December 1, 2023
An Argentine Entrepreneur Wins Prestigious MIT Award for a Game-Changing Real Estate Innovation
Gonzalo Coira becomes the first Argentine to receive MIT’s Fire Hydrant Award for his revolutionary ‘Pedro Method’. Here’s what it’s all about.
In August 2023, Gonzalo F. E. Coira, a law graduate from UCA and an MBA from IAE Business School, became the first Argentine to be honored with the Fire Hydrant Award. This recognition came from the prestigious educational and research institution based in Cambridge, Massachusetts: MIT.
At 39 years old, Coira stands out not only for his academic achievements but for a deeply personal journey that shaped his entrepreneurial path. His road to success emerged from a groundbreaking solution to the first-home crisis, capturing the attention of both tech experts and thought leaders.
Coming from a family of doctors, his life changed dramatically in 2001 when his father was hit by Argentina’s economic crisis and the family business went bankrupt. “That was a turning point,” Coira recalls. “I saw how tax pressure and employment instability weren’t aligned with support for the middle class.” Motivated by this perceived injustice, Coira chose to study law, becoming the first lawyer in his family, eventually specializing in commercial law, particularly insolvency and bankruptcy.
During the 2008-2009 U.S. financial crisis, Coira took a bold leap and moved to the United States. “I sensed an opportunity in real estate. The market was saturated, and banks were absorbing distressed mortgages,” he recalls. He headed to Detroit, Michigan—a city he saw as both challenging and full of potential.
The Birth of an Idea
Back in the 1980s, Detroit had a population of 2 million. Today, that number is just over 600,000. “Homes were practically being given away. Suburban houses were selling for as little as $6,000 or less,” says Coira. During his time in the U.S., he worked at a company that acquired and sold homes to vulnerable populations. “That’s when I realized the biggest barrier was a cultural resistance to homeownership,” he explains.
With the support of Section 8—a U.S. housing assistance program offering rental vouchers—tenants were receiving $700 to $800 monthly. In many cases, the rent-to-value ratio meant these tenants could buy the homes they were living in. “It was an incredible opportunity. In six months, they could own the property outright. The challenge was changing their mindset and encouraging them to buy,” Coira recounts. He later replicated the approach in Atlanta before returning to Argentina a year and a half later.
That experience, which helped over 500 families become homeowners, sparked the creation of the “Pedro Method”—a system designed to facilitate first-time homeownership for low- and middle-income individuals. At 26, Coira returned to Argentina and founded his own company, planting the seed for what would later earn him international recognition.
Building the Platform
Coira developed a digital platform called “Pedro Te Compra” (Pedro Buys Your Home), or PTC. The project centers around an algorithm that connects individuals or companies in urgent need to sell with buyers looking for affordable entry into homeownership.
“That’s when I created the figure of Pedro,” Coira recalls. Pedro is a bearded, middle-aged fictional character designed to be friendly and trustworthy. “I wanted to personify the experience so buyers felt guided and supported. I enrolled in an MBA and began testing the concept.”
Whenever the platform went live, it received over 1,000 daily requests from people wanting to sell—without any advertising. The system offered non-binding offers based on reference prices and discount codes. Once accepted, the algorithm would immediately connect the seller with a potential buyer. These early tests were successful but required significant investment and technology to handle big data efficiently.
To further strengthen the project, Coira pursued a Master’s in Leadership and Innovation in Boston, in a program co-developed by MIT faculty and Global Alumni. The final project required students to propose a scalable social-impact initiative. “It was an incredible experience. I pitched my idea, and the team loved it,” he says.
He and his team spent over a year and a half refining the platform, leveraging technologies like Blockchain, cloud computing, Artificial Intelligence, and ChatGPT. What solidified PTC’s success, Coira says, was its alignment with the UN’s Sustainable Development Goals (SDGs), especially affordable housing and wealth inequality.
Eventually, he presented the final version to a panel of judges and was awarded the Fire Hydrant Award by MIT Professional Education. “The response was overwhelming. The applause at the end was unforgettable. It felt like everything had fallen into place,” he reflects. For years, the complexity of this project had felt insurmountable without AI tools to manage the vast data processes involved.
Today, Coira and his team are in talks with two U.S. investment funds interested in backing the platform. Although he still practices law, 70% of his time is now devoted to PTC. “I love being a lawyer, but I hope to one day dedicate myself entirely to Pedro, given its significant social impact,” he says.
The platform is set to launch in April 2024, operating in both Florida and Buenos Aires. After extensive field testing, it’s almost fully functional. “We’re finalizing deals with collaborator
