Technology adventurer has his eye on the future: Derrick Chen, chief executive officer, Workspeed

Real Estate Weekly,  June 27, 2007  by Esther O. Perez

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Harvard biochemistry graduate, Derrick Chen, has no great vision to change the world, however he does have a drive to understand the things that are going to change it.

That's how the chief executive officer of Workspeed, a leading New York provider of Web-based and wireless applications that optimize real estate enterprise performance, said he ended up side-lining his plans for medical school to pursue a career in the field of technology.

"I'm a speed junky and I love to know what's coming next. Technology gives you a glimpse of the future," said Chen, who was born and raised in New York and was always interested in science and technology.

After graduating with an A.B. magna cum laude in biochemistry from Harvard, he said he was all set to head off to medical school when it dawned on him that he hadn't explored the financial side of technology.

"I was going to become a doctor, but I realized that, with bio-med, you need a lot of capital, but with technology I realized you could do more with less, and that was a better starting point," he said.

He first ventured into the investment banking field, joining the ranks of Lazard Freres & Co. before moving on to Montgomery Securities and then Goldman Sachs.

"I walked into my interview and practically said, 'Hey, I don't know anything about finance, but if I can do this bio-chemistry stuff, I think I can work as hard as anyone. I felt that I had the raw material to come up that curve quickly, and that it was a good bet for me and my employer," he said.

While free tuning his financial skills, Chen's interest in the technological applications in the field continued to grow and he ultimately decided to leave the banking industry to get in on the booming Internet business, a movement that was at its peak in 1995.

Chen was able to develop various programs utilizing technological applications for the financial industry and was thrilled to be invited back to Montgomery Securities as a techbanker. Working from the company's Boston office, he helped create an east coast technology group and led the corporate finance effort for the Internet sector.

His desire to return to New York City soon led him to a position with a growing venture advisory firm, Rare Medium, where he was able to utilize both his financial and technological skills to help growing companies.

A chance meeting with Richard Ruben, president of Workspeed, led to a partnership that would benefit both Chen and the real estate software solutions provider that has grown rapidly in the past few years. Chen's financial and technological background was a perfect fit for the team that would quickly emerge as one of the preeminent providers of technology that is transforming the real estate business across the globe.

"We rebuilt sales teams, began to win new contracts and expanded product offerings," recalled Chen of his arrival at Workspeed shortly after Ruben had taken over the reins at the firm. "One of the key attractions to working at Workspeed was working with Richard Ruben. It was really his vision to make Workspeed what it really could be. It's his relationships that have gotten us our biggest customers."

The hard work has certainly paid off. Workspeed now counts among its client roster a prominent list of real estate firms that includes Vornado Realty Trust, SL Green, Shorenstein Realty and Maguire Realty.

And as technology has impacted virtually every facet of the real estate industry, so too has Workspeed grown to cater to demand in this ever evolving field. The firm has expanded its services to include Service Request and Communications, Preventive Maintenance, Energy Management Payables and, most recently, Visitor Security and Emergency Notification. Chert said that another product will be added soon, but he would only say that it affect the residential market.

"Not only is the Internet a great business tool, but there is a constant drive to improve," said Chen, who added that one of the greatest challenges has been convincing people to understand that the Internet is not a bad thing for their company.

"Before, it was viewed as a big risk to adapt to new technology. Now it's a risk not to. The real estate industry is not an early adopter of technology and you need to talk them through it, but once they adopt our product, they never go back. I didn't study computer technology in school, but computers are so accessible that even I can go and create a web page. Before, there used to be a big barrier, but at Workspeed we empower people to have visibility and that's a really a big change."

COPYRIGHT 2007 Hagedorn Publication
COPYRIGHT 2008 Gale, Cengage Learning