Introduction to Co-Ownership and Biblia

Overview of the Podcast

• The podcast features Jordi and Carlos Gómez, founder of Biblia, discussing co-ownership of luxury second residences.

• They aim to challenge the perception that vacations only happen in August, highlighting a new model for property ownership.

Carlos Gómez's Background

• Carlos shares his professional journey from Google to founding Biblia, emphasizing his experience across Spain, LATAM, and San Francisco.

• He mentions Factorial as a sponsor, a platform designed to automate HR management tasks.

The Concept of Co-Ownership

Defining Co-Ownership

• Biblia leads a new financial category in Europe focused on co-owning vacation properties.

• The service addresses the growing issue of unaffordable housing by allowing multiple people to own a share in a property.

Benefits of Co-Owning Properties

• Many second homes remain unused 80%-90% of the year; co-owning allows better utilization and reduces costs for owners.

• This model promotes responsible tourism and urban development by reducing the need for more housing construction.

Managing Shared Properties

Organizing Usage Among Owners

• Biblia provides an organized system for scheduling use among owners throughout the year based on property type (beach, ski, etc.).

Experience Compared to Traditional Rentals

• Unlike Airbnb where users rent out their homes without familiarity, co-owned properties offer personal connection and consistent quality.

Financial Aspects of Co-Owning

Cost Efficiency

• Investing in shared ownership is cheaper than buying an entire home or renting equivalent properties for six weeks annually.

Investment in Vacation Homes: A Financial Perspective

Cost Analysis of Owning a Vacation Home

• The potential income from renting out a million-euro vacation home can yield around €15,000 annually after taxes, leading to a loss of savings over ten years totaling €150,000.

• Investing the same €150,000 into purchasing a property allows for more weeks of personal use (up to six weeks), enhancing economic value and long-term investment returns.

• Properties in historically stable markets like Formentera or Menorca tend to appreciate over time, potentially allowing owners not only to recover their initial investment but also gain additional capital appreciation.

Maintenance Costs and Responsibilities

• Owners must consider maintenance costs which typically range from 2% to 2.5% of the property's value; for an €800,000 home, this could mean annual expenses around €16,000.

• Regular upkeep includes cleaning services and utilities that contribute significantly to overall ownership costs and require careful financial planning.

Personal Use vs. Rental Income

• Unlike hotels, owning a vacation home allows for personal customization and hosting events (e.g., birthday celebrations with friends), providing emotional satisfaction beyond mere financial metrics.

• The psychological aspect of ownership is significant; many clients express feeling at home in their properties compared to transient hotel stays.

Storage and Practical Considerations

• Owners have practical storage needs (e.g., golf clubs or personal items), which may not be feasible in rental situations but are manageable within owned properties.

Understanding Timeshare vs. Ownership Models

• The concept of timeshares is contrasted with true property ownership; timeshares often involve long-term leases without actual ownership rights.

Legal Framework and Property Ownership

Understanding the Legal Structure

• The speaker discusses a legal framework that protects ownership, emphasizing the importance of having shares in a limited liability company (SL) to avoid majority control.

• They highlight their experience as mature entrepreneurs, noting the necessity of investing significantly in legal services from day one to mitigate any legal fears.

Asset Types and Investment Strategies

• The conversation shifts to various asset types, indicating flexibility in investment ranging from modest apartments to luxury homes.

• The speaker compares different property values, explaining that higher-value properties yield greater margins despite similar investment logic across all price ranges.

Emotional Engagement in Sales

• They recount experiences with companies using emotional hooks for sales, such as offering paid trips to entice potential buyers.

• The strategy involves creating strong emotional connections during these experiences, which outweigh high customer acquisition costs due to long-term value considerations.

Changing Perspectives on Property Ownership

Evolving Attitudes Towards Shared Ownership

• A discussion emerges about new models of shared ownership and co-living arrangements as viable alternatives to traditional property ownership.

• The speaker contrasts current attitudes with previous generations' views on homeownership being essential for identity and status.

Economic Factors Influencing Home Buying

• They address the disparity between average salaries and housing costs today compared to past decades, highlighting cultural shifts regarding property valuation versus personal freedom.

Flexibility in Housing Choices

Adapting Living Arrangements

• The speaker emphasizes flexibility in living arrangements as a core principle of their business model, catering especially to families who prefer stability over long-term commitments.

Personal Experiences with Housing Models

• They share personal anecdotes about choosing rental options over purchasing primary residences due to lifestyle preferences and financial considerations.

