Tank Stream Labs (TSL) has expanded its Sydney headquarters to accommodate a burgeoning wait list of new businesses, with each floor of the building specially designed to cater to the different growth stages of a startup’s life cycle.
The Bridge Street co-working space has been expanded to over 1650sqm, following the success of fast-growing Australian tech companies like BuzzFeed, Airtasker, Survey Monkey and GoCatch, who call TSL home.
Desks are priced from $400 to $800 per month and there are currently 34 startups based there.
Managing director Balder Tol said the new space is already three-quarters full after just two days of operations.
“The expansion addresses a growing waiting list of start-ups eager to join TSL and our strong community of successful businesses,” Tol said.
Startups Ashop, AdviceConnect, Interactive Accounting and Instructure are set to be the first businesses to move into the new space.
“We aim to have businesses that are at similar stages in development together on each level so that start-ups are surrounded by people they can reach out to for collaboration and technical and social support,” Tol said.
“GoCatch for example started on level 1 with only five employees. Now they are up to 15 employees and have the need for a slightly more professional feel while still enjoying the social and business support from other teams.”
According to The Global Coworking Survey, the average worker stays at a co-working space for between six to eight months, and in Sydney the period is even shorter at around four to six months.
Tol says TSL’s figures are bucking the trend, as “more than 60 % of our 165 members have been residents for over a year, and when startups do leave it’s most often due to the success and growth of the team.”
Airtasker co-founder Tim Fung, whose business is housed at TSL, highlighted the business development benefits procured from growing in a co-working space.
“As a result of our co-working situation, many companies in the TSL community like GoCatch and Braintree are now using Airtasker for product testing, market research and promotions. Even TSL uses Airtasker to hire events staff and for furniture assembly.”
Tol said they turned down 60% of applicants because “they are not the right fit”.