Local startup, Chupspace is aiming to provide solutions for individuals and small business owners to maximise the use of idle unique spaces during off peak hours.
It believes the solution will create rental opportunities for the space owners as the space can be used to for weddings, video shoots, product launches and media events.
“We identified that traditional venue leasing or rental came with too many strings attached – contracts, long term commitments, costly insurance packages, geographical restrictions – whereas commercial venues aren’t always a feasible option due to its high cost structure. This led us to identify a gap in the market for affordable and readily available spaces to rent,” said Justin Tai, co-founder and Chief Executive Officer of Chupspace.
He further pointed out that spaces such as office spaces and clubs which are empty during certain hours are largely left underutilised outside its operational hours.
“Our key differentiating factor is the listings of idle spaces which can be utilised during off peak hours. This creates an additional income stream and increased visibility among the community of spaces for venue owners,” he added.
For the time being, the company’s focus will be on two things – building relationships with owners of distinctive spaces who understand the real estate market and gain in-depth knowledge of what people seek in terms of experiences with unique spaces.
Chupspace has also recently introduced venue listings of businesses looking to share its office space. The startup highlighted that as companies now look to adopt a more flexible work arrangement for its employees, this has resulted in many opting to work from home, resulting in companies with idle office spaces that is not being fully utilised whilst maintaining the same overhead costs.