Office Space News
Coworking Venture Wins $100,000 Business Plan Competition
Published July 15th, 2009 by Jennifer LeClaire
Coworking is proving profitable for at least one industry veteran. Affinity Lab just won first place in a business plan competition. The grand prize: a $100,000 investment. It’s another confirmation that coworking is coming of age.
Enhanced Capital Partners, Advantage Capital Partners and the DC Coalition for Capital, which supports access to capital programs and initiatives designed to help DC small businesses grow, anted up the $100,000.
The Affinity Lab presentation featured growth plans for the cool urban business cooperative that was bold, profitable, and achievable. Steve Moore, president and CEO of the Washington, DC Economic Partnership (WDCEP), says impressed with Affinity Labs. He says the company “knows where it’s going.”
“They understand their customer and they demonstrated that they can be innovative and profitable. They are ready to expand and they made their case. It was a great pitch!” Moore says. “They capture what is happening now in the incubation of small businesses. Without fail, when they are done telling you what they do, people say ‘I want to be a part of that.’”
Affinity Lab is one of the industry’s oldest coworking companies, but apparently its business model is ripe for the times. Affinity Lab offers several tiers of pricing.
You can be a virtual member for $235 a month. This membership level aims at moonlighting entrepreneurs with full-time jobs that are trying to start a new venture. Shared members pay $575 a month, sharing a desk space and phone line with another member. Full members pay $995 a month and have everything they need to hit the ground running, from voicemail to bookshelves to file storage.
“Small businesses are going to revitalize our neighborhoods,” says DC Councilmember Kwame Brown. “We need to provide more opportunities for local businesses to get feedback from professionals to make their ideas better and their businesses stronger.”
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Elizabeth Sanchez July 15th, 2009 at 10:44 am
Wow. What a great boon in a down economy. It certainly does validate coworking as a business model. I think Affinity got a head start on the rest of the coworking industry and so has had time to figure out what works over the years. Apparently, the judges were mighty impressed with what they saw. I wonder if this means Affinity Labs will be expanding.
Rob Zeus July 15th, 2009 at 10:45 am
It’s good to see that there is money available in this economy for contests like this one. You didn’t mention who the other companies were, but I’m betting they weren’t real estate companies. Affinity’s business model is still rather unique… the coworking business model that is. Congrats to Affinity Labs.
Bill Brookshire July 15th, 2009 at 11:15 am
Of all places. I wouldn’t think coworking would hit it off big in Washington, D.C. I’m not sure that it has, actually, but Affinity Labs definitely is making some noise and turning some heads there, to use some trite expressions. This should raise the visibility of coworking in the metro Washington area.
Maggie Correta July 15th, 2009 at 11:38 am
Affinity Labs is the perennial coworking facility. Now that they won this financial investment, it’s more reason than ever for other coworking companies to take a look at what Affinity is doing. There is lots to learn from this industry veteran. I also think this does add credibility to the emerging coworking industry.
Melanie Jones July 15th, 2009 at 11:40 am
It looks like to me that one of the reasons Affinity Lab won this award is because it also facilitates the growth of other businesses. Economic development councils are interested in business growth and its impact on the economy. Affinity Labs makes a way for entrepreneurs to get started and bolsters the local availability of small professional service providers.
barb gates February 10th, 2011 at 11:40 pm
I am a CPA and would love to see their template. I am starting a cowork business in New Mexico. If we can share a desk these days, can we share a business plan as well? Please let me know.