An exclusive Tech Tribune Q&A with Adam Pollack (co-founder and CEO) of Accept.inc, which was honored in our:
Tell us the origin story of Accept.inc – what problem were you trying to solve and why?
My co-founder and I left college at the end of our second year to found Accept.inc.
As the son of the leading mortgage attorney in NY, it was only natural that we looked at ways to improve real estate. The fundamental problem we were trying to solve was how to bring speed and certainty to the largest, most important financial transaction of people’s lives.
As a point of reference, it takes 47 days on average for a lender to close a buyer’s mortgage and there are a number of factors that can lead to the deal not closing (i.e. underwriting, appraisal, etc). In contrast, cash buyers who don’t need a mortgage can close immediately, conferring significant advantages to them in terms of negotiations, competitiveness, and price versus buyers who need to submit an offer that is contingent on a loan.
The stakes could not be larger for communities here in Colorado and beyond. So, we set out to level the playing field of home buying by creating the first no-cost cash offer for the 80% of buyers who need a mortgage. Our vision is to put a cash offer on every home and ensure every buyer has an equal shot at homeownership.
What was the biggest hurdle you encountered in your journey?
In the beginning, there was a huge chicken and egg problem that we faced in terms of being able to bootstrap our venture without capital. Said differently, we couldn’t just launch an app and start submitting cash offers on homes to test the idea – we needed capital to do that! Fortunately, we got our big break. We were admitted to Y Combinator, which gave us the platform and connections to really launch our venture.
What does the future hold for Accept.inc?
If Microsoft put a PC on every desk, Accept.inc is going to put a cash offer on every home and we look forward to doing so with our team and headquarters based here in Denver!
What are your thoughts on the local tech startup scene in Denver?
Denver is a hotbed for talent and, increasingly, other startups. As more companies move and are built here, I only expect that the ecosystem’s best days are ahead. I am particularly excited to see how team members from existing startups break away and launch their own companies – talk about a killer flywheel!
What’s your best advice for aspiring entrepreneurs?
Get a co-founder(s) that you simply could not build the company without. Being an entrepreneur is not for everyone, but I don’t think anyone should do it alone. Your co-founder will be your proverbial trench buddy and rock through good times and bad.