Idea: 1
Thursday, 01 January 2015
By. Francis Pedraza
Away From Home
A cross between WeWork and Breather. Instead of an improved “second space”, offer a true “third space”, away from the frenetic office or co-working space energy. Zen like Breather, but social (not private). Monthly subscription like WeWork, but relaxed, not an office environment.
Howard Shultz conceived of a “third space” — a refuge from the home and office — where people would relax, take meetings, or work in a pleasant ambience. A victim of its own success, Starbucks often fails as a third space: demographics too mainstream, Wi-Fi slow (Google deal might fix), space limited, and ambience loud.
Alternatives
- Co-working, monthly subscription. WeWork, founded in 2010, with $150M in annualized revenue, just raised a $350M round at $5B valuation. (Gasp!) With membership as low as $45, it’s hard to compete on price. Lots of other co-working spaces have cropped up around the world, but they seem poised to win that space.
- Private space, hourly rental. Breather, founded in 2012, just went on to raise a $6M Series A, disrupting Regus. The spaces are zen and multiple locations per city provide variety and better coverage.
- Other. The Battery is SF’s answer to SoHo House — high-end, exclusive member’s clubs. Factory (stealth) is a slightly less high-end live/work space (so technically, “first space”), with additional revenue from brands hungry to access the community’s expertise and creativity. General Assembly’s locations have also become a de facto “third space” for members of their community. Equinox, a gym, is so high-end it has become a third space as well. Indy coffee shops and bookstores also attract the “third space” market.
Experience
Enter “Away from Home” — a cross between WeWork and Breather. Instead of an improved “second space”, offer a true “third space”, away from the frenetic office or co-working space energy. Zen like Breather, but social (not private). Monthly subscription like WeWork, but relaxed, not an office environment.
Also, is there an opportunity to unbundle WeWork’s amenities as separate subscription services? Focus on what they don’t have or don’t advertise well: lockers, changing rooms, showers, concierge, courier service. Perhaps there’s a market for people who already have an office they’re happy with, but really wish to have access to amenity getaways scattered throughout the city, in smaller, discrete locations.
