Techstars: Bringing Supply to Demand
Cox Enterprises is proud to partner with Techstars Atlanta as a supporter of its third annual cohort. The 10 companies chosen to participate in the 12-week startup accelerator program this year represent best-in-class entrepreneurs from six U.S. states and Israel. The program is housed at Ponce City Market in Atlanta.
Renting a home or apartment in most U.S. cities seems to get pricier each year. PadSplit founder Atticus LeBlanc is acutely aware of the shortage of affordable housing in urban areas. And his solution for the problem satisfies renters and property owners alike.
PadSplit is a startup business that divides homes or apartments in Atlanta (and eventually other cities) into separate furnished bedrooms with a shared kitchen — maximizing all the livable space. The cost of utilities, laundry, and internet are rolled into simple weekly payments.
Splitting up a home makes living there more affordable for the residents, and increases monthly income for the property owner. Each resident undergoes a background and employment verification process, so property owners secure quality residents, and those residents can also feel more comfortable in a shared space.
An Idea Comes to Life
Atticus said the idea for PadSplit was born from his personal experience. He is a real estate investor, property owner and entrepreneur who founded Stryant Investments and Stryant Construction in 2009. He feels strongly that far too many working-class individuals and families — think teachers, bus drivers, security guards or chefs — lack access to affordable homes located near their jobs.
“I thought if I didn’t do this at this point in my life, given my unique experience in housing and my understanding of the needs of this population, nobody was going to do it,” Atticus said. “It was something I felt needed to happen.”
Being a part of Techstars has helped Atticus learn to scale the business quickly so that it can expand its reach and impact, he said.
Atticus and the other participants of Techstars Atlanta’s class of 2018 will present their business plans to potential investors and community supports at Demo Day on Oct. 15. The program is the culminating event for the Techstars program.
Atticus described Demo Day as a sort of “coming out party” for all the startups, adding “I’m excited to see it all come together.”
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