Although HGTV hosts Drew and Jonathan Scott are well-known for their ridiculous antics on their home remodeling programs, the Property Brothers are also astute businesspeople who built a multibillion-dollar media creating a real estate empire from a $250 financial commitment.
At the 2024 Inc. the Scotts spoke with Inc. at the 5000 Conference in Palm Desert, California. editor-at-large Tom Foster about running a successful business and how they’re sometimes viewed as just two handymen on TV. This came after they launched their own Healthy Home Innovation Fund in September to support the next generation of home entrepreneurs.
They often see us and don’t know we’re more than a couple of Canadians who happen to be house renovators—and they’re a little silly,” Jonathan said. The first is more appealing than the second, and “I still laugh because of that.” “I don’t think they understood how much more strategic everything was for us.”
The Healthy Home Innovation Fund, according to the Scott brothers, is a means of staying at the forefront of innovation while simultaneously leveraging their experience and brand strength to swiftly scale up innovative solutions.
Many of the technologies we’re examining ask: How can we support people in their homes as individuals? However, Jonathan notes that a sizable multifamily market is searching for innovative technologies. We also use our shows in this way. We can incorporate some of this technology to educate people in a really natural way,” Drew continues.
The fund, which was first announced by Inc. in June, is working with Groundbreak Ventures to target $85 million. Early in 2025, the Scotts intend to start investing in firms that are pioneering energy efficiency, affordable housing, net-zero construction, smart home technologies, and other areas.
Regardless of where you are in your entrepreneurial path, these are their top three recommendations for entrepreneurs.
Prioritize integrity
The Scotts are highly particular about only working with people and businesses who have shown themselves to be trustworthy business partners who will keep their word after having a negative experience with a production firm early in their careers. They now thoroughly screen all of their employees and hold themselves to the same standards. It’s a kind of “cowboy code” for the brothers, who were raised on a ranch outside of Vancouver.
Jonathan asserts, “We would follow through if we promised someone we were going to do something, no matter what, even if it meant losing the end.”” It was kind of taking that to the next level as we learned about building a brand.
Get your ego out of the way.
For more than ten years, the brothers have shared their knowledge on a variety of television programs, but they stress the importance of remaining modest and open about their knowledge gaps. They counsel entrepreneurs to see entrepreneurship as an ongoing learning process and to follow suit, especially when meeting possible business partners.
According to Jonathan, “we’ve turned down deals from people who believe they’re better businesspeople than they actually are.” “Rather than someone who has been in it for a long time and is unwilling to listen to anyone, I would much rather take someone who is just learning but has the right attitude.”
Follow consumer reviews like the proverbial “holy grail”
The brothers attribute their ability to extract insightful information from their fans to their early adoption of social media, which included Facebook, Twitter, and other sites. They hired a staff to concentrate on collecting data and incorporating it into events and goods after discovering an unanticipated gold mine of real-time audience input. Their show, Brother versus Brother, was even created as a result of the practice.
According to Jonathan, being able to appreciate the information you’re receiving from your audience or customers is quite valuable.
