Co-working operator Found carves out a niche

/ EdgeProp
June 18, 2018 8:30 AM SGT
Grace Sai, CEO and co-founder of co-working niche operator Found, believes the mainstream co-working space is “getting too crowded”. She adds, “We’re not interested in competing there.” Found currently operates in two locations in Singapore — an 8,000 sq ft space on Prinsep Street, and another 10,700 sq ft space on the upper level of the row of shophouses at Cuppage Terrace. According to Sai, the two spaces have an average occupancy rate of about 95%.
A third space on Amoy Street will open in September. It will be the operator’s first CBD location. “Many of our members, as well as others on our waiting list, have given us feedback that they are looking to settle in a CBD location,” says Sai. The new space will also be the operator’s flagship space, as it will be its largest in Singapore, spanning four shophouses and occupying a total area of 23,000 sq ft. It is expected to open with “a very healthy occupancy rate”, she says.
The new space on Amoy Street will be Found’s flagship space in Singapore, occupying 23,000 sq ft across four shophouses (Pictures: Found)
Sai believes about half of the space at Amoy Street will be taken up by “corporate innovators” and the other half by start-ups. She expects the member base to include several blockchain and fintech enterprises. The new space will include dedicated studios for ideation and innovation, and an event area with a capacity of 250 people.
Sai has ambitious plans for the company she co-founded six years ago. Although Found’s market share in Singapore is currently in the single-digit, she hopes to grow it to 10% within the next three years.
Cutting loose and Found
Found was established as the first Asian Impact Hub six years ago. Impact Hub is the parent body for a global network of hubs that foster entrepreneurship, idea incubation and business development. It also offers co-working spaces for its members.
As the Asian pioneers of Impact Hub, Sai and her team had the responsibility of growing Impact Hub’s Asian network. She says she played a major role in selecting many of the subsequent Asian Impact Hubs.
Last month, however, Sai and her company officially parted ways with Impact Hub. She...