In the world of startups, the road to success is often fraught with challenges, marked by moments that test the mettle of even the most resilient entrepreneurs. Jigme Tenzin, the founder of housing.bt, shares a remarkable journey that embodies the trials and triumphs of entrepreneurship. Reflecting on the genesis of his entrepreneurial voyage, Jigme Tenzin recollects the dark period between 2014 and 2016 as the “valley of death” for his startup venture, Green City Services (GCS). After resigning, this phase was a daunting reality check, portraying the arduous struggles and steep learning curves faced in the world of startups.
Lack of mentorship, financial instability, and marketing support during this critical phase created a turbulent environment, eventually leading to the difficult decision of leaving his first venture. However, from the ashes of this setback emerged the spark of a new beginning. Jigme Tenzin, undeterred by past setbacks, envisioned housing.bt, capitalizing on the burgeoning potential of the online marketplace. In today’s digital era, online buying has become a prevailing norm, and Bhutan is not exempt from this trend. The ease of access to mobile data, combined with secure online transaction platforms, opened up a new dimension for consumer convenience, making the marketplace vast and inclusive.
In 2016, Jigme Tenzin seized an opportunity to pitch his idea at the esteemed Obama Global Entrepreneurship Summit in Silicon Valley. Amongst 1075 entries from 104 emerging economies, housing.bt was selected as one of the top 15 finalists for the event. Tenzin’s impactful entry into the prestigious Stanford University Hall, adorned in the traditional attire of Bhutan, drew significant attention, emphasizing the global essence of success. His presence and perspective reinforced the notion that, regardless of a nation’s size, a global outlook is pivotal for success in entrepreneurship.
This experience at the summit served as a catalyst for Jigme Tenzin and his team, inspiring them to establish housing.bt with renewed determination. The connections forged at the event proved instrumental in shaping their vision and strategy. The journey from the depths of startup struggles to the international stage symbolizes resilience, determination, and the transformative power of setbacks. Jigme Tenzin’s narrative encapsulates the essence of perseverance, learning, and the ability to pivot, ultimately leading to the birth of housing.bt—an endeavor that found its footing through global insights and connections, transforming challenges into opportunities.
“Then there came a turning point in life, an idea for a prop-tech solution. There was a need for a property listing portal to connect homes to the people and community. The idea came to birth in February 20216, with the help of Loden Foundation and Thimphu techpark, who provided work station for us to start our journey into Housing.bt.” Jigme added.
“Housing. bt” is the first online marketplace set up to help host and find affordable, premium residential and commercial rental space. The business is an online application that provides information on vacant houses in real-time with images of the rooms and also offers services such as electrification, plumbing, house painting, house shifting, and cleaning services. Here, sellers can post details of their properties and buyers can review thousands of available options. They are also resolute in maintaining customer privacy.
Jigme noted that consumers are typically more accustomed to the traditional procedures of word-of-mouth or visiting the physical site before making a purchasing decision in the real estate market. This is gradually changing, though. There is a departure from the traditional pattern and a new trend can be noted, where online bookings and payments have increased in number. This is due to the numerous advantages offered by the web media for house booking. This was intended to be a novel substitute for the conventional peer-to-peer referral and newspaper.
“I told myself that I wasn’t going to give up this time. We quickly changed from rental listings where there was a high demand and a limited supply, as the case still is now.” With pivot we picked up if the customer is king, cash flow is the throne. Innovation is capable of identifying a promising business opportunity Jigme mentioned. They have undergone several pivots since 2016 and are now a real estate listing portal. Not being able to find a suitable buyer with money is the largest source of anguish for real estate clients. Through their listing subscription, they maintain a high-quality database of matches between the appropriate buyer and appropriate vendor.
The availability of online reservations to customers around the clock is their main benefit. To reserve a fantasy home, all one needs is an internet connection. People are benefiting from the widespread use of mobile devices with reliable data connectivity to make online purchases. This eliminates the requirement that you visit a certain location to make payments. By logging in and paying for a property online, one can make a reservation.
“Without any charges or real estate agent, you can directly contact the sellers at housing.bt. We have one of the world’s fastest-growing databases of sellers as well as buyers. At housing.bt, you can get free property valuation and financial analysis. We will also be responsible for arranging a mutually beneficial sales transaction between parties. Apart from listing plan subscriptions, we also extend sale support. To find out more contact us at info@housing.bt” Jigme shared.
The amount of documentation needed to purchase a home can be overwhelming for customers, especially first-time buyers. Confusion about the numerous forms of documentation needed and whether one has finished the necessary paperwork can ruin the entire home-buying process. However, this entire complex procedure is made easier by the fact that most of this information is now accessible online.
“The rapid rate of urbanization and limited availability of land for development are the biggest challenges in Bhutan. It is reported that the country has the highest urbanization rate (2000-2010) among South Asian countries. This has resulted in increasing pressure on urban infrastructures and social services, especially in the capital, Thimphu, Paro, and Phuentsholing. But we have big ambitions and plans for a future Bhutan in the property technology space including prop tech financing and vibrant listing marketplace.” Jigme added.
In the final note Jigme shared, “When a startup falls in the valley of death, it comes to an existential crisis. At times like this The Royal Audience came as a beacon of hope, an inner voice saying to me, fail you may, never fail your king,”
By Rinzin Dema
