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Plus10

The Accidental Coworking Space

30 SOUTH mAIN sT. Cork City, Ireland

 

Who we are and what we are about

Plus10.io is a membership based Coworking community of Start-ups, Micro-enterprises, Freelancers and Digital Nomads. We share a common workplace, facilities and occasionally opportunities. Coworking is both a place to work and to socialize, to make friends, to network, learn from peers. Collaboration is at Plus10's core, has been from it's outset, its enabled but and is almost always spontaneous.

Coworking is not for everyone, though most people find it increases productivity and wellbeing. Having experienced it, few would go back to working from home or in a corporate office again. 1.1m people worldwide are members of Coworking Spaces. .

We started with 3 people and one business. Now we have 18 desks which are mostly occupied and half a dozen companies with as many businesses again having passed through our doors, several on their way to greater things and others, who we believe learnt quickly and cheaply that the world wasn’t ready for their idea – just yet.

 

Phone

(353) 86-2500841

 

Location

30 South Main St.(Opposite Old Beamish Brewery)

Cork City

Ireland

 

Hours

M-F 9–6

24/7 by arrangement
 

Your team

Happier, mORE productive, ENGAGED, networked.  

Coworking isn't just about Start-ups and freelancers -it can also be useful for remote teams looking to try something other than a work-from-home arrangement. Some companies(even giants like HSBC, MICROSOFT, GOOGLE) are now not only supporting but actively encouraging staff who want to work from a Coworking space to do so . It’s a smart move, and one that will benefit your team and your company in a number of ways (Tip: If cost is your Number 1 consideration skip to the bottom of this page).


Coworking is like a non-stop trade show. 

Conferences and trade shows are the perfect place to get your company’s name out there and make connections that could possibly form the backbone of your future business. Because of the revolving-door nature many coworking spaces, coworking can be like a lite version of padding the trade show floor. Connections made at coworking locations can lead to partnerships, lucrative sales contracts, or high-caliber talent acquisition.


Coworking provides office structure without office stricture. 

With coworking, employees get an office environment that encourage structures, such as offering regular office hours and a sense of responsibility and professionalism, while also not conveying the often-constraining feeling of being babysat that too many traditional offices provide. It’s a best-of-both-worlds type environment that works especially well with remote teams who happen to be co-located, since they can much more easily work together while still feeling like a fully autonomous cell of the larger company.


Coworking encourages work-life balance.

 

Coworking is Creative.

 

 

Coworking is human.

 

 

 

 

 

Cost Effective

Remote employees can actually suffer from a tendency not to put their work down at the end of the day, which, though it may provide benefits in the short term, will eventually have a negative effect on productivity and product quality. Encouraging workers to seek out a coworking space will help to divide work from home life, which will enable them to better leave work “at the office,” so to speak, and should encourage healthier work/life habits in the long term.

 

 

Even if coworking remote workers don’t encounter anyone who travels in the same sphere, they can still be influenced by others around them. Being in close contact with other professionals in different fields is bound to result in some creative experiences, and even generate solutions that otherwise would never have been considered. Coworking space users interact and talk, and the flow of ideas is one of the better reasons remote teams should seek out and take advantage of these opportunities.

 

If you want your remote workers to be even better than those located at your physical office, the human factor is definitely something you can’t overlook. Regular, face-to-face human interaction regarding business-related matters is something that will never become unimportant for companies or individual employees; in fact, it may become what separates companies that just do well from those that truly excel as we move into a time when workforces see less and less of each other and the people they serve, sell to and buy from. Coworking ensures that remote teams remember the value of, and remain well-practiced at, human interaction, even if that just means knowing how to negotiate a shared work environment. It may seem like a small thing, but disconnection from even that most basic human experience is a very real possibility in our remote working future.

 

 

There are no capital costs in hiring a new team member. If you reduce your headcount your office overhead ceases too.

Colliers estimate the savings derived from using Coworking Space to locate staff over traditional office space costs at 16%. With a dedicated desk at €160 per month we think the saving is nearer 50%.

Enquire Now

 

 

 

 

 

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Will the collapse of WeWork spell the end of Coworking?

Part 1

The high cost of office space in Dublin particularly, but in Ireland generally and the lack of grundged out “The Industrial Era Warehouse” beloved of Coworking enthusiasts, has probably spared Ireland from the relentless advance of WeWork.

And whilst there is evidence to suggest that when the big players like WeWork open they spawn more nimble and affordable local spaces, -missing out on WeWork might be no bad thing for the Coworking movement here.

Why?

Whilst WeWork is a Start-up, is a Disrupter, is operating in the Sharing Economy -Space-as-a-Service as they like to call it, and likes to group itself with the likes of Uber, it is basically in the real-estate sector.

