniel is the great-grandson of Julius Tishman, the man who founded the family empire in 1898. He admits that along with other executives of Ecorithm, the shakeup was necessary to help regain the focus of the company. "There was a bit of management shake-up. There is a natural point where you have to evolve from being an idea mill to making a business out of it," Tishman said.
Meanwhile, according to Urban Land, the future is bright for real estate technology as it will allow access to aggregated data for use in marketing. It will also be possible to make instant and real-time analysis of variables affecting property prices.
