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Thread: The okcCoCo is either moving to MidTown or closing

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    Fingerguns is offline Participating Member
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    Default The okcCoCo is either moving to MidTown or closing

    The okcCoCo is a coworking space used by lots of tech start-ups and computer usergroups in the metro. Their current location is apparently not cost effective so they're looking to move to somewhere in the MidTown area and adding a restaurant/bar to the mix. Seems cool to me.

    What sucks is they apparently need $23k by the end of the month to make it happen. I don't know if that means they'd shut down permanently if they don't meet the fundraising goal, or if it just means they're closing for a while until they can get the new place up to snuff on their own funds.

    Info is here: http://www.indiegogo.com/okcCoCo

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    BBatesokc's Avatar
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    Default Re: The okcCoCo is either moving to MidTown or closing

    From the looks of it, they either hit the goal or close for good. Personally, $23K won't come close to doing all the things they want to do. That will do some basic renovations, but the rest will cost a lot more. Hope they can make it happen.

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    Sid Burgess's Avatar
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    Default Re: The okcCoCo is either moving to MidTown or closing

    They are pretty efficient and will most likely do a lot of the work themselves. I hope they raise the funds. I really benefited from renting space there during my tenure in OKC.

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    metro is offline VIP Member
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    Default Re: The okcCoCo is either moving to MidTown or closing

    Sid, what did you do there? Are you not in OKC anymore?

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    Default Re: The okcCoCo is either moving to MidTown or closing

    I just rented a desk from them. Was awesome to be able to have a place outside of my home that I could go to and just plunk down and work. Had a filing cabinet too!

    No, I live is Seattle now. Moved here after I took a full-time position offer from one of my clients.

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    Default Re: The okcCoCo is either moving to MidTown or closing

    Quote Originally Posted by BBatesokc View Post
    From the looks of it, they either hit the goal or close for good. Personally, $23K won't come close to doing all the things they want to do. That will do some basic renovations, but the rest will cost a lot more. Hope they can make it happen.
    You are correct Brian, the $23,000 is not intended to cover the cost of all of the renovations and improvements we are planning, but merely to cover the bare minimum we would need to be able to open at the new location. If we can reach that amount and get our current tenets moved over, we will be able to stay open and start moving forward.

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    Default Re: The okcCoCo is either moving to MidTown or closing

    Thanks for posting this Fingerguns, we appreciate you spreading the word.

    Unfortunately, If we are unable to raise the amount we need to remodel the new location, and get our current tenets moved over, then we will be closing for good.

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    metro is offline VIP Member
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    Default Re: The okcCoCo is either moving to MidTown or closing

    Quote Originally Posted by ElmoFromOK View Post
    You are correct Brian, the $23,000 is not intended to cover the cost of all of the renovations and improvements we are planning, but merely to cover the bare minimum we would need to be able to open at the new location. If we can reach that amount and get our current tenets moved over, we will be able to stay open and start moving forward.
    Where is the new location? Why are you moving? Is the landlord kicking you all out to add more restaurants? Did you outgrow the space?

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    BBatesokc's Avatar
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    Default Re: The okcCoCo is either moving to MidTown or closing

    Congrats! They raised $29,525 (more than their goal). I was skeptical, but I'm glad it worked out. Can't wait to see what the new places looks like and has to offer.

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    BoulderSooner is offline Platinum Member
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    Default Re: The okcCoCo is either moving to MidTown or closing

    new location is on 10th across the st from hadden hall

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    Default Re: The okcCoCo is either moving to MidTown or closing

    They opened their new location in film row sometime in the last month, some pics from when they were scouting the building

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    Default Re: The okcCoCo is either moving to MidTown or closing

    Anybody know why they changed their minds on the new location? I think the new place looks pretty good. I just was surprised when I saw it the first time since they were supposed to be moving to 10th street. I can see the 10th street location from my office window and know that the for sale sign never came down and occasionally I can see interested parties looking at the property. It just seemed like a strange situation. I am guessing price was an issue?