• Their approach includes owning multiple properties while maintaining flexibility through rentals rather than committing long-term mortgages.

Investment Insights

Strategic Property Investments

• The speaker describes their investment strategy involving affordable secondary properties outside major cities while contrasting them with expensive urban real estate markets.

Real Estate Investment and Ownership Perspectives

The Cost of Property and Flexibility

• The speaker discusses the disparity in property costs between cities like Madrid and other destinations, suggesting that one could purchase multiple properties elsewhere for the price of one in Madrid.

• Emphasizes that while purchasing property is often a rational decision, it is primarily driven by emotional factors; many people buy homes based on feelings rather than financial logic.

Cultural Attitudes Towards Property

• Highlights the cultural significance of property ownership in Spain and China, where owning a home is seen as essential to social status.

• Introduces a model that allows individuals to use their savings to invest in real estate, aiming for long-term wealth generation rather than immediate profit.

Real Estate as an Investment

• Discusses how wealthy families traditionally invest in luxury real estate as a secure asset class, particularly in premium locations.

• Contrasts primary residence investments with secondary properties, noting that second homes can be used strategically to reduce rental expenses while building wealth over time.

Liquidity Concerns in Real Estate

• Addresses concerns about liquidity when investing in real estate outside major cities; emphasizes that selling property can take time.

• Explains how improving liquidity through fractional ownership models can make investments more accessible but acknowledges challenges related to market perception.

Market Development and Future Outlook

• Describes efforts to establish new markets for fractional ownership of luxury properties, partnering with established real estate firms.

• Reflects on the potential disruption of traditional real estate models akin to Airbnb's impact on hospitality, suggesting gradual acceptance will lead to lasting change.

Family Dynamics and Vacation Planning

• Considers how family planning affects housing needs; families require more structured vacation schedules due to school calendars.

• Identifies seasonal constraints on vacation availability for families compared to individuals without such commitments.

Addressing Challenges Ahead

Flexible Living and Property Management

The Impact of Telecommuting on Real Estate

• The rise of telecommuting allows individuals to live away from traditional urban centers, changing the dynamics of property ownership and rental markets.

• Flexibility in living arrangements is crucial; families often have more vacation time than just the summer months, leading to a need for adaptable housing solutions.

Challenges in Property Sharing

• There is a common misconception that people only vacation during peak times; however, many take multiple trips throughout the year.

• A significant challenge in property management is equitably dividing access among multiple owners while considering seasonal demand.

Innovative Solutions for Shared Ownership

• Unlike traditional multiproperty models, this approach aims for equal liquidity across all shares, inspired by algorithms used in sports drafts.

• The model divides annual weeks into two selection rounds to ensure fairness among owners, similar to how NBA teams draft players.

Economic vs. Emotional Value

• Each owner's economic value remains consistent despite variations in emotional attachment or perceived worth of specific weeks.

• The algorithm ensures that all owners receive equal economic value from their allocated weeks while allowing flexibility based on personal circumstances.

Planning and Flexibility in Reservations

• Owners must plan ahead but can also exchange weeks with others if needed, enhancing flexibility within the system.

• Fixed usage weeks can be designated by owners while still allowing open exchanges for other periods based on family needs or personal preferences.

Encouraging House Exchanges Among Owners

• The model promotes house swapping between owners as an attractive feature, increasing utilization rates of properties.

• An assistant helps facilitate these exchanges, ensuring smooth communication and coordination among property owners.

Investment Opportunities and Market Potential

• Collaboration with experienced investors enhances business credibility and opens doors to new opportunities within the real estate market.

Exploring Innovative Business Models in Real Estate

Market Potential and Investment Strategies

• Discussion on the potential of operating within Spain for five years, highlighting a vast market opportunity even in video content.

• Introduction of notable investors, including Chelsea's captain, emphasizing the diverse network involved in funding and support.

• Explanation of cash flow management in startups, focusing on the necessity of self-funding before generating revenue.

Unique Startup Model

• Description of the startup's unique position at the intersection of real estate and finance, requiring significant debt to operate effectively.

• The startup claims to be the only player in Europe with specific debt conditions that enable market entry.

Financial Mechanics

• Insight into real estate purchasing dynamics where buyers must have full cash availability due to rapid property turnover.

• Overview of creating a legal entity (SL) for each property acquisition, initially owned by Vibra before transferring ownership.

Funding and Debt Acquisition

• Details about raising a €20 million debt fund from Fasanara, a major European startup financing player.

• Discussion on securing favorable interest rates around 2%, which is advantageous compared to market averages.

