The supply of commercial/office space is not meeting demand in Hackney. This contributes to average rents being pushed above an affordable levels for most SMEs (Small and Medium Enterprises). Start-Up@Chats will provide SMEs with affordable space and an opportunity to gain a foothold in the market.
Chats Palace’s new start-up space will drive economic growth and foster innovation. Start-Up@Chats will support employment and growth with space, advice and training to establish and develop local enterprises.
The renovation of the space will provide the facility to host up to five start-up SMEs that will encourage local regeneration. Priority will be given to artists start-ups.
Start-Up@Chats will renew the flooring and install six electrical outlets to accommodate computers and printer. Filing cabinets and office desks will be installed with Broadband and network expansions.
Start-Up@Chats is enhanced by the support of the Hackney regeneration team and local trade association.
What we'll deliver:
- Encourage more use/shopping of Homerton High street & Chatsworth Road
- Provide mentoring facilities for start up companies/entrepreneurs
- Provide office facility for 5 start up companies/entrepreneurs
- Provide workshop facilities for local groups
Why it's a great idea:
Affordable business accommodation is at a premium in Hackney due to the raise in property and rental prices of London in general. Hackney is a few minutes from the City of London. This has resulted in the gentrification of Hackney and, whilst beneficial to Hackney in general, it has resulted in a lack of affordable business accommodation for local entrepreneurs and start-up businesses/SME. In addition, displacement from Hackney Wick makes Hackney Central and Chatsworth Road High Street a very appealing area.
The project will provide nurturing of the start-up SMEs to fledgling status to enable them to take their place in the regeneration of the Chatsworth Road and Homerton High street areas.
We are also linking up with local traders through the Chatsworth Road Traders and Residents Association to help provide the start-ups with advice on their businesses and enable businesses to use the network created.
Local people will benefit by the increased commerce from the start-ups.
Steps to get it done:
- Contractors engaged to undertake the renovations and broadband/network upgrade
- Engage with groups/organisations that currently support local startup businesses
- The project will be managed by the Chats Palace General Manager
- Start-up SMEs will be given up to 1 year to develop and relocate freeing up the space for another start-up business
- Start-up SMEs will then be given the opportunity to make a pitch for space
Chats Palace seeks to provide opportunities for the local community to gain from the prosperity of Hackney. The project will therefore contribute to the development of Chatsworth Road and Homerton High Street as thriving high streets encouraging local businesses to get involved in community activities such as the Chatsworth Road festival and Chats Palace initiatives
Start-Up@Chats will enhance Chats Palace’s vibrant arts and community offer encouraging civic pride and promoting quality of life in the area. The greater online presence will introduce the culture of the area to a wider audience and provide valuable publicity for the start-up SMEs, the local area and Chat's Palace.
We anticipate that the project will lead to more business start-ups as we seek to utilise further space in the building and elsewhere.