Right now, the company’s focus is primarily on serving our members virtually. You have much smaller HVAC runs that can be controlled more deftly. You just have to show them that you are the best. You had to go live somewhere near Armonk, New York. Since then there’s been this gradual but very noticeable shift towards companies distributing their workforces across the country where they have a medium-sized headquarters, and then lots and lots of regional offices so that they can meet their customers and they can meet their, their workforce where they are. That evening he talked to his now cofounder in Industrious, Justin Stewart, and hatched the idea to make a change. It makes things easier. The Pandemic Took Sales To Zero. It was so bad he moved the meeting to a coffee shop. The New Year Holds Hope And Promise For Startups. Listen in to the full podcast episode to find out more, including: I am a serial entrepreneur and the author of the The Art of Startup Fundraising. There is a moment right now where retail is shifting. Jamie Hodari, Industrious chief executive officer, discusses the company's competitive environment and expansion plans with Bloomberg's Caroline Hyde, … He continues to love education and hasn’t ruled out going back to it one day. Industrious is now even putting co-working spaces in malls. Where a lot of spaces are opening up in highly amenitized beautiful retail spaces. Commercial Observer: Let’s start with what you’re working on now, and how you’re thinking about the next three months. Jamie says he always had a list of business ideas starting from maybe 23 or 24 years old. Industrious is the premium coworking company of choice. And so a lot of our resources, and where we’re putting a lot of our time right now, it’s around broader forms of support, you know, free therapy via a series of partnerships that we put in place, telemedicine, etc. It’s funny, it’s been surprising the degree to which supporting customers virtually has resembled supporting customers in person. And that’s a tough setup in order to mitigate both spread via airflow and spread via contact. That is a lot more expensive, more time-consuming, lower ROI proposition than convincing an already motivated customer that you're the best option among their solution set. (Source: Bloomberg) He attended Columbia, Harvard, and Yale. In terms of [tactical] intervention, you need to minimize the chance that someone with COVID enters the work environment in the first place. You have HVAC systems that have a single zone and treat the entire open floorplan, so you have hundreds of people with the same set of circulating air. “If you read the criticisms of WeWork a few years ago, it was that this was just a trend, a flash in the pan charging for offices near the ping-pong table,” says Jamie Hodari, CEO of Industrious, a national coworking company. Last week L.L. On the architectural side, the vast majority of American workplaces are giant open floorplan pits, which are really, really, really thorny for the problem at hand. "About eight weeks ago, companies said to us that once things reopen, people will want to go to work but no one wants to go to work five days a week," Industrious CEO Jamie Hodari said He says going to markets where you have other players actually works in your favor. © 2021 Forbes Media LLC. It pushes more people into the market. And the interaction points are private, like the meeting room, the cafe, etc. Prior to Industrious, Jamie was CEO of Kepler, a hedge fund analyst at Birch … Jamie has 5 jobs listed on their profile. It’s moments like this that most powerfully push companies away from saying, “This is something I should be doing myself,” to think, “This is something I should hand off to an expert.”. With the coronavirus pandemic waning in some parts of the world, and raging in others, companies are preparing for a return to work in an uncertain and uneven atmosphere. I have been involved with the JOBS Act since inception and was invited to the White House and the US House of Representatives to provide my stands on the new regulatory changes concerning fundraising online. If you try to logic your way through everything and assume that you're going to come to a better conclusion than all the people that have come before you have, you're much less likely to succeed than, if you're willing to be humble and do everything you can to learn what other people are thinking and have experienced. ... according to Mr. Hodari. And so a lot of our resources, and where we’re putting a lot of our time right now, it’s around broader forms of support, you know, free therapy via a series of partnerships that we put in place, telemedicine, etc. And International Workplace Group, a publicly-traded workspace provider based in Switzerland and listed on the London Stock Exchange, is already profitable. Their New York offices were in a shared workplace. Bean and Industrious announced the launch of the first ever outdoor coworking space. The long term impact is, I think, this is going to accelerate the way companies have organized their workforces over the last 20 or 30 years. If certain types of events have a 50 percent in-person participation rates, they tend to have a 50 percent digital participation rate. Author of The Art of Startup Fundraising & Serial Entrepreneur, Jamie Hodari is an entrepreneur at the apex of these two trends. Aug.22 -- Jamie Hodari, Industrious chief executive officer, discusses the company's competitive environment and expansion plans with Bloomberg's … The same firm Peter Thiel, cofounder of Paypal, also worked at before he was an entrepreneur. Places where you have 20 restaurants to choose from, and you're in a space that's already built to serve a lot of different needs of people, rather than in a more inert static space like an office building. Sheldon Adelson, Las Vegas’ Makeover Artist. Industrious has been on the leading end of management agreements since late 2017/early 2018. The project, “Be an Outsider at Work”, was born out of the necessity to encourage people to spend more time in