Interview with Steven Mann
(Propertize Ventures) On Five Things You Need To Create A Highly Successful Startup
An Interview With Doug Noll
Startups have such a glamorous reputation. Companies like Facebook, Instagram, Youtube, Uber, and Airbnb also began as scrappy startups with big dreams and even bigger obstacles. Yet, we know that most startups don't end up as success stories. What does a founder or a founding team need to know to create a highly successful startup? In this series, called “Five Things You Need To Create A Highly Successful Startup” we are talking to experienced and successful founders and business leaders who can share stories from their experiences about what it takes to create a highly successful startup. As a part of this series, we had the pleasure of interviewing Steven Mann, General Partner at Propertize Ventures.
Steven Mann is a seasoned real estate developer and fund manager, dedicated to serving as the firm’s strategic leader and expanding its portfolio nationwide. With an eye for identifying market trends and leveraging technology to create new opportunities, Steven has a unique ability to develop and execute growth strategies that deliver measurable results.
Hi Steven, thanks for joining us in this interview series! Before we dive in, our readers would love to “get to know you” a bit better. Can you tell us a bit about your ‘backstory’ and how you got started?
When I was 20, I started my career with a small residential developer in New Jersey, eager to learn and make a name for myself in the business world. It quickly became apparent that my role was not limited to one specific job. Rather, I was assigned various tasks. I quickly realized that success in this industry requires versatility, resourcefulness, and constant availability—quite contrary to the glamor you often see portrayed on TV or in the movies. You had to get your hands dirty, literally. Some days I might be digging holes to improve footing around an apartment. Or fighting traffic to drop documents off to a title company. Hours later, I would find myself on a roof securing tarps in anticipation for a rainstorm—in the middle of the night.
What was the “Aha Moment” that led to the idea for your current company? Can you share that story with us?
During the pandemic, in the midst of developing a condominium project, I encountered numerous investors seeking advice on where to invest their capital. They were asking me because my project was one of the few moving forward despite the surging cost of construction materials and interest rates increases. Unfortunately, I couldn't find a suitable project, either. While searching for alternatives, I explored lesser-known suburbs outside the New York metro area. I quickly discovered that even these areas were already affected by inflation, price gouging, and market greed. It was disheartening to see my colleagues and some of the most successful investors at a standstill, failing to grasp the fundamental concept of market liquidity—the market had soared beyond anything that could justify the land prices.
What inspired you to start your journey with your business? Can you share a story with us?
The New Jersey neighborhood I grew up in sat in the shadow of the New York skyline, and wasn't the most desirable place to live despite its proximity to Manhattan. I became infatuated with the economic growth that occurred there, as well as the caliber of buildings and companies that later rose up along with the neighborhood’s fortunes. In only 20 years, Jersey City has become one of the most attractive cities for homebuyers and businesses. It has won awards for waterfront redevelopment. Many people even call it the 6th borough of Manhattan. I witnessed many families and small businesses reaping the success of the city's upward growth, and I dreamed of repeating this model in other, less fortunate places.
What do you think makes your company stand out? Can you share a story?
Propertize Ventures specializes in the development of comprehensive city ecosystems rather than singular buildings or blocks. We meticulously craft master plans that encompass all facets of urban life, focusing on economic viability and environmental sustainability. We prioritize social collaboration within communities and forge partnerships with leading global companies to address their needs. Our initiatives encompass a diverse range of offerings, from professional sports and entertainment to performing arts and educational facilities. We strategically plan for access to transit systems to ensure accessibility to quality jobs and healthcare services. Additionally, we design waterfronts to be vibrant spaces that connect people with nature. Our mission is to create inclusive downtown areas that cater to all income levels, promoting vibrant and lively communities with access to diverse amenities such as shopping, dining, living, and working, while eliminating segregated zoning practices.
How have you used your success to bring goodness to the world?
We have given pro bono time and effort to numerous nonprofits, contributing to causes in a few respected verticals, including improving access to quality education and housing for children in impoverished parts of the world. We’re proud of our partnership with the PH8 Foundation, a global nonprofit dedicated to providing clean drinking water and health education. We believe that when we succeed,we must pass on that fuel to the future of the world—our children.
You are a successful business leader. Which three character traits do you think were most instrumental to your success?