WeWork has grown rapidly and has earned eye watering valuations it has done so in something of a virtuous cycle. It started off in the terribly beaten down office market of 2011-13 and secured long leases with low rents and long rent free(or discounted) periods and landlord fit-outs. As the realisation dawned that these optimum leases would not last forever and commercial market picked up, it scrambled to find a new model. For a while it went down the profit sharing with landlords route. That didn’t quite work out WeWork. -You see landlords aren’t VCs or tech investors they know property and know when the sums don’t add-up.

It is now securing some concessions from landlords in its latest spaces by investing heavily in fit-out. Together with the latest $385 million of investors cash in the bank those landlords seem content for now.

To simply stand still WeWork must open new spaces, add new members and increase fees at a faster rate than those legacy leases start to kick into full. It has effectively promised its investors 5000 new members and 7 new spaces every month for the next two years. Yes they are growing but they are also burning through cash, the early (and some later) rent free periods are closing out and the profile of their latest funders is decidedly “late stage”.  If you are thinking Pyramid you are probably not alone.

In 2016 the founders issued what amounted to a profit warning dropping expected revenues from $65m down to $14 and sought to rein in day to day spending and shed jobs. How long can you stay on the treadmill in those combined circumstances?

No doubt there will be plenty takers when the IPO happens, which in view of the latest investor profile may be the only remaining source -but that’s all assuming the SEC don’t see through the hocus-pocus. Private companies are not obligated to use GAAP, and the vast majority of startups avoid those rigorous standards until an initial public offering exposes them to SEC oversight. 

Coworking cannot make anything like the returns Tech Investors dream of. The Real Estate Industry knows this and The Stock Market will figure it too. When the IPO comes keep your hands firmly in your pockets.

Why Tyco’s return to Cork may accelerate Start-ups in the City

Why the next big Start-up may already be Big  

 

Big businesses and corporations tend not to be terribly creative. It’s simply not part of their board room DNA. However not evolving is also not an option. Instead they rely on looking down from the top floor and observing and then responding to what’s happening many floors below -at street level.

McDonalds didn’t decide that we might like salads. They responded to the growth of salad bars health food cafes and the changes to their own bottom line.  Google didn’t say let’s design a device that gives people tons of viewing options on their TV. Chromecast happened because guys were tuning out of tv and into their laptops and hardwiring them to the otherwise redundant tv.

For them being creative often amounts to eyeing up the start-up scene and buying out a disruptive start-up for a gazillion dollars. Sometimes it works and well sometimes it doesn’t -in horrendous fashion. Start-ups are hot so if we can’t be one and ride that particular pony lets buy one

However some clever guys at the top of some of the words biggest corporations have latched on to another way to stay pertinent, avoid the buy-out minefield and keep the gazillions in the bank.

The internal Start-up. The thinking (in the case of the McDonalds analogy) goes something like this.

CEO: “Guys we’ve had a really great run with this burger and fries gig now for so long its really only a matter of time before some savvy kid with the price of market stall and a copy of The Lean Startup under his arm figures out what we are doing wrong what the next punter really wants and is on to the next big gig”

Frantic COO: “Where is he? Let’s buy the kid -a billion seems fair?”

CEO: “He doesn’t exist yet, but when he does it maybe too late”

Thoughtful CFO: Maybe he does exist and maybe it’s more than just one guy -it would take a team to build something that would really challenge us.

CEO:  Yes -and maybe they already work for us.

Collective lightbulb moment for COO and CFO

CEO: And maybe if we got them together and gave them a budget.

CFO: Offered them some shareholdings!

CEO: All the things that make for a lean disruptive start up but without the Billion dollar exit

COO: Brilliant Boss! We could give them a cool work space -How about a Coworking Space to get their creative juices going?*

*Coworking Space owner’s totally unnecessary plug for the industry.

The list of big corporations opting to encourage and nurture start-ups within their business is growing at a rate of knots. Coca-Cola, MetLife, General Electric, IBM, Mondelez International, Cisco,   MasterCard, American Express and Tyco International (who as it happens are returning to Cork, taking a substantial part of One Albert Quay) are all feverously running competitions, recruiting external mentors from the ranks of Silicon Valley success stories.

The approach is still very new and it will be interesting to see if a board can learn to embrace VC culture for that is what they are ultimately embarking on. If they do then the potential rewards are enormous.

·         They will discover the entrepreneurs amongst their existing cohort of staff that the regular corporate management model would not have thrown up.  

·         The agile mentality required of start-ups and craved by larger corporations will develop more organically within these corporations.