Entrepreneurial Journey and Market Insights

• Reflection on previous entrepreneurial experiences leading to this venture; mentions selling another company as a catalyst for exploring new opportunities.

• Introduction to shared ownership concepts after discussions with an investor familiar with successful U.S. startups like Pacaso.

Strategic Development

• Exploration of European market potential based on insights gained from U.S. counterparts; recognition that Europe is undervalued in this sector.

• Decision-making process driven by thorough analysis and validation from industry networks before launching the business model.

Launching Challenges

The Rise of Real Estate Unicorns in Marbella

The Market Dynamics and Initial Reactions

• Discussion on the influx of investment into Marbella, highlighting it as a prime destination outside the U.S.

• Notable mention of a unicorn company achieving a billion-dollar valuation, marking a significant moment in the local market.

• Emphasis on the importance of understanding market trends and customer preferences to navigate this new landscape.

Innovative Business Model in Real Estate

• Explanation of how they secure real estate deals through partnerships with agencies and platforms like Idealista.

• Introduction of a unique purchasing model where properties are marketed based on client interest rather than pre-purchase commitments.

• Description of the process involving partial commitments from clients before finalizing property purchases.

Financial Strategies and Challenges

• Insight into financing strategies, including leveraging debt for property acquisitions while managing financial costs through rental income.

• Discussion about liquidity challenges and flexibility within the buying/selling process, emphasizing its artisanal nature despite technological advancements.

Risk Management and Client Relations

• Overview of risk management practices related to property maintenance fees and ensuring timely payments from co-owners.

• Mention of contractual agreements that protect against non-payment by clients, maintaining operational integrity.

Future Outlook and Revenue Models

• Consideration of competitive pressures in the market that could affect service offerings if not managed properly.

• Reflection on generational shifts in buyer behavior towards fractional ownership models instead of full property purchases.

Market Conditions and Value-Added Services

Understanding Market Dynamics

• Discussion on investor conditions in the market, including annual maintenance fees and resale commissions.

• Introduction of value-added services for clients, such as vacation management and additional offerings like car rentals or babysitting.

• Mention of client interest in purchasing second properties in different destinations.

Financial Insights

• Current revenue reported at 3.1 million, with previous property purchases valued at 7 million.

• Clarification on the source of income and professional background related to Google.

Career Journey: From Google to Entrepreneurship

Early Career at Google

• The speaker's career began at Google in Dublin in 2007, highlighting a non-traditional path compared to family members who are engineers.

• Transition from studying pure sciences to economics and law, leading to a role at Google.

Launching Products

• Involvement in launching Google Apps for Business, focusing on tools like Gmail and Google Drive.

• Experience working within a small team during Google's startup phase before it became widely recognized.

Support Systems and Growth Strategies

Importance of Customer Support

• Emphasis on customer support as an essential element for building trust during early product launches.

• Anecdotes about handling customer issues such as password changes before online solutions existed.

Expansion into Latin America

• Proposal made by the speaker to expand operations into Latin America due to language skills.

The Journey from Google to Motorola: A Personal Account

Initial Opportunity at Google

• The speaker reflects on their confidence in taking on a new challenge, asking for six months to prove themselves. Their boss agreed, highlighting the supportive culture at Google.

• They were sent to Argentina to explore market opportunities, discovering a backlog of 5,000 leads for Google Apps that had been neglected.

Market Dynamics and Competition

• The speaker discusses the competitive landscape in 2007, noting that while Microsoft Office was a dominant player, they viewed themselves as underdogs.

• They provide context about Google's growth from 3,000 employees in 2004 to around 16,000 by 2007, emphasizing the rapid scaling of the company during this period.

Insights on Sales and Strategy

• A memorable talk by Sundar Pichai (then head of Enterprise and Apps) inspired the team; he emphasized that despite current challenges with Microsoft’s aggressive tactics, they would eventually dominate the market.

• The speaker learned about sales dynamics at Google—having a strong brand significantly aids in selling products.

Transitioning to California

• After six months in Argentina, they requested a transfer to California to lead the LATAM team there. This move was fueled by personal aspirations and excitement about living in California.

• They describe their experience launching the LATAM team in California as incredible but also acknowledge challenges faced due to Motorola's declining status when acquired by Google.

Learning Experience at Motorola

• At Motorola, they encountered significant learning opportunities amidst organizational struggles; many employees were let go during restructuring efforts.

• The speaker highlights interactions with experienced executives who had previously thrived during Motorola's peak years but were now facing layoffs.

