{"id":16801,"date":"2015-09-28T17:28:34","date_gmt":"2015-09-28T21:28:34","guid":{"rendered":"https:\/\/www.wework.com\/creator\/?p=16801"},"modified":"2020-03-30T18:27:56","modified_gmt":"2020-03-30T22:27:56","slug":"does-your-startups-location-really-matter","status":"publish","type":"post","link":"https:\/\/www.wework.com\/ideas\/professional-development\/does-your-startups-location-really-matter","title":{"rendered":"Does your startup\u2019s location really matter?"},"content":{"rendered":"

When launching a startup, location can be a crucial factor that determines whether or not you\u2019re going to be successful. Even though most of your business might be done online, and you can hire remote workers and network through email, the physical location of your office has the power to make or break your business.<\/p>\n

Many entrepreneurs set up shop in Silicon Valley and places with high concentrations of other startups, including New York, San Francisco, Portland, Seattle, Washington, D.C., Denver, Salt Lake City, and Tel Aviv. By being around other startups, entrepreneurs can feed off the energy of their environments and find like-minded people.<\/p>\n

One of these entrepreneurs is Diane Najm, the CEO and founder of PhotoPad<\/a>, which operates out of the WeWork South Lake Union<\/a> building in Seattle.<\/p>\n

\u201cI\u2019m in the center of the whole tech scene in Seattle,\u201d Najm says. \u201cThe neighborhood is vibrant with startups and entrepreneurship, and it\u2019s really grown over the past few years. I love the energy here. It\u2019s inspiring.\u201d<\/p>\n

According to Scott Schreiman, CEO and founder of Samepage<\/a>, being in Silicon Valley has given him the opportunity to speak with other business owners who have been in his shoes.<\/p>\n

\u201cIt\u2019s hard to start a company from the ground up without the support of others who have been there,\u201d Schreiman says. \u201cThere are many mistakes to be avoided or lessons to be learned from seasoned entrepreneurs.\u201d<\/p>\n

One way that startup founders can utilize other entrepreneurs in their area is to trade tips on finding investors. Since they\u2019re already near the people looking to fund new businesses, says Schreiman, founders can easily meet with them.<\/p>\n

\u201cMost early stage to mid-stage venture capital investors like to be in close proximity to their investments,\u201d Schreiman says. \u201cThis is especially true for early-stage investors who like to \u2018mentor\u2019 young executives via face-to-face advisor meetings, as well as provide personal introductions to potential partners, employees, customers, and other investors. So being physically accessible or located near potential investors can provide a startup with a significant advantage with access to growth capital.\u201d<\/p>\n

Along with being close to potential funders, access to talented employees is a major reason why startup founders choose certain locations. In smaller communities without a concentration of other businesses, talent is nowhere to be found.<\/p>\n

\u201cOur Los Angeles headquarters is located in the heart of Silicon Beach, which is a tremendous draw for talent,\u201d says Ophir Tanz, CEO of GumGum<\/a>.<\/p>\n

Another CEO, Manoj Ramnani, launched his company CircleBack<\/a> in Vienna, Virginia, a place not known for a bustling startup scene. Though he is near Washington, D.C., he\u2019s decided to open up another office in San Francisco in November so that he can find talent and better communicate with clients.<\/p>\n

\u201cAt this stage, my core team is here in Virginia,\u201d Ramnani says. \u201cBut I want to get the best worlds and have a dual presence on both coasts.\u201d<\/p>\n

Of course it\u2019s possible to hire staffers who don\u2019t live close to the office, and many new companies choose to go this route. In that case, they need to be situated in an area that is easily accessible.<\/p>\n

\u201cTime is the most valuable resource for a startup, and location definitely plays into that,\u201d says Arthur Bretschneider, founder of Seniorly<\/a>. \u201cSince most of our team commutes from outside of San Francisco, we had to find an office that was convenient for people using public transportation.\u201d<\/p>\n

A big issue for startup founders is that they might not have the capital to afford office space in expensive areas. Bretschneider\u2019s business is located in San Francisco\u2019s Chinatown, which offers more affordable rent. He says it\u2019s about 40 percent less than what most similarly sized companies pay in the city.<\/p>\n

However, Bretschneider says that he\u2019s farther from the main startup scene, which requires some maneuvering on his part.<\/p>\n

\u201cWhen we network, we often have to plan meetings in advance because they require us going out to specific locations.\u201d<\/p>\n

The entrepreneurs we spoke to say the right location can lead to a much larger payoff. If you\u2019re close to other entrepreneurs, eager investors, and talented employees, you can grow your business quicker and experience all the benefits that a great location has to offer.<\/p>\n

\u201cLocation is a significant consideration for us,\u201d says Tanz. \u201cWe spend many of our waking hours in the office, so I’ve always felt it’s worth the additional investment.\u201d<\/p>\n

Photo credit: Lauren Kallen<\/p>\n","protected":false},"excerpt":{"rendered":"

When launching a startup, location can be a crucial factor that determines whether or not you\u2019re going to be successful. Even though most of your business might be done online, and you can hire remote workers and network through email, the physical location of your office has the power to make or break your business. […]<\/p>\n","protected":false},"author":1498,"featured_media":16802,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[43902],"tags":[],"class_list":["post-16801","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-professional-development"],"acf":[],"yoast_head":"\nDoes your startup\u2019s location really matter?<\/title>\n<meta name=\"description\" content=\"By being around other startups, entrepreneurs can feed off the energy of their environments and find like-minded people.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.wework.com\/ideas\/professional-development\/does-your-startups-location-really-matter\" \/>\n<meta property=\"og:locale\" content=\"en_US\" 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