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    Default Re: The okcCoCo is either moving to MidTown or closing

    okcCoCo forced to close due to legal actions taken by US Fleet Tracking 0

    Press Release

    FOR IMMEDIATE RELEASE
    Press Contact:
    Derrick Parkhurst,
    Managing Member
    The Oklahoma City Coworking Collaborative, LLC
    derrick@okccoco.com

    The Oklahoma City Coworking Collaborative, LLC
    dba okcCoCo
    704 W. Sheridan, Oklahoma City, Oklahoma 73102

    The Oklahoma City Coworking Collaborative

    okcCoCo forced to close due to legal actions taken by US Fleet Tracking

    OKLAHOMA CITY (October 1st, 2012) – The okcCoCo is announcing that its is being forced to cease operations and dissolving the company. A lawsuit brought by US Fleet Tracking against the okcCoCo and individually against Derrick Parkhurst, one of the founders of the okcCoCo, has brought the company’s operations to a halt by depleting all it’s funds. okcCoCo founders argue that while they would likely win the lawsuit, the funds to do just are just not available. okcCoCo founders believe that the actions of US Fleet Tracking have been motivated purely by the business interests of US Fleet Tracking owner Jerry Hunter to launch a new business accelerator Blueprint for Business and increase visibility in the okcCoCo community of technology entrepreneurs.

    Since 2009, the okcCoCo’s mission has been centered on improving the technical, creative and entrepreneurial opportunities, resources and community in Oklahoma City. “Through our efforts we have helped to find members freelance work and employment, we have promoted and fostered well over 100 startup companies, held dozens of events for technology professionals and entrepreneurs, and have provided meeting space for tens of professional groups.” says Tommy Yi, an okcCoCo co-founder. The okcCoCo is recognized as having created a technology and entrepreneurial hub in Oklahoma City.

    While the okcCoCo collects coworking fees, it relied on the generous support of community members, user groups, and sponsoring businesses in order to open a new location on Film Row in Downtown Oklahoma City. The campaign raised more than $29,000 through the online website IndieGoGo. “The outpour of support was incredible. The community has really rallied behind the okcCoCo.” says Chad Henderson an okcCoCo co-founder. The Film Row location opened and has been in operation since July 15th, 2012 after their previous Midtown location closed on March 15th, 2012.

    The legal dispute between okcCoCo and US Fleet Tracking is over a sponsorship agreement made on January 25th, 2012 for $23,000. Some four months later, on May 15th, US Fleet Tracking demanded the return of the funds even though the return of funds was not required by the terms of the sponsorship agreement. okcCoCo was unable to return any funds because of financial decisions and commitments already made at that late date, which were necessary to secure the new location on Film Row. In spite of multiple attempts at settlement, terms of which included both sponsorship opportunities and repayment of the original sum plus interest, no settlement has been reached.

    US Fleet Tracking is a large technology service company owned and operated by Jerry Hunter at 2912 NW 156th Street in Edmond, Oklahoma. Publicly available data show annual revenues in excess of 24 million dollars per year. Jerry Hunter and Guy Madison are partners in a newly formed business accelerator Blueprint for Business.

    okcCoCo founders claim that when an offer made by Guy Madison to collocate the okcCoCo with Blueprint for Business at a North Oklahoma City location was declined after review of the location by the okcCoCo membership, US Fleet Tracking demanded the return of the sponsorship funds. okcCoCo was unable to comply or otherwise resolve the situation. US Fleet Tracking filed suit to recover the funds on June 4th, 2012.

    “It’s such a shame that after we’ve worked so hard to build an open and inclusive community of entrepreneurs and technology professionals in Oklahoma City where none existed five years prior, that ego and profit could cause all of that hard work to come to naught.” says Derrick Parkhurst, managing member of the okcCoCo.

    “We’ve always communicated the importance of openness and trust in business at our events and seminars and it’s a real shame to see our trust and the trust of our community violated like this.” says Tommy Yi, co-founder of the okcCoCo.

    “It’s sad to be at the end of a journey, not because we weren’t on the right path, but because we were unexpectedly pushed off the path by someone bigger.” says Chad Henderson, co-founder of the okcCoCo.


