Graduate 'Spacehoppers' to take over London 
25 September 2015
Two Queen’s graduates, Matthew Beatty and Luke Eastwood, have launched an online company to enable homeowners to let out their property as office space during the day. The initiative is already being described as the ‘Airbnb for workspace’.
Recently accepted onto Crowdcube – the highly prestigious fundraising website – Spacehop has been given a £1m valuation pre-trade and is seeking to raise £120,000 in return for 10.71 per cent equity to fund a nationwide marketing campaign.
Matt and Luke graduated in 2011 from Queen’s in Medicine and Law respectively, both having attended Friends School in Lisburn. Before starting Spacehop Matt practiced as a doctor and Luke as a barrister.
Spacehop will offer independent workers and small businesses greater flexibility when looking for office space in terms of price, time required and amenities. Homeowners will be given the chance to earn a very significant second income without any disturbance to their daily routine. The pair are initially showcasing 50 private properties in London which can be rented by independent workers - a sector currently growing at a rate of 3.5 per cent, per annum.
Speaking to the Irish News, Matt explained how the concept came about. "I had the idea when my girlfriend and I were finding it difficult to get reasonable, affordable property to rent in London," he said.
"We were in a shared house in Brixton and a room was costing us £1,300 a month!
“Rent costs are extortionate and eat up a large proportion of people's salaries. It got me thinking that householders could get better value from their properties by putting them to efficient use when vacant."
While the thought of coming home to find people working in your house might not appeal to everyone, Matt says the prospect of a significant second income is often enough to change minds.
"If people are out all day and a spare room makes a suitable office for someone working on a freelance basis, it is ideal," he said.
"We have found householders very receptive to the idea, particularly since there will be an identification verification process involved and insurance to homeowners will also be provided.
"It will work a bit like Airbnb but instead of people going on holiday and renting out their entire home to tourists, they will be renting out a room as an office while they are still living there."
The initiative is part of the ‘sharing economy’ phenomenon which PWC predicts will be worth $335 billion by 2025. Matt and Luke are hoping to emulate the success of similar businesses like ‘Airbnb’ (worth $26bn) and ‘Uber’ (worth $50bn).
As part of their research Matt and Luke spoke to self-employed freelance workers – who often pay £350 to £400 a month for a single desk in a conventional office – and discovered an urgent need for affordable office space in London.
Although beginning with 50 selected properties across the prime 'one and two' transport zones of central London, the company aspires to attract hundreds of householders onto its books by the end of the year.
"What Spacehop aims to do is make this more affordable as well as offering flexibility. We are thinking of a daily rate of £10 to £20 which will suit many small businesses.
"We are targeting 200 workers to begin with and hope to have 2,000 by the end of year two, with a growing property portfolio to match," Matt added.
Spacehop will be launched officially in London in early October before Matt and Luke take their idea to North America and other major European cities.
Click on the links to find out more on Spacehop, to view the company’s pitch video or to see the Crowdcube pitch. For other information call 075 9649 6242 or email Matt.
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