nature, after an L.L Bean survey found that “87% of indoor … To Jamie, that means “the most powerful tool you can have as an entrepreneur is a keen, curious appetite for listening.” There’s a reason we have two ears, but only one mouth. First of all, companies need a plan. Justin was running the U.S. arm of a Chinese Real Estate company and was working in a shared workplace provider with very similar experiences. They had a good fit in terms of skill sets. Our professional atmosphere and thoughtfully-designed workspaces can accommodate companies of all sizes and stages — from startups to Fortune 500s. Jamie Hodari is an entrepreneur at the apex of these two trends. The future of work and workspace is changing fast, and perhaps a lot faster than we think. That prospect does excite some rivals. By Jamie Hodari 3 minute Read advertisement After months of working from home, some workers say they are ready to get back to the office , though not necessarily getting back to normal. sustainable. It’s funny, it’s been surprising the degree to which supporting customers virtually has resembled supporting customers in person. Jamie had a meeting with the president of IKEA in New York. Industrious CEO Jamie Hodari told The Wall Street Journal one indicator of the trend taking hold is the big increase in tenants working out deals in multiple buildings, not just one. Industry: Real Estate, FinanceKey Achievements: Hodari is co-founder and co-CEO of Industrious, a flexible office space concept. Our annual guide to the businesses that matter the most When we first launched this, it was more focused on productivity at home and how you recreate your office and work environments or bring the best parts of that home. So we’ve become a particularly important partner in navigating all of it. I am a serial entrepreneur and the author of the The Art of Startup Fundraising. How do you figure out how to minimize distractions, keep up energy levels and focus on what can be a really complicated way to be working? "Our offices were in a shared space and one day, I had an extremely important meeting with the president of our largest funder." Looking ahead at the return to work, what are you working on now to prepare for the transitionary period as we move from working from home full-time to going back to the office? But This Alexandria Baker Wasn’t About To Let Her Employees Down. They were struggling to manage everything going on in their life in a way that didn’t feel unsustainable. In the medium term, once people start going back to work before a vaccine is in place, for our industry — shared office providers — and for all companies, it’s going to be a complicated time, with very powerful, conflicting or competing forces at play. Jamie Hodari, chief executive of Industrious, a rival co-working business, said Mr. Neumann had tried hard to tempt his customers away. The setup of a coworking operator — like a private office coworker operator like Industrious — where you have hundreds of individual offices of one to four people, is a much better setup for this. We have an entire program in place called Continuous that is a wrapper for all of our COVID-19 response initiatives, and it involves everything from virtual assistance for our members, work from home kits, Slack communities for all of our locations that enable people to stay connected. Jamie Hodari is the CEO and Co-founder of Industrious, the largest premium workplace provider in the U.S. Justin had been his next-door neighbor since they were two years old. This form of outsourcing workspace and revolutionizing the way we use real estate could have the potential to make even greater leaps over the next few years thanks to a whole horde of new hyper-growth tech startups. By E.B. Brooklyn's Wythe Hotel has teamed up with workplace designer Industrious to create rentable offices in its guest suites to cater to those who are … I’ve always found that the best founders are not the best visionaries or people that just sell, sell, sell. But there’s a lot of questions around whether that’s sufficient, and whether it’s less about that and more about air circulation, and disinfecting contact points, and protocols for shared spaces. It’s basically focused on how to make working from home a less isolating, more productive and engaging experience. Jamie Hodari is the CEO of Industrious, the US' largest premium workplace provider. He left the hedge fund to take over a large private college scholarship program for orphans of the Rwandan genocide in Rwanda. Customers get private office space for 1 … The return to work is going to be very complicated. I am an active speaker and have given guest lectures at the Wharton School of Business, Columbia Business School, and at NYU Stern School of Business. They were struggling to manage everything going on in their life in a way that didn’t feel. What are the interventions that companies, from medium-size firms to giant corporate headquarters to coworking spaces, will have to have in place in order for people to return to work safely? Without that, you are spending a lot more time and money on customer education, on describing why they would want to work with you in the first place before you ever get to why you should be the partner they pick. In his exclusive interview on the DealMakers Podcast , Hodari streamed us his scoop on the future of work … I feel very strongly about that particular point. His first company became Kepler. George Clooney's wife apparently was also a lawyer there. “There’s little to no skepticism about … So that’s the part that I think is getting the most love right now. Jamie Hodari is an entrepreneur at the apex of these two trends. There are very few challenges you're going to face that a thousand people haven't already faced before. It’s much harder to control contact points or interactions in that way. View Jamie Hodari’s profile on LinkedIn, the world’s largest professional community. It’s the easiest to visualize, it’s easiest to write an article about, and it’s the easiest for landlords and for the CBREs of the