    The Oklahoma City Coworking Collaborative

  14. #14
    OKCTalker is offline Gold Member
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    Default Re: The okcCoCo is either moving to MidTown or closing

    Downtown Oklahoma City's Co-working Collaborative closes, blames lawsuit | NewsOK.com

    Downtown Oklahoma City's Co-working Collaborative closes, blames lawsuit

    By Steve Lackmeyer | Published: October 2, 2012
    The Oklahoma City Co-working Collaborative, a downtown business incubator for software developers and creative professionals, is closing its doors in response to what its founders call a vengeful legal attack by U.S. Fleet Tracking over a refusal to relocate to space in far northwest Oklahoma City.

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    OKCTalker is offline Gold Member
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    Default Re: The okcCoCo is either moving to MidTown or closing

    Can someone clarify the facts of this for me, because I don't understand why this merits alot of Steve Lackmeyer's time & column inches. Not only did Steve report this in the DO this morning, but he has expanded information in his blog. After a quick read, it appears that it boils down to this:

    okcCoCo was out of money and location options, they sought financial help from the public, and US Fleet Tracking came forward with $23,000. A dispute ensued in which USFT apparently sought the return of their money, and they eventually sued in district court. USFT sought a resolution: okcCoCo would repay the $23,000 plus interest, USFT would be identified as a sponsor, Parkhurst would leave, and the two remaining cofounders wouldn't receive any compensation until USFT was repaid in full.

    Has okcCoCo ever been an effective incubator when measured by typical metrics: The number of companies successfully spun out, investment funds committed, or jobs created?

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    Sid Burgess's Avatar
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    Default Re: The okcCoCo is either moving to MidTown or closing

    Quote Originally Posted by OKCTalker View Post
    Has okcCoCo ever been an effective incubator when measured by typical metrics: The number of companies successfully spun out, investment funds committed, or jobs created?
    It isn't an incubator. It is a private entity designed to sublease office space. Collaborative work space with some amount of desk space for rent. I rented a desk for a long time. Worked perfectly for me. Was way cheaper than a stand-alone office and the benefits (activities, socials, and amenities) made it a no-brainer for me.

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    Default Re: The okcCoCo is either moving to MidTown or closing

    I think there's a lot of confusion when it comes to incubator... in the sense I was using the word, okcCoCo served as a place where companies could be inexpensively launched, have the use of facilities otherwise not available to them. But was there seed money, etc? No. As for why I'm covering it - I have quite a few readers interested in it. And there are people trying to prevent the story from being told. So that gets me increasingly interested in the story.
    Dubya61, CaptDave and Roadhawg like this.

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    Tinseltop is offline Participating Member
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    Default Re: The okcCoCo is either moving to MidTown or closing

    Quote Originally Posted by OKCTalker View Post
    Can someone clarify the facts of this for me, because I don't understand why this merits alot of Steve Lackmeyer's time & column inches. Not only did Steve report this in the DO this morning, but he has expanded information in his blog. After a quick read, it appears that it boils down to this:

    okcCoCo was out of money and location options, they sought financial help from the public, and US Fleet Tracking came forward with $23,000. A dispute ensued in which USFT apparently sought the return of their money, and they eventually sued in district court. USFT sought a resolution: okcCoCo would repay the $23,000 plus interest, USFT would be identified as a sponsor, Parkhurst would leave, and the two remaining cofounders wouldn't receive any compensation until USFT was repaid in full.

    Has okcCoCo ever been an effective incubator when measured by typical metrics: The number of companies successfully spun out, investment funds committed, or jobs created?
    It is my impression that it was okcCoCo who presented the settlement on Steve's blog.

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    Default Re: The okcCoCo is either moving to MidTown or closing

    Due to the injunction against the okcCoCo and the founders, I am unable to speak about the parties involved with the lawsuit. I will say that we did make multiple settlement attempts, including our latest final settlement outlined on Steve's blog. That is all I can say regarding the matter.

