The Horse the Cart and the Wheel
There’s an interesting dichotomy between the true, tried and tested, and innovation; at what point do methods become outdated and replaced?
The relationship between innovation and existing methods suggest that when established practices become stale, not fit for purpose, inefficient or outdated it is replaced; but what is held relative in these assessments?
Do advancements in technology assist innovators to create platforms for consumers? Is it the need of consumers forcing adoption? Are new methods true, tried or tested?
From the dawn of conscious to relatively recently, mankind had only invented three things, the cart, the wheel, and the horse. The wheel is a remarkable invention, the barometer for innovation and reinvention it is rivalled only by sliced bread. Born out of a need to lug cargo around, I assume, the wheel literally carried mankind into different eras of civilisation.
Combined with the horse and cart, the trio became one of the most notable big threes of all time. Jordan, Pippen and Rodman, Frank Sinatra, Dean Martin, and Sammy Davis Jr, the Father, the Son and the Holy Spirit – none compare to the achievements of the horse, cart and wheel.
Then, on January 29, 1886, Carl Benz (of house Mercedes) thought of a way to innovate; to replace the horse with a one cylinder, two stroke, engine (whatever that means). Mr Benz’s innovation was born out of the horse’s inefficiency. The industrial revolution acted as the catalyst for this change and we skyrocketed to a new fundamental era of humanity. Over the next 137 years, humans invented all sorts of contraptions, from placing a man on the moon to the Shewee, solving inefficiencies in every domain.
These innovations were widely adopted and through this adoption society solved many problems plaguing it. Now, we’ve normalised the idea of the satellite, cars are readily available and humanity is reaping the benefits. One paradigm still lagging from a lack of innovation is the real estate sector.
Census data, journal articles, occupation rates and Australian Government institutions articulate the dire situation many are facing with the rental crunch. The combination of historically expensive mortgages, rising cost of living and a lack of supply and ever-increasing demand suggests that the true tried and tested practices of real estate is not working to the benefit of anyone. The AFR reported Landlords are losing on average $12,000 per year. Tenants, meanwhile, are struggling to make ends meet.
At this point, I’d like to preface, although I have a degree in Law and Commerce, I find it irritating how current circumstances have provoked a situation where everyone is speaking on the economy, as though it is some newfound land rife with discovery, intrigue and insight. This irritation is mostly brought on by the fact that the economy, and its effects, have always been present in our lives, and its understandings have always been evident through hindsight; so, when I see David Koch, Waleed Ali or Joe Blow talk about the CPI index or rising interest rates, my skin begins to crawl. To this end, I will save you a lecture on the cause and effects of economic activity, suffice to say, times are not great for anyone.
Analysing this paradigm from the perspective of a tenant and with the insight a career in law, I witnessed first-hand the needs of Tenants and Landlords be ignored, neglected or manipulated for the benefit of the few in power. So, I have dedicated my resources to help.
A journey of a thousand miles begins with a single step. An ancient Chinese proverb describing the necessary fortitude to challenge large, burdensome, and difficult obstacles. I’m not 100% convinced that Dao De Jing and Confucius had Ten Rent in mind when uttering such a poetic phrase but nevertheless here I am.
Ten Rent is an innovation born from the inefficiency of the current rental market designed to restore the balance of power to Landlord and Tenant and put more money back in people’s pockets. The nature of the business model aims to generate free cash flows over a sustained period of time. It is my ambition to put this capital to good use in local communities through charitable endeavours initially centered around homelessness.
I may be out of my depth, unsure of which step to take next, but let me ask you this – there’s an interesting dichotomy between the true, tried and tested, and innovation; at what point do methods become outdated and replaced?