10 years of Taronga Group
It has been ten years since Taronga Group set out to become the “interface between real estate and technology”. I had the privilege of sitting down with one of the groups founders Jonathan Hannam ahead of this milestone.
“We decided the real estate world wasn’t moving fast enough. There was all this interesting technology emerging in this sector but the users- the developers, the asset managers were slow to change” Jonathan explained, highlighting the gap Taronga sought to bridge. Jonathan’s introduction to real estate technology came while serving on the board of Melbourne’s Etihad Stadium (now Marvel Stadium). The board was exploring the introduction of technologies to enhance fan experience “I looked at this tech and thought, this is fantastic—we should put this in the stadium. We’d get all this extra information about our customers. We had to delight them. They could order drinks or food straight to their seat,” he recalled. It was during this time that Jonathan met his co-founder, Avi Naidu. Their shared vision for applying technology to enhance the real estate sector evolved into what is now Taronga group.
From the outset, Taronga built a unique business model that allowed flexibility allowing them to deliver value and productivity for investors regardless of location. This global approach has granted the firm access to opportunities across many markets, support founders internationally and establish strong networks worldwide. It also means that the Avi and Jonathan spend considerable time travelling. At the time of our interview Jonathan has just returned from New York. Naturally I had to ask if he had any favourite countries to visit. “I think for business, the energy you get from New York is unmatched. The number of meetings you can squeeze into a day—it feels like the city never sleeps. I used to get that same feeling in Hong Kong. It’ll be great to be back there soon. And the Middle East has become really interesting lately. Abu Dhabi, in particular, has this ‘can-do’ attitude I haven’t seen anywhere else in the world.” Jonathan shared an example from Abu Dhabi, where Taronga works closely with partners in the UAE region. “When we organise a call to showcase one of the technologies we’ve invested in, 500 people often show up. You don’t get that anywhere in the world”.
One of his favourite international projects has been with the Empire State Realty Trust in New York. Taronga supported the installation of WNT, a water technology that uses AI to identify leaks by analysing sound variations within the building piping. “In the first week, we found a leak we didn’t even know about. Fixing it more than covered the cost of installation, and the leak had probably been there for years,” Jonathan said. Having visited the Empire State Building last year, I was amazed by how ESRT has seamlessly intertwined the historic character with cutting edge technology. Hearing Jonathan’s behind the scenes insights made me appreciate the developments even more.
Building a culture for success. As we discussed the remarkable impact the company has achieved in just ten years Jonathan reflected to Taronga groups beginnings. “When we set up Taronga, we literally had a blank piece of paper—like this table—and wrote down exactly what we wanted to do and how we were going to do it. Every few months we’d pull that paper out and check we were still on track.”
The company’s name also carries significant meaning. Taronga is an Aboriginal word that translates to “beautiful way”. From the start the founders wanted to channel their investments into technologies that addressed meaningful challenges particularly ones affecting indigenous communities. One of Taronga’s early investments was in Xander Kardian that developed unobtrusive sensors able to be installed in ceilings to monitor heart and breathing rates. This technology has been used to reduce deaths in custody by notifying guards of potential medical emergencies – an admirable use of technology in property to save lives. Another investment in heat-sensor technology has proven invaluable for children’s daycare and nursery facilities, detecting if a child has been left behind after hours. Throughout our discussion, three qualities stood out as contributing to Jonathan’s success: Sacrifice, In its early years Jonathan and Avi invested their own capital ahead of external investors joining the fund. “We had to prove to the market that we could source innovative technology companies and secure them. Those first seven deals—all of which have performed really well—became the initial seed assets of the fund.”
Secondly a commitment to customer obsession Jonathan drew on decades of real estate experience to emphasise the importance of understanding the customer. “In shopping centres, the customer is the shopper. In offices, it’s the tenant signing the lease. We need to make sure people feel valued in the assets they’re entering. If technology can delight them, that’s what we’re trying to achieve.” Finally, resilience. Jonathan shared the importance of this when explaining “For many founders, resilience is key. How do you survive those first few years when you’re building something new? That resilience makes the difference.”
Before concluding our conversation, I asked Jonathan what advice he would give his younger self. “I think probably a touch more patience. Patience” humorously he added “although I probably wouldn’t have listened.”
Over his career, Jonathan has moved countries six times – never as part of a master plan, but in response to opportunities as they arose. “Early on, I had an impatience for change. If I’d managed that better, I might have stayed longer. Still, those moves shaped the path that brought me here”. One of the key lesson’s students can take from Jonathan’s story is his advice on being patient and resilient. In the early years of a career, we will receive feedback that can be tough at times. If we can channel a path of patience, being open to opportunity and be resilient we might hope to have a career as fantastic as Jonathan’s. As a firm believer that technology frames and drives our world in a positive way that allows creative endeavours and allowing innovation. I look forward to following Taronga groups ongoing success and seeing how they reshape the property industry through their technology.
Watch Jonathan’s interview below or listen via Apple or Spotify.
