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From June 1, 2021, the ban on the sale of agricultural land was partially lifted. So individuals can buy and sell their land. Now every citizen of Ukraine can become the owner of the land. From July 1, 2021 individuals can buy land (up to 100 hectares). From January 1, 2024, legal entities can buy land up to 10 thousand hectares.
The land market is very attractive for new businesses and startups because it needs services to facilitate the search for assets, bidding platforms, document management, setting up interaction between sellers, buyers, investors, appraisers, and notaries.
The land market of 24 million hectares of land owned by 7 million Ukrainians has opened.
Today the average purchase price of 1 hectare of land is 50451.27 UAH, and the rent is 3425 UAH.
Agricultural land in Ukraine is a stable and reliable asset with high potential profitability. Expert estimations agree in forecasting the growth of the land market up to 200% by 2024. This makes the lease of land shares an attractive passive income with an annual growth rate of 12% or more.
We received a call from a startup team with a new idea. The task was to validate hypotheses, create the first MVP and customer engagement. We’ve created 2 main hypotheses:
We created an MVP - the MiyPay website, that became a digital assistant for finding land for investment, followed by investment management. Here we posted content about the land market and answers to frequently asked questions: how much it costs and how the price is formed.
To launch MVP as quickly as possible, we refused comprehensive branding. It was decided to use quick branding solutions before the official launch in the market:
We interacted with 2 segments of owners - those who inherited land and those for whom it is a source of income.
Based on the results of 15 interviews and key observations, we simplified previous hypotheses and came up with new ones. New hypotheses were reflected in MVP 1.0 and the mechanism of the platform was changed. Based on the results of the first customer engagement on MVP, we concluded that the value proposition and the concept itself needed to be rolled out towards the "investment" platform. Through the test, we came up with a pivot (concept change) from landowners to those who would invest in it. We created prototypes for the new concept, which are in the launch phase.
We create a web platform prototype for investment where the user has an opportunity to manage their land banking and monitor new investment opportunities.
1. Don't develop or invest in development until you've found a repetitive sales model.
2. Engage customers with a demonstration through content and prioritize personalized communications in the early stages.
3. Hypothesize and be prepared for the fact that most of them may not be confirmed. The real market and customers often think differently than you do.
4. Use "no-code" solutions in MVP creation, marketing, and promotion tools.