Cultural Differences Between Companies

• Upon joining Motorola post-acquisition, they noted stark cultural differences compared to Google—issues like document sharing and departmental silos contrasted sharply with Google's collaborative environment.

Performance Review Processes and Cultural Integration at Google

Introduction to Performance Reviews

• The speaker discusses the introduction of performance review processes, emphasizing their mission to integrate Google's culture into the global sales team of 500 people.

• Despite initial resistance from the team, persistence led to OKRs (Objectives and Key Results) becoming a standard management practice within the company.

Acquisition by Lenovo

• The company was sold to Lenovo for approximately six million dollars, highlighting complexities in negotiations and financial arrangements.

• Google’s acquisition of Motorola was primarily driven by the need to protect Android amidst patent wars, showcasing strategic business decisions over mere financial gain.

Impact on Innovation and Culture

• Post-acquisition, many talented individuals from Motorola contributed significantly to Google's hardware division, including products like Pixel computers.

• Lenovo's success with Motorola is noted; despite competition from Apple and Samsung, it has maintained a lasting cultural presence in the market.

Work Environment at Google

• The speaker reflects on Google's work environment as dynamic rather than bureaucratic, particularly during their tenure in California.

• They express gratitude for their experience at Google, which provided valuable insights into business and technology but also acknowledge recent layoffs as indicative of challenges faced by large tech companies.

Innovation Trends Over Time

• There is a discussion about how innovation at Google has slowed down over recent years compared to earlier periods when new ideas flourished without pressure.

• Examples such as Gmail and Google News are cited as successful innovations that emerged from an environment encouraging creativity without excessive stress.

Current Business Landscape

• The relevance of various sectors within Google is highlighted: Cloud services are growing significantly alongside YouTube's entertainment platform.

• The speaker notes that while YouTube operates under subscription models now, its potential for growth remains vast.

Transitioning Between Companies

• A transition from Motorola to Waze is discussed; Waze operated independently with a unique Israeli startup culture focused on mission-driven teamwork.

Experience and Growth in the Startup Ecosystem

Transition from Waze to Entrepreneurship

• The speaker reflects on their experience at Waze, highlighting a flat hierarchy where direct communication with leadership was encouraged. They describe the team as highly ambitious during a significant growth phase.

• During their tenure, user growth surged from 60 million to 110 million in three years through aggressive marketing strategies that transformed traditional marketing into pure growth tactics.

• The speaker proposed launching Waze in Europe while learning about startups from their entrepreneurial boss, setting a goal to start their own venture within three years.

Reflections on Silicon Valley vs. Spain

• The speaker compares experiences between working in Silicon Valley and Spain, noting that while Google Spain is impressive, it lacks the original innovation environment of Silicon Valley.

• Initially, Waze struggled with monetization but later integrated more deeply into Google's advertising ecosystem without fully merging its products with Google Maps.

Community Engagement and Volunteer Contributions

• A community of volunteers played a crucial role in real-time data collection for traffic updates. These individuals were often experts despite having non-traditional backgrounds.

• The speaker emphasizes the importance of these volunteers who significantly influenced how traffic functioned within Waze's platform across various countries.

Decision to Leave Google

• After seven years at Google, the speaker felt an entrepreneurial itch fueled by their time in San Francisco. They recognized it was time to pursue personal ventures rather than remain an employee at a large corporation.

• Moving back to Spain solidified their desire to create a startup culture that allowed for more autonomy and innovation compared to corporate structures like Google.

Formation of a New Venture Model

• The speaker met Ángel Gutiérrez at an event, leading them to brainstorm ideas for creating a corporate venture builder model that did not exist in Spain at the time.

• This new model aimed to connect innovative business opportunities with corporations possessing industry knowledge and resources, facilitating startup creation through strategic partnerships.

Economic Returns and Startup Innovation

The Impact of Corporate Structures on Economic Results

• Emphasizes the significant economic return from creating a corporate structure, highlighting that even a 1% improvement in results can have substantial impacts.

• Discusses the potential financial outcomes of startups, suggesting typical returns range from €20 million to €50 million, with unicorns being rare exceptions.

Creating Internal References for Innovation

• Describes how establishing a startup creates an internal reference point for innovation within a company, encouraging employee engagement and interest.

• Introduces Ringo, a software and hardware platform designed to facilitate property viewings without real estate agents, addressing inefficiencies in lead management.

Technology's Role in Real Estate Transactions

• Explains how Ringo's technology allowed users to book visits via mobile devices, significantly increasing sales rates for low-value properties by ninefold.

