Friday 30 September 2016

Plans for Dublin's new start-up hub fall apart

Published 30/08/2015 | 02:30

While Dublin shoots itself in the foot, Sean O’Sullivan has been building start-up space in Cork
While Dublin shoots itself in the foot, Sean O’Sullivan has been building start-up space in Cork

Plans for a new start-up hub in the capital have fallen apart after Dublin City Council and the hub's founders failed to reach agreement over a bank guarantee.

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Treehouse, a planned co-working space for start-up companies, was in talks to rent out a building on Dublin's Ormonde Quay that had been vacant for several years. Forty start-ups were secured as tenants. However, the deal fell apart close to completion after Dublin City Council requested a bank guarantee for one year's rent. Treehouse's founders said this amount, around €300,000, was not realistic for a start-up to provide. They said that in the year and a half since they entered talks on the project, office space in Dublin city centre has close to doubled in cost.

In Cork, technology entrepreneur Sean O'Sullivan is building new start-up office space. His company SOS Ventures is invested in 320 different companies from around the world; the new space will provide a home for the Irish companies in this group, and a working space from others visiting from New York, San Francisco, Shenzhen and Shanghai, where SOS Ventures has offices.

Sunday Indo Business

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