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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

  2. #2
    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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    metro is offline Participating 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

    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 Participating 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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    CCOKC is offline Gold Member
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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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    OKCTalker is offline Participating 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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    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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    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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    TommyYi is offline Participating Member
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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.

  16. #16
    OKCTalker is offline Participating 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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    Steve's Avatar
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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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    Steve'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. ....
    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.

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    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

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    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.

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

    Quote Originally Posted by Just the facts View Post
    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.
    your statement is not true

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

    Thanks sir. Very well stated.

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

    This is an interesting conflict. This has always been a tough city to start a tech company in for a lot of reasons. One would be lack of computer science programs in high school and college. Another would be that the oil and gas companies essentially determine rent rates. This is not limited to office space because they need empty lots to store drilling/pipeline equipment as well. No one wants to start a tech business in the suburbs and no one can afford to downtown these days. This leads to a lost opportunity for the city and the tech entrepreneurs. If the city facilitated tech startups, it could go a long way to changing its image.

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

    Quote Originally Posted by LandRunOkie View Post
    This is an interesting conflict. This has always been a tough city to start a tech company in for a lot of reasons. One would be lack of computer science programs in high school and college. Another would be that the oil and gas companies essentially determine rent rates. This is not limited to office space because they need empty lots to store drilling/pipeline equipment as well. No one wants to start a tech business in the suburbs and no one can afford to downtown these days. This leads to a lost opportunity for the city and the tech entrepreneurs. If the city facilitated tech startups, it could go a long way to changing its image.
    By your reasoning Menlo Park must be a dense, urban area with ample, cheap office space. That's why there are so many tech successes there. Of course none of those things are true.

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