Published: January 2022
COHO - Software development start-up takes on new staff as it launches co-living management platform
COHO was launched in July 2019. Company founder Vann developed and launched software to allow landlords to manage their rental properties from finding a tenant to day-to-day rental management services.
These services include tracking rental incomes and communicating more easily with current and prospective tenants. It can be often difficult to manage shared properties, says Vann,
"Our software aims to tackle communication issues faced by landlords and Houses of Multiple Occupation (HMOs)".
As well as giving a better experience to property managers, tenants can also benefit from the software. "Shared houses often get a bad reputation" added Vann.
"When tenants look for shared housing, they tend to look at the building and rental price but typically receive little or no information about the other tenants who they will be sharing with".
The software allows potential tenants to share information about themselves including their occupation and interests and preferences. This information is circulated to shared houses, where tenants looking for new housemates can decide whether they want the person to join or whether they think they would be a good match or fit. The software provides a virtual marketplace to help people find appropriate houses and makes the process of finding prospective housemates in shared houses a more appealing prospect for tenants.
"Housemate compatibility not only makes for a better experience for the tenants but also the managers of the rental properties" says Vann.
When Vann completed his university degree, he felt as though he had missed out on the 'university lifestyle'. Wanting the experience of moving into a house share of like-minded people, Vann found a community where tenants could have a say in who they lived with. He made some life-long friendships as a result. Vann wondered whether this approach to house sharing could be developed and made more readily available for others.
As well as increasing connectivity between tenants, the app aims to link people with local residents to promote community living. Vann joined the BetaDen programme in March 2020 when his new venture was less than a year old. He was motivated to join the programme for a number of reasons. Firstly, he wanted to use the programme to ensure he had not missed any important areas as he scaled up his business. The BetaDen programme helped him to develop a comprehensive strategy for growth covering the key considerations for business expansion. "The programme helped me stay in the right mindset for the growth of my business"
He also wanted to gain an understanding of different areas of marketing so that he could promote his software to potential customers. Through BetaDen, he received support via mentors who helped with general product advice and marketing expertise. He also received mindfulness support which he found particularly useful. "It was good to talk through things as running a business can be a stressful experience"
The networking aspect of the programme also appealed to Vann. He wanted to be part of an entrepreneurial community who were 'on the same wavelength'. This he hoped would spark interactions and new and creative ways of working. Vann was unable to use the desk space provided by the BetaDen accelerator programme in Malvern Hills Science Park due to the pandemic restrictions.
This meant that he couldn't benefit from in person interaction or the collaborative environment offered within the accelerator. Yet Vann said he still managed to build good virtual relationships with others on the programme. COHO used a Proof-of-Concept (PoC) grant to subsidise the costs of an external consultant who ended up joining the business. The financial support for this consultant meant the duration and depth of support could be extended and a strong, long-lasting relationship was forged. "This was a key outcome of the grant", Vann added.
As a result of participating on the BetaDen programme, COHO has rapidly and significantly expanded from just two employees to ten, a growth rate of 500%. Seven full time equivalent jobs were created and turnover significantly increased as a result. "Joining BetaDen was a good way of promoting ourselves to others in the industry and demonstrating we are realising our growth ambitions."
Considering his commercialisation journey, Vann had been developing the concept for COHO for nine months before he joined BetaDen. He had a product concept but was not in a position to go live. Since joining the programme Vann has identified his route to market and successfully launched his service. Overall, the programme has met Vann's expectations. Looking to the future, his priorities are to continue grow his business nationally and hopefully export the COHO concept to other countries.
