Hong Kong's Startup Office Spaces

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1 9 9 9 )*+,-./0, C;A@<?@A<B8 :;<<6=> 5678 pqrstuvwxyz{x -,ˆ Š,-ˆ DEFGDHGDEDIGJKLMNOMNPMLOQORSTUVKLWOSXYZ[\] Œ\ ZŽ[ Ž]Ž Ž ]W W Z [š [ŽZ œ ƒ }~~ Follow 153 k ¹ ºº ž klmno6;876o7g=6d:;j8g<@6d ^_<`=;ab;b<`6cde@=fg67egg<`h@=icgj 2013 ª«± ª «All? ±ª ² «pqrstuvwxyz{x :;<>c@ B>;c žÿ Console Of Them }~~ ƒ! " #$%&'( New Posts Hong Kong's Startup Office Spaces Most Popular 5 LinkedIn Strategies Lists The Most Powerful Peop In the space of 2 to 3 years, Hong Kong has become a hotbed of startup activity. But startups need a place to live and grow, and Hong Kong s astronomical real estate prices don t provide the most conducive habitat for cashstrapped entrepreneurs. Enter the co-work space and/or virtual office. The co-workspace and virtual office industry in Hong Kong was started by local entrepreneur Jon Buford who started a small office under the name BootHK that housed a few startups. Today that industry includes more than 10 companies operating from 30+ locations containing hundreds of thousands of square feet of flexible, short-term office space. Video I moved to Hong Kong to open a branch office of my online marketing firm in June, My firm is headquartered in Salt Lake City, Utah where the cowork phenomenon is just starting to blossom in select areas. Traditionally startups in Utah and many other parts of the United States had four options when it came to housing a startup; 1) rent traditional office space for several thousand dollars per month, 2) rent a virtual office ala Regus for several hundred or a thousand dollars per month, 3) get into one of the rare local incubator programs that provides free office space, or 4) work from home. Stateside there is a large gap between working from home and outfitting any sort of office. That is changing, but in Hong Kong it s already here and growing quickly. Many of the companies I interviewed for this article have expanded their co-work and virtual office spaces far beyond what they started America's Richest Women Most Read on Forbes The World's Most Powerful People How General Motors Was Really Saved: Ever ³ ± ª«The Untold True Story Of The Most Important Bankruptcy In U.S. History Quotes ³ ³ µ«xbox One Vs. PS4: Which Is The Fairest Dell Officially Goes Private: Inside The Nastiest Tech Buyout Top 100 Inspirational I live in Hong Kong where I'm opening a branch office of my online marketing firm MWI, which is headquartered in Salt Lake City, Utah. In addition to Forbes, my writing has also been published in Fast Company, VentureBeat, Business Insider, TechinAsia, ia, and the South China Morning Post. I focus on entrepreneurship, neursh rship, startups, online ne

2 »¼½¾ ¼½¾ÀÁÂÃÄÅÃÆÇÈÉÉÊËÌÂÇÄËÌÁÍμÅÏÌÁ with a year or two ago and are looking to add locations. How I Opened A Branch Office Of My Business In Hong Kong Pitch Night Finals In Hong Kong In Hong Kong the term virtual office often has a different connotation than in the US. Whereas a virtual office in the US tends to mean one gets an actual private office, secretarial services, and use of conference and break rooms, in Hong Kong a virtual office might consist of nothing more than a mailing address and phone number. This is what I used to launch the Asia office for my own firm. As more services are needed they can be added a la carte, providing an affordable, flexible service for entrepreneurs. Startups and companies expanding into Hong Kong get what they need, when they need it. Many of the virtual office companies in Hong Kong also offer co-working space where for as little as $50 USD per month an individual can walk into the space, sit at a common area desk, plug in a laptop, and get to work. It s no frills, but that s just fine with entrepreneurs who only want to pay for what they need. õöôýôû marketing, and Asia. Born and raised through high school Arcadia, California, I also spent two years WorkweekåéæçïïêëìíîNothingäåæçèéêëìíî The author is a Forbes contributor. The opinions expressed are those of the writer. Expertðñæïäçêëìíî JOSHUA STEIMLE S POPULAR POSTS What Does Google's Hummingbird Update Mean For Your SEO Efforts? A Love Letter To Tim Ferriss And The 4-Hour Top 3 Tips From A LinkedIn Books I Wish I Had Read Before I Became An Entrepreneurðéæòäçêëìíî Should I Have A Facebook Page For Business Or Just Use My Personal Profile?ððæçñäêëìíî MORE FROM JOSHUA STEIMLE ÿ û û øøü Can A Startup Culture Take Hold in Hong Kong? Below is a partial list of the virtual office and coworking spaces in Hong Kong. This list is not comprehensive, as new spaces are coming on line almost every week. What this list represents is a sampling of those companies that are doing the best job catering to entrepreneurs and startups. If I were moving my business to Hong Kong or doing a startup here, these are the places I would consider putting my team. Note: Differences in pricing represent a considerable variety of options provided by the different companies listed. One company may only offer hot desk options wherein a member can take whatever seat is open and work there for the day, whereas others are offering office space suitable for a team of 10+ individuals. Please consult each company s website for specifics. ÐÃÃÇÑÒÒÓÓÓÔɼÅÏÌÁÔ˼ÕÒÁÊÃÌÁÒÖ¼ÁÐÁÃÌÊÕ ÌÒØÙÚÛÒÚÙÒÛÙÒм½¾Íܼ½¾ÁÍÁÃÄÅÃÆÇͼÉÉÊËÌÍÁÇÄËÌÁÒÝÚÙÒÛÚÒØÙÚÛÞÑØßÑÛàáâã 3 Ways Hong Kong Can Attract Startups Cocoon Residents: 100+ Size (sq ft): 14,000 Rates (monthly): Start at $250/month, per person Website:

3 !"# Cocoon is unique in that it has its own incubation program and companies must apply and be accepted in order to use the space. There is a strong sense of community, fostered by startup pitch nights and other networking events that bring investors and entrepreneurs together. The space is bright and fun, with many of the accoutrements one might expect of a tech startup in Silicon Valley. A good fit for an entrepreneur looking to start from scratch, put together a team, and get funding. Compass Office Solutions Founded: 2009 Locations: 21 across 4 countries Residents: Thousands Rates (monthly): $44 to $350 Website: For the established company establishing a branch office in Hong Kong, Compass might be the best fit. Compass is all business, providing upscale, professional environments with flexible plans that grow as your business grows. Compass has several locations throughout Hong Kong as well as other countries in Asia and is therefore especially convenient for a company opening multiple branch offices at once, or for the professional who needs to meet with clientele in Hong Kong, Japan, or Singapore, but only wants to deal with one company for conference rooms, office space, etc. Compass understands entrepreneurs, but also houses established companies like Linkedin. Cyberport Founded: 2009 Locations: 2 Residents: 200+ Rates (monthly): $100 to $515 Website: Cyberport is like nothing else in Hong Kong. It is a gigantic technology campus housing the largest ISP in Hong Kong, as well as regional offices for enterprises like IBM, Cisco, and Microsoft. This might not sound like the environment for a startup, but Cyberport also has an entrepreneurship center, an incubation program, and cutting-edge facilities for digital and technology startups with specific needs like video and audio studios, highend editing equipment, or direct access to Hong Kong s Internet hub. If I were starting the next Facebook and wanted a place in Hong Kong where I could grow my team from 1 to 1,000, all under the same roof, this would be the spot. Cyberport has two locations for startups on their campus in their SmartSpace branded offices. $%&&'''(# ()& &*$ )+ &,-./&.-&/-&$!0!!! &1.-&/.&,-./2%,3%/4567 The Good Lab

4 Size (sq ft): 18,000 Residents: 100+ Rates (monthly): $50 to $375 Website: goodlab.hk The Good Lab was founded to support the local social entrepreneurial ecosystem in Hong Kong. It boasts a large meeting space, and is tied into the larger startup community. It is one of the few co-work spaces located across the harbor from Hong Kong Island and provides easy access for startups looking to escape the busy center of Hong Kong. HK Commons Founded: 2011 Locations: 2 Size (sq ft): 30,000 Residents: 60+ Rates (monthly): $128 to $710 Website: HK Commons is a one-stop shop for entrepreneurs. It offers co-work space, virtual office services, and general business consulting services. The team there is currently advising me on the increasingly complex IRS regulations for US entrepreneurs like myself doing business overseas. The space is clean, simple, and minimalist, with no long-term obligations and transparent pricing and services, but it s the team, headed by founder and reformed Wall Street lawyer Jong Lee, that delivers the hidden value. Jong is also the curator of TEDx Hong Kong. You might want to start your business here just to have access to Jong and his expertise. The Hive Size (sq ft): 10,000 Residents: 150+ Rates (monthly): From $360 Website: The Hive has great spaces and a thriving community, and also houses many business networking events, often co-hosted by the disruptive education startup General Assembly. It s not just a space to work in, it s a space to network and build a business. One of The Hive s members produces a phone gadget and was looking for someone who could produce a very fine metal part. It happened that another member specializes in fine metal parts M@@DNOOPPPQF9BLI>QH9RO>G@I>OS9>M>@IGRTIOUVWXOWVOXVOM9:;JY9:;>J>@AB@CDJ9FFGHIJ>DAHI>OZWVOXWOUVWX[NU\NX]^_` production and the two members were able to work out a deal. Then the founder was able to find another Hive member to handle distribution. This is representative of the value these co-work spaces can provide beyond merely a place to put a computer.

5 a e 89:;<9:;=>?@AB@CDEFFGHI?DAHI>JK9BLI> Innovation Labs Size (sq ft): 8,000 Residents: 20+ Rates (monthly): $260 to $515 Website: For Innovation Labs location is a key differentiators. Uniquely situated on the Western side of Hong Kong Island in Kennedy Town, dubbed Hong Kong s Latest Expat Hot Spot by the Wall Street Journal, Innovation Labs provides private spaces large enough to house companies with several employees as well as co-work space for individuals or smaller teams. Wynd Founded: 2013 Size (sq ft): 2,500 Residents: 20 Rates (monthly): $309 to $670 Website: Having opened just one month ago, Wynd is the newest co-work space in Hong Kong and is conveniently located in the heart of Hong Kong in its Central district. It offers a quiet, clean, and very nicely designed environment to work in. I happen to be putting the finishing touches on this post while sitting in their offices, enjoying the 100MB Internet connection. The founders are very much focused on assisting their members and supporting the entrepreneurial community. Their first client? Transportation startup Uber. Have you used a co-work space or virtual office service in Hong Kong or elsewhere? What was your experience like? How could it be better? Connect with Joshua: Facebook Linkedin Goodreads Medium fghhijklgm M@@DNOOPPPQF9BLI>QH9RO>G@I>OS9>M>@IGRTIOUVWXOWVOXVOM9:;JY9:;>J>@AB@CDJ9FFGHIJ>DAHI>OZWVOXWOUVWX[NU\NX]^_` bcd ngoogmfghhijkp bbc bc e