Have you ever considered the work that goes into being a property manager? Between creating protocols, replacing old equipment, and advertising for lease renewals, there is a lot of moving parts and serious ramifications, if protocols are not followed. Enter Leonardo247, the performance management software that ensures that best practices are are adhered to throughout your organization. Automating personalized task lists that intelligently integrate protocols, the software makes compliance easy. Easy to document checklists keeps work fluid and expiring contracts are tracked among many other features, ensuring that no work is forgotten about. Work flows smoother with Leonardo247. Currently focused on commercial real estate, the brilliance of the platform can be applied across a number of verticals. No need to pick up that dusty operations manual.
LA TechWatch chatted with CEO and founder Daniel Cunningham about the company and how you can start implementing best practices sooner.
Tell us about the product or service.
Leonardo247 automates the policies and procedures, best practices, or risk mitigation protocols of companies that must ensure that their distributed workforce is in compliance at all times. The Leonardo247 Performance Management Software provides daily guidance to those teams in the field by turning operational procedures into daily tasks along with the forms, checklists, inspections or other direction employees need to accomplish the task. Leonardo247 then gives corporate executives real-time visibility into what’s happening – or not happening – throughout the company.
Even companies with the most comprehensive operational procedures struggle to implement them in the field. Binders full of policies sitting on a shelf or posted online are ignored. And even with fully-trained employees, companies have no visibility into if these procedures are really being followed until there is a catastrophic loss or process failure and an investigation ensues. To solve this, Leonardo247 becomes the operations expert that provides consistency and accountability across the company so teams can simply focus on getting things done.
Executives can stop sending text messages and emails reminding people of tasks to be completed and there’s no need for countless Excel spreadsheets trying to track inspections or quality control that fail to provide global visibility and cannot be monitored. Everything flows through Leonardo247 and we let our clients know when they have a problem.
Leonardo247 is not simple task management, its performance management. Based on a database of “Artificial Wisdom” combined with a company’s own policies and procedures, Leonardo247 does the deciding as to what the right task is to present to the right person at the right time. Real-time compliance monitoring allows senior management to be proactive about addressing problems that could otherwise lead to costly lawsuits and fines as well as unbudgeted equipment repairs and replacements. In addition, our machine-learning module can automatically monitor the compliance requirements of any city, county or state municipal code.
The platform also tracks internal documents such as contracts, certifications and insurance policies, notifies when expirations are approaching and pushes actionable instructions out to the responsible parties. The system is cloud-based, allowing large national, or even global companies to easily oversee all activities at every facility from one user-friendly interface.
What market are you attacking and how big is it?
Currently Leonardo247 is focused on automating multifamily and commercial real estate operations, which represents a one billion-dollar addressable market. However, we have pilots running with hotels, restaurants and manufacturing facilities and believe there is a $50 billion market opportunity for the kind of automation provided by Leonardo247.
What is the business model?
Leonardo247 is a SaaS product, which is licensed on an annual basis.
Why has it taken so long for someone to come up with something so brilliant?
First, while there are many bad things that can happen when businesses fail to follow the procedures necessary to mitigate operational risk (think about restaurant chains that have struggled with food-borne illnesses or accidents at amusement parks) the process of researching, establishing and automating those best practices isn’t terribly sexy work and the ROI is sometimes difficult to quantify. For example, most companies would tell you they believe in performing preventative maintenance, but very few if any can tell you what the cost is for NOT performing that maintenance. Until now there have been lower-hanging fruits along the value chain where technology has stepped in. But now, on-site operations remain the last mile in eliminating operational inefficiencies and I believe we’ve arrived on the scene at just the right time.
Tell us a little about your background and what inspired the business?
I’m a civil engineer by education and I think it’s that process-minded approach to operations that led to the creation of Leonardo247. Working in real estate development early in my career led to a role at AIMCO as Director of Asset Management back when AIMCO was the largest multifamily real estate investment trust (REIT) in the U.S. In that role, I became familiar with the struggles that property managers face in trying to juggle the day-to-day operations with seemingly less-urgent but critical responsibilities having to do with areas such as risk mitigation, preventative maintenance, municipal code compliance, etc. Not only were these managers not well-trained in these other areas, but it was also extremely difficult simply to remember it all and prioritize properly. In 2011, I wrote a book to try to help solve this problem called 365 Days of Property Management, where I attempted to document all of these real estate best practices and give guidance on when and how they should be done. Rather than offer the book for sale, I realized almost immediately that the proactive process developed in the book would lend itself better to a piece of software and work on Leonardo247 began in 2012.
Tell us what building your company in LA has been like?
I launched my first technology Startup in Los Angeles back in 1998. I had this crazy idea that people would buy music over the internet and built a company to help independent artists showcase their music and secure bookings over the internet. I was a little early on that front but also at that time in LA there wasn’t anywhere near the level of support for young Startups that there is now. Most notably, access to seed capital, angel investors, and venture capital was far more limited. Now there is a thriving ecosystem where founders can not only source Startup capital but also connect with other founders, get legal advice, find technical team members and rent affordable co-working space that can provide back office support and comradery. Sometimes the comradery is all an entrepreneur has to get through the long nights and pursue that breakthrough every founder prays for. Entrepreneurship is most of the time a lonely road, and being in a city where there is a community of people to share enthusiasm about the potential of technology to improve lives makes the pursuit a more endurable and rewarding endeavor.
What are the milestones that you plan to achieve within six months?
Our wheelhouse has been commercial/multifamily real estate and we’ve just recently announced that some of the largest companies in that space, such as Greystar and FPI, have planned 2018 roll-outs of Leonardo247. But our solution was built to solve this problem of standardization of best practices for any industry, not just real estate, and in six months we should have some very interesting pilots announced in other verticals.
If you could be put in touch with one investor in the community who would it be and why?
I think that Brad Greiwe from Fifth Wall and I would have a lot to talk about. Brad cofounded Invitation Homes and I think he would instantly relate to the challenge of trying to provide consistency in managing 80,000+ homes – which is a problem we can solve. Moreover, my guess is that with Fifth Wall’s real estate focus, they have great visibility into the wide field of nascent Startups in this space and getting his advice on where we have the most opportunity for innovation, partnerships and growth would be enlightening.
What does being “Made in LA” mean to you and your company?
I think there is generally still a bias that investors outside of Los Angeles have in assuming that most of the innovation coming out of LA is entertainment and media-focused. For Leonardo247 to be “Made in LA” I think we’re helping to prove that there are great business-to-business technology companies coming out of this environment and that Los Angeles has arrived as a center for technical invention in all areas.
What else can be done to promote early stage entrepreneurship in Los Angeles?
For years I have been involved in an early-stage CEO peer group that meets monthly. The insights and inspiration we have derived from each other in that group have been invaluable to me personally as a leader and for the company. The more of these groups the Los Angeles entrepreneur community can foster, the more likely inexperienced founders are to avoid early stumbling blocks and succeed.
What is your favorite restaurant in LA?
Providence, hands down. Los Angeles should be known for amazing seafood and Michael Cimarusti does unbelievable things at his restaurant. I sat for a 9-course tasting menu there once that took an entire afternoon and it was amazing. I’ve heard they have a special table in the kitchen and my dream would be to be sat there some time and watch these creations come to life.