Disrupting the traditional developer business model was always Philip Goodman’s ambition. 

As a young architect who cut his teeth at Foster + Partners, he had "the critical thinking skills" to become a developer but he lacked the financial knowledge -—understanding how to structure a deal, raise capital, and manage contractors— “all  the stuff that no one gets taught in the architectural education system”, he said.

Speaking to a packed room at the Society Building  earlier this month, Philip said, “I think architectural education is a little bit broken but so is the investment world. 

“The idea of taking fees, not being accountable for your actions, the lack of transparency and ethics in that world was something that I certainly didn't like. So, I came in with a bit of a unique approach to trying to be an architect developer”.

Here are five takeaways from Philip’s talk.

‍Have "skin in the game"

From the outset Philp put everything he had into the scheme, sharing the risk and return while ensuring that if investors lose money, he would lose everything he put in first. This transparent, accountable model helps investors "sleep at night”, he said.

Keep it simple

When raising capital, avoid over-complicating the model, as complication brings uncertainty, and uncertainty brings risk. Keeping things simple is key to managing risk and building the trust that will lead investors to keep backing you.

Design for value

Every decision must be made because it adds value, not because "I like it" or "I want to do it." Ureco’s systems and processes are what help it analyse every bit of the development cycle to maximize return on capital. “Good design is not about aesthetics, it’s about making a significant uplift in Gross Development Value (GDV), for example, changing a GDV from £21 million to £28 million through design value”.

‍Constantly question 

Just question everything. “Planning, analyzing sale values, construction costs, viability, timelines. You could pay loads of other consultants to do that for you or you could actually know how to do it yourself, which as architects we are equipped to do. We can then think about how to deliver that project efficiently”.

Have an Incredible pipeline 

You should operate as an opportunity business. The key is to find an incredible pipeline of opportunities first, which you then feed to your investors, ensuring they are never just getting "chucked in" to a bad deal so the company can keep operating.

‍For more talks follow us on Instagram @developercoll or sign up to receive our newsletter. Our next talk is on February 25th when architect Ben Cross will be talking about his new 'problem solving’ property business after a decade working for Hub and General Projects respectively. Book here

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