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Outgrowing your co-working space
3:28AM | Wednesday, 27 MarchWhen Yahoo! chief executive Marissa Mayer announced a complete ban on employees working from home in late February, she copped a hefty amount of criticism. But as Mayer wrote in her memo to staff, some of the best decisions and insights come from “hallway and cafeteria discussions, meeting new people and impromptu team meetings”. The international co-working community has thrown its support behind Mayer, insisting workers are more productive when they are together than when they are alone. In fact, Mayer’s decision was one of the hot topics at the annual Global Coworking Conference, held in Texas earlier this month. Nearly 500 shared workspace enthusiasts met to discuss the merits of working alongside others, and the evolution of the way we work. Of course, not everyone is a fan of shared workspaces, however modern they might be. Among the critics is British entrepreneur Sir Richard Branson, who has stated: “In 30 years’ time, as technology moves forward even further, people are going to look back and wonder why offices ever existed.” But for many people, offices – and co-working spaces in particular – offer an opportunity that is simply not available whilst working from home. That is, the opportunity to collaborate. Co-working spaces continue to gain pace throughout the world, and Australia is certainly no stranger to the concept, having welcomed a throng of new venues in recent years – much to the delight of start-ups. However, there comes a time when start-ups need to decide whether they’ve outgrown their co-working space. StartupSmart spoke to a number of industry players to determine whether you’d suit a co-working space, when it’s time to move on, and how co-working spaces could improve. Pros and cons of co-working spaces If you do decide to use a co-working space, you need to think about how it will affect your operation. For example, you and your team could run the risk of being distracted by others. “This can definitely happen. It’s up to the individual. Those who thrive in co-working spaces are able to block out distractions when they need to get down to work,” says Tweaky.com co-founder Ned Dwyer, who used to work out of Inspire9. Dwyer was also a panelist at Australia’s 2013 Coworking Conference, hosted by Inspire9 and Hub Melbourne earlier this month. In addition to distractions, the image you wish to convey to clients can become an issue when you’re operating in a co-working space. “Co-working spaces can affect how clients perceive you,” Dwyer says. “But generally it’s in the positive – in my experience clients found it amusing that we worked in such an unusual environment. If your clients might care, maybe it’s not for you.” Sole trader Linnet Hunter, founder of Wild Sky, lives in the country but uses Hub Melbourne as her city base one day a week. Like Dwyer, she says her clients are intrigued by co-working. “I do a lot of one-to-one coaching, which requires a private and confidential space,” says Hunter. “I have always had the most positive response from clients… They have always been thrilled to meet at the space. “It has quite a corporate feel and some clients are under the impression that everyone in the room works for me, which is a good start! “They are always curious and delighted to find the space, and to know more about it. I am perceived as being quite ahead of my contemporaries by being part of it.” Getting the most bang for your buck David Vandenberg, who heads up Fishburners and EngineRoom in Sydney, admits co-working spaces could, at times, be more flexible and less generalist in their approach. However, he has made a point of developing two very different offerings within his own co-working spaces. “With EngineRoom, they’re the spaces I’ve created for digital businesses, whereas Fishburners is focused on tech product businesses,” he says. “The digital service guys have clients, designers, developers, UX, SEO – that type of thing. “Right from day one, I’ve been tailoring the EngineRoom spaces to be accommodative of that so that they’re presentable. It’s definitely somewhere where people do bring their clients. “It has been [the same] with Fishburners but that’s not the main purpose of Fishburners. A lot of those guys aren’t really dealing with clients so much.” Hunter believes co-working spaces are getting better at catering for the specific needs of start-ups, and are becoming more flexible. “Hub [Melbourne] has created permanent spots for groups who now have a few employees – something they refused to do in the early days,” she says. “The Hub is flexible in that it alters its approach as it grows and tries to involve the members in changes to some extent.” Story continues on page 2. Please click below. Outstaying your welcome Dwyer says while a co-working space can offer start-ups numerous benefits, there are ways of knowing when you’ve outgrown it: You’ve got more employees than will fit into the meeting room for your morning WIP. Your employees are spending more time playing ping pong than shipping product. That big client comes in for a meeting but the meeting room is double-booked so you have to go to the ball pit. They run out of desks to house your employees. Vandenberg is quick to point out size isn’t the only factor, although it is an important one. “The things they’re thinking about are ownership of their culture and ownership of their space and branding,” Vandenberg says. “Obviously once you get up to 20 or 30 people, you shouldn’t be in a co-working space – that doesn’t make sense. I find the transition point is around six to 10 people. “When companies get around that size – say around the 10 mark – that’s when it becomes a lot less valuable to be part of a community like that… There’s less opportunity for engagement.” Moving out “The first thing is to communicate clearly with the space you’re moving out of. They’re a small business themselves relying on your rent for their income so they need to plan,” says Dwyer. “Let them know it’s not working for you (for whatever reason) and give them a roadmap for how and when you’ll be moving out. “Often these spaces are incredibly responsive to feedback so if there is an issue causing you to leave, make sure you let the space know – they might even be able to fix it. “Finally it’s usually easiest to move on the weekends as it’s far less distracting for other members of the space and doesn’t interrupt your own work week.” Another entrepreneur, who wished to remain anonymous, says they are considering moving out of their current co-working space, but doesn’t anticipate it will be a tricky process. “I am thinking of moving to another larger, less crowded, less noisy co-op space. I would need to change my address on about three documents and that would be it,” the entrepreneur says. Keeping in touch Dwyer says it’s definitely worth staying in touch with your co-working space even after you’ve moved out. “We still stay in touch with Inspire9 and go back to work out of there at least once a month. We still feel like we’re part of the community but we also enjoy the benefits of having our own space,” he says. “By being a part of the community, we’re able to find out about upcoming events, find out what other cool start-ups are working on and find new people we can work with.” The changing face of co-working spaces “We’re going to see more specialisation going forward. That’s what should happen,” says Vandenberg. “Personally, I’m not a big fan of just your regular co-working spaces… It can be a bit too social and not really focused on business. But I think there’s a huge space for more specialisation. “We see more spaces opening up around hardware hacking, industrial design, video production and other markets that need different types of shared resources and infrastructure.”
