MDR LAB Spotlight on… HIPLA
Founder and CEO, HIPLA
I am Adam Phillips. I am the Founder of HIPLA and we are improving the home buying process. 25% to 33% of all residential property transactions fall through in the UK. This costs the UK consumer, people like you and me, 270 million pounds each and every year in aborted costs. We’ve been working with Mishcon de Reya to bring a product to market that will reduce the fall-through rate and speed up the conveyancing process. We call that the Property Handshake.
I used to be an investment banker and er one day I guess I had an epiphany. I was sitting at my desk in the city on the trade floor and I started questioning what value I was giving back to society. My parents have always run their own business and they are an inspiration so I wanted to do something where I wasn’t just a small cog in a rather large wheel.
This is our opportunity to positively influence behaviour so we can change the way that people act. We have been building a piece of technology that will reduce the fall-through’s, it’s built around a legal document and we’ve gone through countless users at the firm to help prove that it works, to make sure it is understandable, that people are aware of what they are signing up to. We have taken a complicated legal agreement, we’ve made it consumer friendly, so we have industrialised the process and we’ve removed the need for either party to have to lodge an upfront deposit.
Managing Associate, Mishcon de Reya
Adam arrived in the LAB with a really, really fantastic idea to help change the way in which residential transactions happen in the marketplace and what he needed was help to turn that idea into his core product. How he might sell his product to consumers. What the product might look like and um how it might help him change behaviour in the residential market.
Founder and CEO, HIPLA
We came to Mishcon with an idea, a big idea and we are now leaving with our product well on the way to market. We’ve had a great experience in the LAB this year. We have made loads of friends, we’ve produced a lot of work, we’ve created a lot of product and I think the relationships here that we have built with Mishcon staff and indeed the other start-ups will continue well beyond the end of this programme.