Three Essays on the Emerging Digital Technology Field of Proptech

Abstract

This collection of three essays explores the transformative impact of digitalisation on the real estate industry, focusing on the emergent field of Proptech. Proptech represents a rapidly growing organisational field that integrates digital innovation into real estate practices, and is transforming how properties are managed, bought, sold, and experienced. As the world’s largest asset class, real estate has historically been slow to adopt technology but is now experiencing a fundamental shift driven by Proptech, prompting a re-evaluation of existing business models, organisational strategies, and market dynamics. The first essay analyses the evolution of Proptech through the lens of social network dynamics. Employing longitudinal social network analysis, it maps organisational relationships to reveal how their interactions influence the field's growth. The study tracks 441 Proptech firms over eight years, identifying a shift from a fragmented to a centralised network structure. The research highlights how a few organisations dominate as central hubs, enhancing information flow but concentrating power. The second essay investigates the role of start-up narrative distinctiveness in attracting venture capital (VC) investment during the development of the Proptech field. Analysing data from UK-based Proptech start-ups launched over a decade, it identifies a positive relationship between unique narratives and higher levels of VC funding in the early stages of the field’s development, which diminishes as the Proptech field matures. The study highlights the strategic importance of first-mover advantage and offers valuable insights in understanding how investment criteria evolve as a field matures. The third essay examines how the traditional real estate professional services organisations respond to the institutional logic of digitalisation, driven by the emerging Proptech field. Using a qualitative longitudinal case study approach, the research combines the frameworks of institutional logics and institutional work to reveal diverse organisational responses influenced by strategic priorities and leadership vision, demonstrating how these organisations not only adapt to but shape their institutional environment. Together, these essays offer a comprehensive exploration of the emerging Proptech field, from its network dynamics and start-up investment strategies to its broader impact on traditional real estate firms. They provide insights for industry stakeholders and contribute to the academic discourse on emerging digital technology fields.

Date of Award	2 Dec 2024
Original language	English
Awarding Institution	The University of Manchester
Supervisor	Joseph Lampel (Co Supervisor), Jonatan Pinkse (Main Supervisor) & Eva Niesten (Co Supervisor)