Campfire, a Co-Working space, was set up by three close friends who have known each other for many years. They want to help young people who are keen to start a business. Since then, they have extended into Co-Learning and Co-Living spaces to give more people access to resources they need under the sharing concept.
Sharing concept helps solve space shortages
It is often said that starting a business is difficult but keeping it running is even more so, both of which face renting problems in land-scarce Hong Kong. Fung said that the new generation especially has no lack of ambitions but they face difficulties in pursuing them. He lamented that Hong Kong has been focusing on the financial, real estate and service industries for many years as it is an international financial centre and shopping paradise. As a result, our young people often lack resources and support if they want to start their careers in other industries, such as the innovation and technology (I&T), creative or media industries.
Campfire’s Founders, Tse Yiu Sing and Albert Fung, certainly understand the situation as they have started their career in the real estate industry. Fung said: “We reckoned that co-working spaces could solve the two problems of land and rent for businesses, so we partnered another friend to set up Campfire in 2016. As co-working spaces emerged in Hong Kong, we began to attract like-minded investors. While developing our own career, we also help other entrepreneurs realise their dreams.”
Site selection and supporting facilities meet industry needs
The real estate background and contacts of two of the founders have enabled them to successfully find suitable locations to set up Campfire’s shared spaces. “For site selection, our first priority is the location’s characteristics. We also consider its medium and long-term development potential.” Fung cited Campfire’s locations in Kennedy Town and Wong Chuk Hang as an example. The former focuses on the technology industry while the latter focuses on the fashion and design industries and features supporting facilities such as a multi-purpose catwalk and studio. Start-ups and industry insiders can have an all-in-one office without having to pay high rents. They can also share industry information and business experience with their counterparts located in the same place.
Campfire Kennedy Town, achieved an occupancy rate of over 80% in the first three months after its launch. Campfire Wong Chuk Hang similarly recorded impressive results. Fung shared that Campfire has received a total of USD6 million in seed investment from investors who understand the concept of sharing. They are now preparing to open 20 shared spaces for different industries in Hong Kong, Singapore, Sydney, Melbourne and London by the end of the year.
Extending shared spaces to other areas
In addition to co-working spaces, Campfire recently extends its concept of Co-Learning. Fung shared that they will soon launch Co-Learning spaces to provide multi-purpose teaching venues for kindergartens and playgroups and offer parents with exclusive space equipped with computers and other facilities so that they can deal with personal matters while waiting for their children, which is very thoughtful.
Campfire has identified a 11-storey building in Sham Shui Po and is getting ready to transform it into a co-living space. Fung believes that many university students and fresh graduates are interested in a common lifestyle with low rents and private space. They can also save connections and experiences for future home purchases and entrepreneurship.
In his view, shared spaces are in line with the development of the society as they provide space for entrepreneurs and the young generation to live and develop their career. Therefore, he has great confidence in the future prospects of the business. Campfire smooths the way for many entrepreneurs. As an entrepreneur himself, Fung believes the most important thing for a successful entrepreneur is to have enthusiasm and confidence in the industry. Partnering with like-minded competent people and teams is also a key to success. They must look for investors who have the same ideas instead of those whose only focus is on making a quick buck. A business that combines the strengths of all parties will be able to overcome various challenges and grow steadily.