One Aussie entrepreneur to meet Richard Branson via LinkedIn comp
3:39AM | Thursday, 14 MarchAustralian entrepreneurs are being encouraged to write a 25-word submission for the chance to sit on a panel with Sir Richard Branson at a University of Queensland Business School event.
Start-ups’ federal election wish list
3:30AM | Thursday, 14 MarchSome say it’s too late. Some, even those who have been continuously calling for the nation to go to the polls for the past three years, say it’s too early, given the budget announcement isn’t until May.
Like a Virgin – or a Unilever: Is one brand ever enough?
3:39AM | Thursday, 14 MarchWhen you’re planning a business, it’s natural to spend a lot of time thinking about how you’re going to brand your first product. But what about your second product?
Take advantage of a slow news day
12:05AM | Thursday, 13 DecemberWell, the non-ratings season is upon us. You can tell by the fact that any TV not tuned to the cricket is endlessly showing infomercials thinly disguised as “home repairs shows” or the repeats of “gritty” Australian dramas that are so brilliant that no one bothered watching a decade ago.
Curb your (infectious) enthusiasm
11:43AM | Thursday, 22 NovemberCountless books get written on the personalities of the great entrepreneurs. Everyone who reads them spends the next 24 hours pretending to be Steve Jobs or Richard Branson before slowly morphing back into their true selves.
The DNA of great start-up leaders
11:27AM | Monday, 19 NovemberRichard Branson tells a tale in the now-defunct technology magazine Business 2.0 about what it takes to make a great leader.
NY coding start-up partners with Melbourne college
3:55AM | Monday, 11 MarchRichard Branson-backed start-up Codecademy has partnered with an elite college in Melbourne’s east thanks to Australian Rhodes Scholar Leng Lee, the start-up’s first employee.
Women urged to think like entrepreneurs as Pipeline Fellowship gains pace
3:57AM | Tuesday, 12 MarchA female entrepreneurship group says while it supports the idea of training women to become angel investors, as seen in the US, we first need to train women to think like entrepreneurs.
Twitter founder: Why scale is crucial for start-ups
9:52AM | Wednesday, 5 SeptemberThe founder of Twitter has shared his views on what it takes to create successful new technologies, highlighting the importance for companies to allow room to scale on a global basis.
Starbucks sinks $25 million into Square
8:43AM | Wednesday, 8 AugustUS-based mobile payment app Square has partnered with coffee chain giant Starbucks, which will invest $25 million in the start-up as well as use its platform to process debit and credit card transactions in-store.
Five leading entrepreneurs’ worst stuff-ups
8:45AM | Tuesday, 7 AugustHaving a big name involved in your start-up is likely to draw investor and media attention to your business, but it’s unlikely to sustain it in the long term.
Meet the CEO who hires entrepreneurs, not employees
7:23AM | Friday, 6 JulyIf you were the founder of a $150 million revenue IT business with a cushy market position, it would be tempting to kick back and enjoy your success.
10 essential entrepreneurial videos
1:13AM | Tuesday, 8 JanuaryThis article first appeared June 15th, 2012. There’s nothing quite like seeing entrepreneurship in action. A business’ facts and figures may catch the eye, but it’s not until you see the founder talk about their idea that it truly comes to life and fires the imagination.
Sir Richard Branson on how to overcome a fear of public speaking
6:46AM | Thursday, 14 JuneFor someone who has made an art of the brazen, headline-grabbing media stunt, it may surprise you to learn that Sir Richard Branson has a genuine fear of public speaking.
Top 10 Android apps for start-ups
6:48PM | Thursday, 14 JuneThis week’s Apple Developers Conference in San Francisco saw the tech giant ratchet up its battle with Google, unveiling its own mapping service and a beefed-up voice-activated service.
How can I control my company culture?
6:37AM | Wednesday, 13 JuneHow can I build a culture within my business where things like swearing, shouting and macho behavior isn’t tolerated?
TEDxSydney 2012 unveils entrepreneurial speaker line-up
5:04AM | Monday, 21 MayA range of entrepreneurial speakers are set to take to the stage at TEDxSydney 2012 this weekend, including Jeremy Heimans, co-founder and chief executive of social enterprise Purpose.com.
Branson sinks funds into four small start-ups
5:58AM | Thursday, 17 MayBritish entrepreneur Sir Richard Branson appears to be on a start-up investment spree, sinking funds into four small start-ups, including Codoc, following his backing of Square, Path and Tumblr.
Why expert advice needs to be part of the start-up recipe
5:20AM | Friday, 4 MayYou can’t start a business without a vision, but you can start a business without seeking professional advice, however risky that might be.