• Notes that the technology enabled companies to renegotiate contracts with service providers by demonstrating the lack of value added by traditional agents.

Acquisition and Market Expansion

• Details the acquisition of Ringo by Salto Systems, which sought to enter the residential market using innovative locking technologies previously focused on hotels and universities.

Entrepreneurial Challenges and Models

• Raises questions about corporate interests in returns versus opportunities for entrepreneurs within venture building frameworks.

• Discusses the elitism associated with entrepreneurship, noting not everyone is genetically predisposed or willing to take risks involved in starting businesses.

Alternative Paths to Entrepreneurship

• Suggests that venture builders provide an alternative path for those unable or unwilling to take traditional entrepreneurial risks due to personal circumstances like family obligations.

Participation Models in Venture Building

• Explores varying participation models within venture building projects, indicating that equity stakes can differ widely based on project specifics and corporate involvement.

• Mentions that equity distribution often evolves over time depending on negotiations between teams and corporates involved.

Financial Structuring and Investor Involvement

• Highlights different scenarios where equity stakes could be split 50/50 or start at 20%, emphasizing flexibility based on project dynamics.

Entrepreneurship Insights and Personal Reflections

The Journey of Entrepreneurship

• The speaker discusses reinvesting part of their earnings from a business venture, highlighting the financial struggles faced during the early days without corporate backing or significant capital.

• They reflect on their personal life, mentioning the birth of their daughter and emphasizing the importance of patience in entrepreneurship, suggesting that there is no rush to start a business.

• The speaker notes that success in entrepreneurship often comes later in life; they emphasize that it may take several attempts before achieving a successful venture.

• They express awareness of needing to be patient and observant before diving into new ventures, recognizing the value of perspective gained over time.

• The speaker mentions how turning 40 has provided them with a clearer perspective on entrepreneurship, understanding that success does not come quickly.

Market Dynamics and Cultural Reflections

• A discussion about changing market dynamics reveals how fast-paced environments can feel overwhelming but ultimately slow down when viewed from a broader perspective.

• Comparing professional experiences between California and Spain, they note differences in ambition levels and personal fulfillment within social contexts.

• The speaker reflects on superficial relationships in high-pressure environments like Silicon Valley versus deeper connections found in Spain, which contribute to more meaningful interactions.

• They describe the intense atmosphere in Silicon Valley where many aspire to become billionaires, noting both its energizing effect and potential downsides.

• Observations about San Francisco's current state suggest a decline from its previous vibrancy, likening it to ghost towns while reminiscing about its past as an inspiring place for innovation.

Balancing American Culture with European Values

• The speaker acknowledges both positive aspects of American culture—such as ambition—and negative aspects like superficiality and inflated expectations within startup culture.

• They discuss how living abroad can highlight cultural differences; while some elements are appealing, others reveal deeper societal issues back home in Europe.

• There’s an emphasis on maintaining groundedness amidst aspirations for success; they argue for valuing real connections over materialistic pursuits prevalent in certain cultures.

• Reflecting on the current state of startups, they critique the inflated market conditions leading to instability within businesses—a cautionary tale against unchecked growth ambitions.

How Google Works and Its Impact on Culture

The Influence of Google on Personal and Corporate Culture

• The speaker reflects on the book "How Google Works," co-authored by Jonathan Rosenberg and Eric Schmidt, emphasizing its significance in understanding corporate culture.

• The discussion highlights how Google's approach has transformed business management and cultural practices within organizations, marking it as an iconic example of corporate culture.

• A personal anecdote is shared about having Jonathan Rosenberg as a manager, illustrating the profound impact of his leadership style on shaping a positive workplace culture.

Inspirational Literature in Leadership

• The speaker recommends "Trillion Dollar Coach," which focuses on Bill Campbell's coaching philosophy that influenced notable figures like Jeff Bezos and Steve Jobs.

• Bill Campbell's legacy is discussed, noting that he was not widely recognized during his lifetime but gained fame posthumously for his contributions to leadership.

Admiration for Innovative Entrepreneurs

Brian Chesky and Airbnb's Design Philosophy

• The speaker expresses admiration for Brian Chesky, co-founder of Airbnb, highlighting the unique design-driven approach taken by the company's founders.

• Chesky’s commitment to customer connection through design is noted as a defining characteristic that sets Airbnb apart from other tech companies.

Commitment to Mission

• Brian Chesky's dedication to Airbnb’s mission is emphasized; he recently lived in an Airbnb himself to better understand user experiences. This level of engagement showcases his commitment to both product quality and customer satisfaction.

Conclusion