Name: Tim Streather
Job title: Managing director of Spica
How did you start your career: After completing my university studies, I secured a sales role in the FMCG industry until a job offer at IBM introduced me to the world of technology. Progressing through various roles, I concentrated on enterprise account management with clients across a broad range of industries. Subsequently, I joined Getty Images as their digital sales manager. I later became a director at Orbital Integrated Solutions, an IBM business partner, where I contributed to the company’s growth before its successful sale in 2014. In the years that followed, I worked for Getty Images and Orbital Integrated Solutions before embarking on the journey of founding Spica with my colleagues Paul Collins and Ben Williams.
What motivated you to set up your own business: I was able to develop my entrepreneurial skills while at Orbital, where we completely revamped the product portfolio. Our work resulted in remarkable growth over five years, with Orbital eventually becoming IBM’s number one software business partner in the UK. This taste of entrepreneurship set me on a path that would lead me to found my own company. At the end of 2014, I teamed up with Paul and Ben, and we set out to develop our own unique software products under the name ‘Spica’. With our focus on the technology sector, we observed several paradigm shifts, such as cloud computing, the rise of artificial intelligence, and the emerging concept of the ‘internet of things’. The revolutionary ability of IoT captured our attention, despite the prevailing marketing approach of the time failing to focus on the tangible business outcomes it could deliver. With Spica, our core objective was always to automate manual processes, drive efficiency, and generate cost savings.
How did you get into the property industry: When we initially launched Spica, we explored opportunities in manufacturing and even farming. However, by discovering the need for a remote monitoring solution to address HSE legislation around legionella, we saw an opportunity for tech to intervene. We developed our hardware, obtained certifications and testing, and integrated it into the GemEx Engine, offering it as a packaged solution. Approaching facilities management companies to highlight the value of IoT became the catalyst for Spica’s expansion. It became apparent that the real estate sector lagged in terms of technology adoption.
The advancement of various technologies, including IoT, cloud computing, mobile computing, and AI, has the potential to revolutionise the property market. This, in turn, can act as a game-changer for ESG initiatives and enhance the overall workplace experience. Considering that many of us spend a significant portion of our time in office environments, it’s fulfilling to know that we can contribute to people’s productivity, health, and well-being.
When did you become interested in ESG: My geography degree in Durham sparked my interest in global environmental issues. Twenty five years ago, even before ESG became an established term, the challenges we face today were well-known. However, public attention tends to be short-lived, often limited to events like COP 27 where climate change dominates discussions briefly before fading away. This is why I became passionately involved. Now, working in ESG, I strive to make a meaningful impact.
What would you say is the biggest misconception people have about the tech industry and more specifically the proptech industry: The complexity involved in making corporate buildings function seamlessly is often misunderstood, with overlapping systems, processes and staff required. Each building typically incorporates numerous systems and disparate technologies, which operate independently in their own silos. The industry’s most transformative change will involve aggregating and harmonising fragmented data sets, facilitating their combination, and enabling the implementation of innovative solutions.
What is your biggest bugbear about the industry: Corporate real estate remains predominantly entrenched in traditional practices, making it challenging to foster change and encourage a different mindset. The companies that will thrive in this industry are the ones that wholeheartedly embrace innovation and actively seek out alternative methods. Factors such as ESG considerations, hybrid working arrangements, and the energy crisis have all played a role in pushing these companies to reassess their strategies. Nevertheless, the pace of change remains insufficient. To drive meaningful progress, companies should hire innovation leaders. Rather than considering it solely as an IT, real estate, or HR matter, a holistic perspective is required to drive meaningful transformation.
What is the biggest challenge you have encountered to date and your biggest achievement: The most significant challenge we encountered was transforming Spica from a mere concept into a viable and sustainable business. At the outset, we faced a critical decision regarding venture capital funding and made the deliberate choice to self-fund the venture. We carefully managed our profit and loss statement and reinvested only what we could. By doing so, we established a self-sustainable company, which is crucial in the proptech sector where few businesses achieve financial independence. I consider Spica to be our greatest accomplishment. We were there right from the beginning, sharing a vision among the three of us, and witnessing its realisation while building a team around us.
What advice would you offer to young individuals looking to set up their own business: It is important to explore different avenues and try out diverse experiences. To reach your full potential, you must push beyond your comfort zone.
Who you would invite, living or dead, to a dinner party and why: I would be thrilled to have Kurt Cobain from Nirvana, an idol of mine as a teenager who shaped my early outlook and dreams. He sadly died too young, and it would be amazing to talk to him about what more he might have achieved, and how he would view the world we live in today. Stephen Fry would be another fascinating guest. His captivating conversation style and diverse perspectives would make for an enthralling discussion. Lastly, Madonna’s outspoken nature and captivating ability to successfully reinvent herself would be an intriguing addition.
What is your motto/mantra: It is essential to acknowledge and commemorate both successes and losses, whether they are related to sales or personal experiences. When a significant achievement occurs, it is important to celebrate and cherish the moment. However, it is equally vital to swiftly transition from celebration to a mindset of continuous improvement. Recognising and learning from both successes and losses forms an integral part of personal and professional development.
