For the first of my posts on the operations of AetherWorks, where better to begin than our first real challenge: finding the perfect office for our company.
When we started our search in 2010, we had three options:
1) Setting Up Within an Incubator. The tech scene in NYC is booming and there are plenty of options here. If we had applied and been successful, an incubator would have provided managed office space alongside a range of other services. These vary from organization to organization but often include access to mentors/advisors and strategic help with partnering and access to loans and grants. Being in an environment focused on the development and longevity of start-ups and having bundled expertise on hand was a very attractive proposition. See Dogpatch Labs as an example.
2) Fully Managed Facilities. These facilities are fully furnished and equipped offices that are already in move-in condition. They provide dedicated support staff and are available on short or long-term leases. In addition to reducing your upfront costs, work can begin immediately in Fully Managed Facilities. This is where we were based when we started our search. See Regus as an example.
3) Traditional/Custom Office Space. With traditional office space you must first decide on the grade of building you are willing to settle in. Grading’s are based on attributes from location strengths (public amenities, transportation etc.) through the building efficiencies (energy management, exit routing, parking etc) and can give a quick overall assessment of the quality of the building. The grading gives a clear idea of how much you will spend per square foot. If you can find a suite, room or floor that has been occupied in the past, and suits your needs, your calculations can stop there.
Alternatively you may find a raw space within a building you like that requires a build out. The landlord may offer to do this for you, with some degree of flexibility over the space, or you can opt to take care of this yourself. If building out your space, there are significant costs for contractors as well as the delay in entering the space while work is ongoing. There is also a great deal of setup involved for services that can be taken for granted in the other options. Leases are standardly 5+ years and as a young company with limited credit there can be large down payments, returned at the conclusion of the lease. But, this does allow any company to completely tailor the space for their specific needs. See Abramson Brothers as an example.
We found the perfect raw custom office space at 501 Fifth Avenue. It would involve a comprehensive build-out, requiring a significant amount of input from a number of our employees. But, having long-term investment, we felt that long-term planning was the way forward. With a clear vision of where we wanted to be, this would ensure we had the perfect space to operate from and expand into. Little did we know everything else that this would entail. In April’s blog I’ll write in detail about the build out and everything you’ll need if you ever consider going through with one!
The only way we could successfully tackle this project was to focus on who we were, what our goals were and, what we needed to achieve those goals. As an R&D firm, we felt we had a lot of default requirements for an office space that would not be as highly prioritized within a more standard software development company. Yes, we still had to ensure that each individual felt comfortable in their space, had the room they needed and the tools to assist them, but we also needed to consider the research in R&D. Our longevity as a company hinges on not only designing and delivering software of the highest quality, but also continuing to create intellectual property and ensuring our research cycles are efficient and rewarding.
There are many ideas that claim to contribute to random stimulation and creativity within your office or work space: visual stimulation through artwork and colors, having magazines and journals lying around, providing games and toys for breaks, but here, we had the chance to go a step further. We had the opportunity to create the perfect environment where all these extras would add to the creativity within our space. To this end we knew the pressure was on to build a great space for creative cooperative working and within this requirement, we had to cater for research groups that would often vary in size. We had to ensure that both large and small groups would feel motivated and comfortable enough to spend prolonged periods of creative time (occasional overnights if necessary…) dealing with hard problems – all within our space restrictions in NYC.
Being rather inexperienced in the world of build-outs, we had yet to discover how important it was to have designers and contractors that bought into our ethos and fully understood what we needed. We got lucky… the second time.
As I mentioned before, I’ll save the specifics of the design and construction, which inevitably went on far longer than planned and caused an incredible amount of stress, for another post.
Was it the right option?
Building out our space was a lengthy process; the duration from our initial viewing through absolute completion was nearly 18 months. But for all the phone calls, emails, drama, irritation and stress, we now have a fantastic, light, open, creative office that suits us perfectly. We do have a long term lease, and we do have to manage our own services, but having the freedom and flexibility to create our own environment was far more important to us. Everyone now has their own personal space, we have ample room for our research activities, and we also have a great environment for welcoming customers and visitors. Most importantly, if you speak to any of our employees, one of the first things they will say about working here is that we have a phenomenal space to do our thing.
We knew what AetherWorks was, we built what it needed, and now we have an office that shows people who we are. That’s a result.