·         Going forward the corporate that is seen to encourage Start-ups will prove more attractive to talented young developers.

·         Most critically they succeed in retaining that talent in-house that might otherwise have taken the flaws observed in the Corporates product fix it and become competition.

No one model for achieving this has so far surfaced. A number, like Coca-Cola have followed the model Startup Chile follow and have first brought in a number of external start-ups and collocated them with a number of their own in the hope that some of the start-up magic would cross pollinate.

Tyco appear to have taken a more JDI approach, setting up an investment fund, running competitions and accelerating the best.

We here at Plus 10 sincerely hope that they extend their current philosophy to their new Cork operation and that they might act as a model to some of the cities other employers.

We plan, over the next few months to develop a dual Startup support system with Start-up Ambassadors in every industry in the City. The Ambassador will be that business’ point person for both internal and external Startups. -More on this shortly.  

Will the collapse of WeWork spell the end of Coworking?

Part 1

The high cost of office space in Dublin particularly, but in Ireland generally and the lack of grundged out “The Industrial Era Warehouse” beloved of Coworking enthusiasts, has probably spared Ireland from the relentless advance of WeWork.

And whilst there is evidence to suggest that when the big players like WeWork open they spawn more nimble and affordable local spaces, -missing out on WeWork might be no bad thing for the Coworking movement here.

Why?

Whilst WeWork is a Start-up, is a Disrupter, is operating in the Sharing Economy -Space-as-a-Service as they like to call it, and likes to group itself with the likes of Uber, it is basically in the real-estate sector.

WeWork has grown rapidly and has earned eye watering valuations it has done so in something of a virtuous cycle. It started off in the terribly beaten down office market of 2011-13 and secured long leases with low rents and long rent free(or discounted) periods and landlord fit-outs. As the realisation dawned that these optimum leases would not last forever and commercial market picked up, it scrambled to find a new model. For a while it went down the profit sharing with landlords route. That didn’t quite work out WeWork. -You see landlords aren’t VCs or tech investors they know property and know when the sums don’t add-up.

It is now securing some concessions from landlords in its latest spaces by investing heavily in fit-out. Together with the latest $385 million of investors cash in the bank those landlords seem content for now.

To simply stand still WeWork must open new spaces, add new members and increase fees at a faster rate than those legacy leases start to kick into full. It has effectively promised its investors 5000 new members and 7 new spaces every month for the next two years. Yes they are growing but they are also burning through cash, the early (and some later) rent free periods are closing out and the profile of their latest funders is decidedly “late stage”.  If you are thinking Pyramid you are probably not alone.

In 2016 the founders issued what amounted to a profit warning dropping expected revenues from $65m down to $14 and sought to rein in day to day spending and shed jobs. How long can you stay on the treadmill in those combined circumstances?

No doubt there will be plenty takers when the IPO happens, which in view of the latest investor profile may be the only remaining source -but that’s all assuming the SEC don’t see through the hocus-pocus. Private companies are not obligated to use GAAP, and the vast majority of startups avoid those rigorous standards until an initial public offering exposes them to SEC oversight. 

Coworking cannot make anything like the returns Tech Investors dream of. The Real Estate Industry knows this and The Stock Market will figure it too. When the IPO comes keep your hands firmly in your pockets.

 

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Some of our Start-ups

 

 
 
Jumble

Jumble

 
Name *
Name
   

 

 

LIFE IS COMPLICATED ENOUGH. COWORKING SHOULD BE SIMPLE. NO CONTRACTS, NO HASSLE, no worries

DAILY €20, WEEKLY €60, MONTHLY€160

That's less than the price of two coffees a day and here you can drink all the free Nespresso Coffee you want.

Meet some of our Friends -the people and groups who make what we do possible

Cork City Council

Pat, Paul, Seamus and all good people at the Economic Development Office of Cork City Council have been extremely generous with their time since we started. CCC began to explore the idea of a Coworking Space as the first step in turning Cork into an Innovation Hub at much the same time we realised we were a Coworking Space. Their support enabled us to attend our first European Coworking Conference. It allowed us offer monitors to each member and we hope to utilise that support further during our planned expansion in 2016  

it@cork

IT@Cork is the glue that pulls and holds so many diverse elements the make up the IT Family in Cork. To Ronan, Sarah and the vast volunteerism that is the backbone of this great organisation we salute you. 

Cork Innovates

We know there is more to Cork Innovates than just Siobhan Finn(We know this because it does so much to bring cohesion to the frantic start-up and innovation scene in Cork that there must be a small army behind her). Siobhan has time for everyone and every idea from the sublime to the outright ridiculous(We also know this because we have at times been the ones proposing the impossible) 

Some Previous Members