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    OKCTalker is offline Gold Member
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    Default Re: The okcCoCo is either moving to MidTown or closing

    Thanks all. Where else but OKCTalk can you ask a question and get quick responses from a former user, the reporter and a principal?

    I'm still trying to find the problem to which okcCoCo was the solution, and how a principal makes money. I understand incubators, accelerators (like VentureSpur and now BP4B), the OVF, i2E and even Small Business Development Centers, but I don't understand the business model for okcCoCo. I guess that I'm looking for a tight, 50-word "elevator pitch" that would justify someone's investment of five figures.

    It's an abstract question - I don't want to cause problems due to pending litigation - so I'll follow Steve's reporting/blogging.

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    BoulderSooner is offline Platinum Member
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    Default Re: The okcCoCo is either moving to MidTown or closing

    update from steve .... doesnt look very good for the okccoco guys

    US Fleet Tracking: Timeline
    Posted by Steve Lackmeyer
    on October 4, 2012M at 1:23 pm

    I have said since the start of the US Fleet Tracking vs. okcCoCo dispute went public that I’m eager to share whatever I can of the story to be told by US Fleet Tracking and its CEO, Jerry Hunter. The following is a timeline and some comments released by US Fleet Tracking:

    US Fleet Tracking: Timeline | OKC Central

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    Default Re: The okcCoCo is either moving to MidTown or closing

    Quote Originally Posted by TommyYi View Post
    Due to the injunction against the okcCoCo and the founders, I am unable to speak about the parties involved with the lawsuit. I will say that we did make multiple settlement attempts, including our latest final settlement outlined on Steve's blog. That is all I can say regarding the matter.
    Tommy, did you get a copy of the questions I sent to Derrick Parkhurst on Tuesday regarding 404 LLC? Jerry Hunter and US Fleet Tracking note the gag order only applies to saying negative things about their operations, and does not prevent you from answering my questions about the 404 LLC.

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    Default Re: The okcCoCo is either moving to MidTown or closing

    Quote Originally Posted by OKCTalker View Post
    Can someone clarify the facts of this for me, because I don't understand why this merits alot of Steve Lackmeyer's time & column inches. ....
    This story has also been covered by the Oklahoma Gazette, the Journal Record, and some national tech news sites. My blog coverage is based on ongoing reader interest and my attempt to get some unanswered questions answered.

  24. #24
    cafeboeuf is offline Participating Member
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    Default Re: The okcCoCo is either moving to MidTown or closing

    Quote Originally Posted by OKCTalker View Post
    Thanks all. Where else but OKCTalk can you ask a question and get quick responses from a former user, the reporter and a principal?

    I'm still trying to find the problem to which okcCoCo was the solution, and how a principal makes money. I understand incubators, accelerators (like VentureSpur and now BP4B), the OVF, i2E and even Small Business Development Centers, but I don't understand the business model for okcCoCo. I guess that I'm looking for a tight, 50-word "elevator pitch" that would justify someone's investment of five figures.

    It's an abstract question - I don't want to cause problems due to pending litigation - so I'll follow Steve's reporting/blogging.
    The problem to which okcCoCo was the solution... Many entrepreneurs cannot afford their own office space that includes confernce rooms, teleconference set-up, etc. okcCoCo was started to provide a collective space for these entrepreneurs to gather, have a desk and the ability to use these spaces without wasting money on excess space.

    A friend of mine helped start something like this in Grand Rapids, Michigan: Like 'Cheers', but for work |*The Factory

    Married, With Startups - Sarah Rich - The Atlantic

  25. #25
    Just the facts's Avatar
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    Default Re: The okcCoCo is either moving to MidTown or closing

    Quote Originally Posted by OKCTalker View Post
    Can someone clarify the facts of this for me, because I don't understand why this merits alot of Steve Lackmeyer's time & column inches.
    I didn't really see this answered anywhere. okcCoCo helped small start-ups get established. They were doing this in the urban core, which in theory would benefit downtown over the long term if just of the companies hit the big time. US Fleet wanted them to help launch those companies in suburban OKC. Thus the interest from a downtown reporter.
    Third Place

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