2021 Michigan Business Challenge Spotlight – LeaseMagnets

Shannon Beeman
February 24, 2021

MBC Innovation Track Spotlight

The 2021 Finals for the Michigan Business Challenge (MBC), are quickly approaching! The week leading up to the campus-wide business plan competition, the Zell Lurie Institute will highlight the innovative teams advancing from the MBC Semi-Finals.

Startup DescriptionLease Magnets Zell Lurie Institute University of Michigan Business Challenge

LeaseMagnets is a virtual leasing platform that helps apartments and homeowners better showcase their product, reviews, and referrals online.

What was the origin of this venture? How was the problem or opportunity discovered?

Fascination and belief that the future of the leasing industry / apartment real estate process is going to look a lot like ecommerce, but the owners of the apartments were not ready for it.

What do you think will be the long-term impact of launching your venture?

Helping up business open up across America.

How did you form your team?

Varun and I met through the Optimize & Michigan Business Challenge at the University of Michigan. 

How has participation in the Michigan Business Challenge helped move your venture forward?

Not only did we find each other in Michigan Business Challenge, we also believe the program has been a driving force for us to develop as business owners and operators. We are pushed to think outside the timeframe of the next few months, and think for the next few years for what a post-grad experience would look like.

What has been your biggest takeaway from the MBC experience (so far)?2021 Lease Magnets Zell Lurie Institute University of Michigan Business Challenge

Planning, verbalizing our pitch, fundraising, connections, and exposure of our venture to a greater audience.

What are your plans following MBC? How would prize money help your venture?

Our goal is to be on 1000 apartments / small businesses and raise our first seed round. The prize money would help us keep and grow our team.

What advice do you have for other student entrepreneurs?

Your first customer is everything. Do un-scalable things to get your first customer, and find what else that customer needs.

How can others connect with your venture?


2021 Michigan Business Challenge Finals 

Learn more about these great University of Michigan student startups by following the Michigan Business Challenge Finals on February 26 through ZLI social media. Route for your favorite team during the MBC final presentations and cheer on the winners as they accept cash award prizes totaling over $100,000!