Real Property Intelligence Grabs Storer Entrepreneurial Award
The University of Iowa College of Engineering has announced that the student business plan for a company named "Real Property Intelligence" is the winner of its 2013-14 Hubert E. Storer Engineering Student Entrepreneurial Start-up Award.
Real Property Intelligence's flagship product is RP3, or Real Property Probability Prediction. RP3 wraps BIG data, artificial intelligence, and risk analysis into a powerful web interface to revolutionize the multi-billion dollar Automated Valuation Model (AVM) industry. AVM is a mathematical tool that can provide real estate valuations. Lending institutions, investment groups, and other real estate professionals run over one billion AVM's per month worldwide at a rate of $10-25 per AVM run.
The Real Property Intelligence management team includes Lee Nicholson, CEO; John Nicholson, COO and CTO; and Bailey Smith, CFO. John Nicholson is a PhD candidate in Civil and Environmental Engineering.
The annual award, established in 2002 and funded by an endowed gift from the late College of Engineering alumnus Hubert E. Storer (BS 1959 industrial engineering), currently provides $7,500 of initial financial support for a College of Engineering student technological business plan. Storer was president, owner and founder of Storer Equipment Company, Shreveport, LA.