Break the Box | Application Preview
Break the Box is seeking government grants to enhance research and expand its application aimed at facilitating homeownership for young minority professionals. The funding will support efforts to help at least 750 young professionals purchase homes in various cities, focusing on an often overlooked group that doesn't receive targeted marketing.
The business plan outlines a horizontal expansion into cities with low minority homeownership rates, partnering with housing developers to create mutually beneficial products. They also aim to gather data on this demographic to develop culturally tailored marketing strategies, as well as new banking products designed for underserved communities. A platform will be established, akin to Airbnb, to connect young minority professionals with available housing.
The application emphasizes that their innovative approach to homeownership has been proven effective. They target an underserved demographic with a financial capacity to purchase homes but often lack guidance on reaching their goals. By offering a supportive educational model that addresses psychological and systematic barriers, they enhance individuals' comfort with the home-buying process.
Break the Box faces competition from companies like Divvy Homes and Landis, but sets itself apart by focusing exclusively on young minority professionals. They delve into the psychological factors surrounding money and homeownership, providing ongoing support and creating a scoring system that validates potential homeowners without existing biases. Their commitment to the success of individuals, regardless of whether they use their services, further strengthens their competitive edge.
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General Information
Business Registration Number: 85-1430628
Location: Austin, TX, United States
Length of Operation: 1-5
Number of Employees: 1-10 Employees
Annual Gross Income: Less than $100k
Annual Gross Expense: Less than $100k
Open to Loans: YES
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Funding Usage
Funding will be used to build research and grow the application of our product targeting the young minority professional homeownership base. This is accomplished by putting a minimum of 750 young professionals into homes, via homeownership, per city. Research will validate a few key points: Young minority professionals are an underutilized group of homeowners who are not well targeted and or marketed to. Young minority professional homeowners take the smallest nudge to move into homeownership. Young minority professionals can significantly impact the homeownership gap in the United States.
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Business Plan
Horizontally by expanding into other major cities where minority homeownership is below the national average Collaborations with housing developers to create products that benefit both parties and creates an ecosystem of new homeownerships through our program. Vertically by collecting data on an underutilized subgroup and appealing to the young minority base with marketing that targets them culturally as is effective . We have created a score that validates a successful homeowner while eliminating the biases that have systematically affected minorities. Then utilizing that data to create new banking products that boost the economical impacts of homeownership in underserved communities. Vertically by creating a platform that links individuals with housing space, similar to Airbnb, with young minority professionals in our program. Thus expanding the opportunities to have more individuals in the program at one time. We have created and tested a new approach to homeownership that works. We appeal to an underserved demographic , has the financial capacity to purchase,who wants to purchase homes and doesn’t always know how to reach their goals. Simply put the more comfortable an individual is with the home-buying process the higher the likelihood they will be a successful homeowner.We accelerate comfortability though guidance, classes, and support throughout. We also have created an educational model that is culturally relevant and touches on aspects of homeownership not broached through current bank or mortgage classes on homeownership. We focus on both psychological and the systematic Barriers to entry and how to overcome them to feel comfortable with homeownership. We have tested the model, it works, and we are expanding the reach.
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Self Identified Competition
Divvy homes, No money down, And Landis No company or group focuses solely on young minority professionals. We do. No other competitor digs into customers psychological habits and trauma specifically around money and homeownership and how that affects future decisions. We do. We provide support and guidance along the way and we are invested in the success of the individual wether they use our services or not. No competitor has created a score that validates the success of a homeowner without hauling current biases in the system. We do.
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