The future of co-working spaces isn't shared offices with bespoke decor, it's restaurantsat least according to Nick Jiang and
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A new unconventional co-working space is undercutting WeWork's membership fees by 80%
A new company is using under-utilized real estate to create makeshift offices for entrepreneurs.
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Jiang's inspiration for Birdnest came from his time working out of a series of cramped co-working spaces at an early-stage startup. Jiang says his seven-person team was paying nearly $900 a month at a WeWork in downtown San Francisco, and that the steep membership fee was driving up the company's overhead. In an effort to keep costs low, Jiang began to hunt for a workspace that was competitively priced.
But attempting to find a cheap office space in San Francisco's punishing rental market was no easy feat. When Jiang passed by an empty restaurant on Market Street, inspiration hit: What if he could turn under-utilized spaces into makeshift offices for small companies? Jiang contacted the restaurant owner and asked if they wanted to make a passive income during the day when they were closed for business. The restaurant agreed, and soon, a small army of startup founders and entrepreneurs were filing through its doors.
Check out Birdnest's first location:
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In lieu of desks, Birdnest provides table space, speedy wifi, and free coffee.
A monthly Birdnest membership costs roughly $3 a day, or 80% of what a typical WeWork membership costs.
Birdnest aims to foster a community of entrepreneurs with monthly events and lectures.
The startup was recently picked up by Alchemist Accelerator and has plans to expand to more spaces in San Francisco within the next few months.
Not only does Birdnest provide a cheap office space for fledgling founders, but Jiang estimates that the company nets restaurants as much as 15% more of additional revenue.
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