An exclusive Tech Tribune Q&A with Nick Friedman (co-founder and COO/CRO) 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?
I met my best friend and now co-founder, Adam, my freshman year at college during a winter trip to Montreal. While our classmates focused on having fun, Adam and I noticed a casino and began devising an elaborate plan around beating roulette wheels. We quickly became best friends. The summer after our freshman year in college, we started to explore different venture ideas and decided to look into real estate – Adam’s parents were in the space and I was interested in it.
We asked ourselves two questions: If we could do real estate all over again, how would it be done? And also: what’s the simplest transaction in real estate and how do we give that to everyone? It didn’t take long to realize that the answer was a cash offer, so we set off to democratize the cash offer so it was built for everyone.
After our second year, we ended up leaving school to co-found what is now Accept.inc. Two years of failures later, we finally landed on the current model.
The problem we are trying to solve is more than just bringing certainty to a real estate transaction. It’s to level the playing field of home buying for buyers, allowing them the opportunity to win the best homes in the best school districts and neighborhoods, without needing to have hundreds of thousands of dollars in their bank accounts. Why? Because we believe the way real estate is transacted today (wealthy buyers having the most leverage) is fundamentally unfair.
What was the biggest hurdle you encountered in your journey?
It’s hard to pinpoint one in particular, but one of the biggest hurdles we faced in the early days was convincing consumers that we were not a scam. Imagine telling a buyer for the first time: “We’re going to buy your home, sell it back to you at the exact same price, and give you a competitive rate mortgage with no extra fees all within a few weeks”. Many assumed it was too good to be true.
What does the future hold for Accept.inc?
Our goal is nothing less than to put a cash offer on every home across America.
What are your thoughts on the local tech startup scene in Denver?
Denver is on fire! It’s a great community for local tech startups and is quickly becoming a mini-Silicon Valley. Not to mention, it’s a great and inspiring place to live!
What’s your best advice for aspiring entrepreneurs?
Don’t be shy. If you need something from someone high up at a company or a favor that’s seemingly impossible, just ask. The worst you can get is a “no” and you’d be surprised at how willing people are to help!