My passion for innovation
My relentless focus on execution and persistence
My ability to connect with people and empower them to reach their highest potential
Can you tell us a story about the hard times that you faced when you first started your journey? Pitch fatigue and constantly refining and evolving your pitch. Frustration in attempting to explain a new model to industry titans with antiquated business models
Starting out in raising capital and pitching for my development projects, I faced an uphill battle selling my innovative model. Endless refining of my pitch resulted in pitch fatigue. Trying to convince industry titans with outdated business models proved frustrating. They were resistant to change, dismissing my sustainable and community-focused approach. Despite the initial setbacks, I persisted, found like-minded supporters, and eventually witnessed a shift in industry attitudes towards more progressive development practices.
Where did you get the drive to continue even though things were so hard? What strategies or techniques did you use to help overcome those challenges?
Taking a step back and looking at the bigger picture is important. This 30,000 foot perspective allows you to identify potential shortcomings and address them effectively. Sometimes, your audience may struggle to envision the final outcome, so using visual storytelling and comparative data can help them better grasp and connect with the concept. Additionally, asking the right questions can help clarify any misunderstandings. It's important to remember that not everyone will be receptive, and some may already have their minds made up. In these cases, it's best to respect their comfort zone and allow them to come back on their own terms.
The journey of an entrepreneur is never easy and is filled with challenges, failures, setbacks, as well as joys, thrills and celebrations. Can you share a few ideas or stories from your experience about how to successfully ride the emotional highs & lows of being a founder”?
I’m a big believer in consistency and perseverance. Don’t lose track of your vision. Give yourself a sufficient timeline and you’ll see how many will follow in your steps. Stay humble and stay focused. No matter how high you feel, there's always room for improvement. And no matter how low things seem, remember it can get worse. Just remember you're still breathing.
Let’s imagine that a young founder comes to you and asks for your advice about whether venture capital or bootstrapping is best for them? What would you advise them? Can you kindly share a few things a founder should look at to determine if fundraising or bootstrapping is the right choice?
My advice would be to create as much value as you can. Do as much as you’re able with your time and inspire the team around you to invest their time for the long haul and on the big picture. To be successful in this highly competitive industry, you need to have a road map with the destination clearly in mind. The more set up you are, the more leverage you have when negotiating with investors. If you love what you're doing, bootstrap as long as you can to be worth the most to the money players.
Ok super. Here is the main question of our interview. Many startups are not successful, and some are very successful. From your experience or perspective, what are the main factors that distinguish successful startups from unsuccessful ones? What are your “Five Things You Need To Create A Highly Successful Startup”? If you can, please share a story or an example for each.
1 . Assemble a robust team with smart leaders who are aligned, and can execute on a macro and micro level
2 . Create a culture of doers—a culture that rewards everyone's success3 . Be constantly refining your business model and perfecting your pitch
4 . Commit to delivering a solution that aligns with people's needs, and be forward thinking.
5 . Focus on creating a story and brand that resonates deeply with your investors, partners & clients
What are the most common mistakes you have seen CEOs & founders make when they start a business? What can be done to avoid those errors?
Many founders and execs need to be a lot more strategic with their spending. Spend money growing your brand and getting the tools your team needs to make their job more efficient and effective. Stay away from expensive watches and cars.
Startup founders often work extremely long hours and it's easy to burn the candle at both ends. What would you recommend to founders about how to best take care of their physical and mental wellness when starting a company?
First, execution is everything—everything else comes after. But it’s important to balance hard work with time to rest and recharge.. Take a walk or a day to recollect, power down, reflect, and think. It will improve your mental health—and your business.
You are a person of great influence. If you could start a movement that would bring the most amount of good to the most amount of people, what would that be?
I believe that access to quality investments is currently skewed towards those who already possess wealth. I strongly believe that projects addressing genuine needs often lack traditional bankability within the capital markets industry. I envision a platform that facilitates access to projects capable of saving lives, promoting affordability, enhancing accessibility, or addressing fundamental issues such as clean water and energy. While the technology exists, traditional financial markets often hesitate to underwrite these ventures. My idea is to create a platform enabling mass contributions, attracting global capital and major banking conglomerates. This approach could provide the equity participation needed to support forward-thinking, socially impactful projects.
We are blessed that some very prominent names in Business, VC funding, Sports, and Entertainment read this column. Is there a person in the world, or in the US with whom you would love to have a private breakfast or lunch, and why? He or she might just see this if we tag them.
Elon Musk has the platform and understanding on how to scale the impossible into something very much possible. He is operating in the same arena in terms of creating deals with the public sector, while operating and executing as a private enterprise. If anyone can take it to the next level, it would be him and his incredible team. He has the reach and influence to bring a lot of attention to what we want to accomplish—transforming urban living so people can live healthier, happier lives.
How can our readers further follow your work online?
You can learn more about what we’re doing at Propertize Ventures, on our website, LinkedIn and Instagram.