world to talk about, because that’s a space problem, and landlords and real estate services firms are in the business of space. They committed. To address distancing, sterilization or disinfection and then mitigating spread, it will involve a series of architectural changes and then a series of behavioral interventions. And on the other hand, I think times of crisis or shocks to the system tend to really accelerate the shift to outsourcing industries like our own. The book offers a step-by-step guide to today‘s way of raising money for entrepreneurs. A native of Detroit and a self-professed night owl who finds his most productive times are from 11:30 a.m. until 2 a.m., Hodari holds a J.D. Obviously, that’s been enabled by changes in technology that make it more reasonable to have a more distributed workforce. Industrious CEO Jamie Hodari discusses WeWork's upcoming IPO and its place in the office-sharing market on 'Bloomberg Markets: The Close.' Under his leadership, Industrious has grown to over 90 locations across more than 45 cities, has achieved the best unit economics in the industry, and pioneered the evolution to landlord partnerships over traditional leases. As we return to work, there will need to be health protocols and interventions in place — how do you think shared workspace operators are positioned, relative to either traditional landlords or companies, to be prepared for that? At just 22, and after learning Hindi and Urdu in college, he went to work as a reporter in Delhi for the Times of India. Commercial Observer caught up with Hodari to hear about how Industrious is engaging with their members now, how they’re prepping for the return to work, and the lasting ways in which pandemic will change the way we work. Jamie Hodari: Right now, the company’s focus is primarily on serving our members virtually. In the average workplace, the work environment is shared. The majority of our businesses, our members, are small businesses with under 500 employees, and they don’t have the resources to navigate all of this the way that a Bank of America or a Pfizer can. One which is now a network with multiple campuses. Jamie says “I think we probably built an executive team with a deep strategic background, with a bit more experience than would be normal for a company of that size.”. The inefficiencies he witnessed there led to the creation of Kepler, a new kind of university. By comparison, WeWork lost more than $1 billion last year. In many ways, the prospects of a return to work seem particularly treacherous for the coworking industry as players like WeWork, Knotel and Convene, as well as Industrious, have laid off … So I think you’re gonna see the shift to workplaces-as-a-service probably accelerate coming out of this crisis relative to what would have been the trajectory before. Given the amount of effort it seems it would take to really get people to be working again from the office and the fact that currently, people are managing their businesses from home, why won’t businesses just keep working from home until this is truly over? Nobody can credibly say right now, “We got this, this is gonna be easy.” That being said, outside of Google and Facebook and the Goldman Sachs of the world that have 18-person disaster planning teams and all the resources in the world. In his exclusive interview on the, The pros and cons of a lawyer brain in entrepreneurship, Fundraising and relationship building with investors, Why managing people is 90% of your business’ success, America's Top Givers: The 25 Most Philanthropic Billionaires, EY & Citi On The Importance Of Resilience And Innovation, Impact 50: Investors Seeking Profit — And Pushing For Change, Looking Past The Pandemic: ESOPs, Employee-Ownership Companies Set To Outperform In Anticipated 2021 Recovery, How A Cook From NYC Turned His New Restaurant In Arkansas Into A Pandemic Haven, Diverse Teams Help Leaders Evolve, Especially In Troubled Times, 4 Hot SaaS Startups That Are Paving The Way For Effective Remote Teams. Industrious CEO Jamie Hodari said he plans to list his company's co-working spaces on the platform and may eventually consider changing the name, brand and user interface. Solomont Wythe Hotel at 80 Wythe Avenue in Brooklyn and Industrious’ Jamie Hodari Faced with a glut of empty rooms, the Wythe Hotel in … Read the latest edition of the Commercial Observer online! One way to think of it is in a co-working space, your workspace, where you spend 90 percent of your day is private, and the shared experiences are shared, but you can turn those off. As of our interview, Industrious had already raised $150 million, and was one their way to $300 million, with investors like Fifth Wall and Riverwood Capital. I think the best plans are going to start and end with what is different about a workplace than working from home, what are the reasons someone would want to return to that kind of environment? The reality is, a lot of our members were pointing out that they were struggling just to get by. All Rights Reserved, This is a BETA experience. Jamie Hodari CEO of Industrious “At a time when customer sentiment and behavior was the key to good decision-making , Elucd helped us--and the entire sector--understand how people’s opinions and behavior were shifting in real-time. With a foreword by ‘Shark Tank‘ star Barbara Corcoran, and published by John Wiley &…. Hodari is a founding partner of Industrious, which has been constructing its first outpost in New York. Then Jamie moved onto a hedge fund, learning financial modeling, accounting, and real-world applications. "I was running an experimental university in East Africa that was half online and half offline," he explains. Choosing journalism has been perhaps a great asset for this entrepreneur when it comes down to mastering storytelling. Founded in 2013 by Jamie Hodari and Justin Stewart, the company provides members with stunning offices, inviting hospitality, and inspiring communities. If that headquarters was in Armonk, New York, tough luck. 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