Idea Sandbox: "Plan B"

I received an e-mail today, forwarded from a friend, announcing that ThinkSpot in Seattle is having their Grand Opening Gala next month.

What is ThinkSpot?

"ThinkSpot is a brand new meeting and event facility... We are housed in an artist loft studio building, and our spaces have been specifically designed to encourage creativity, collaboration, and forward-thinking."

Sound familiar?

Yep. Same concept as the Idea Sandbox project I've been discussing.

"The Idea Sandbox will be the most creative meeting space on the west coast.

One step inside this idea wonderland, you’ll understand how Idea Sandbox is inspiring businesses and entrepreneurs alike to dream the unthinkable and do the impossible."

What's better? The real estate I was planning to lease is literally 10 seconds from where they are opening in June.

I'm sure the folks at ThinkSpot did the same research as I... Determined that Seattle could really use a creative meeting space... A creative meeting space. Not two. Especially not two across the street from each other.

So now what?

What do you do when competition beats you to the market? (Perhaps this is a post for another day).

Here's what I've done so far...

• I've sent a note to the founders, inviting them to coffee. The CEO and co-founder Kevin wants to meet. We're going to see about working with each other vs. against each other.
• I pulled out my newsprint pad and fine point Sharpie and am using my brainstorming and solution providing expertise to come up with a stellar "Plan B."

Keep your aggregators pointed here.

(This entry is simulposted on the Idea Sandbox blog).

Comments

[Jackie Huba]

Hmmmm, the stakes go up! But I still think you have a great opportunity.

I checked out what their space looks like on their website, and I am left uninspired. It is a big empty room with some nice whiteboarding and paper technology. Boring.

If you were going to go for the Catalyst Ranch-style decor, then it would be a no-brainer to choose your space over theirs. Your space would be about fun, and the funky decor would encourage creative thinking. Add on all of your knowledge on brain-storming and how to be creative and you've got a winning combination.

And don't forget the key success factor here: marketing, marketing, marketing.

[johnmoore (from brandautopsy)]

Yo Paul ... this is a doozy. From the positive angle, it helps to validate your idea. Plus, you can siphon off ideas on what to do and what not to do with Idea Sandbox.

Now... playing off Jackie's comments and with Seth still on my brain ... the key success factor here is : remarkability, remarkability, remarkability. How will you make Idea Sandox more remarkable than the Think Spot?

[Bruce DeBoer]

I've always felt that you should be confident enough in your business to open next door to your competition.

You need to be first in the mind of the consumer, not necessarily the first on the block.

It's simple: Do it better or don't do it at all.

[adam]

I totally agree, do it better or don't do it at all. But here's a thought. Offer something that they don't so that you can differentiate yourself from them. They just really seem to be a meeting rental space. If I recall correctly your idea was more of meeting place for random people to come and share ideas and help each other out. Perhaps you can differentiate yourself by offering some sort of classes or seminars once a week or something, aside from offering the rental space.

Most of this is easier said than done. For instance, I've looked into a lot of coffee shops as research for our own new style tea shop, and what I found out was that many independent coffee shops do more business when a Starbucks opens near them. Although this isn't the case for all them, many do see a rise in business, because they offer something different. Usually its a different atmosphere as well offering different roasted beans. Sometimes all that is needed is that personal touch.

[Jason Kerr]

Paul,

Scroll back up and read their copy. Then read yours.

Are you really satisfied that someone else has something more compelling than your vision--so much that you'd rather be their customer than your own?

Back when you first "open-sourced" your thinking on this, you should've expected a competitor to beat you to the punch. I mean you do only come up 3rd AND 4th out of 1.25 Million entries for "seattle meeting space business idea." You practically put out an ad with the headline: Here's a Great Idea. Beat me to the punch, I dare ya!

So why are things so different now that someone has?

The Texas Chili Lesson:
Often, the two top performers at a chili cook-off are usually the first chili done, and a slow-chili. Even a mediocre cook can please hungry judges.

But years later people will still remember that amazing slow-chili that stewed for hours. It smelled so good, and it seemed like that guy never would call it ready-yet.

A soul-hungry singer/songwriter happens to walk by and taste it. A few blocks down the road he jots down a little tune on a coffeeshop napkin. A little somethin' he likes to call the "Slow-chili Blues." So what if he never records it and only plays it when he goes back to the old stompin' grounds.

A couple years on and one of his more artistic fans puts out a sleeper-hit movie called "Slow-chili and the Sandbox Blues." And everybody's buying the soundtrak, and the chili-mix shelves are empty for weeks.

Don't be afraid to be the slow-chili.

Your empassioned little customer-centered italicized blurb says more than a whole book-full of their product-centered-look-at-me copy. Are you sure you haven't got somethin' over on 'em?

[Brand Examiner Paul]

Thanks for your comments... your great comments... You're hired!

You guys are totally right in your suggestions... Slow cooked chili is better.

However... I've not given up... I'm re-examining.

I have confidence that I would put together a phenomenal, buzz-worthy place...

This development (of a competitor getting there first) has added a huge factor into the business equation... I'd be a fool not to re-consider my original plans...

When I did my market analysis... it was pretty clear the idea was even stronger because there's nothing like it within 2000 miles. Now there's a place within 20 miles.

I'm not chickening out... I'm being smart about my plan. I want to work smarter, not harder.

Does it make as much sense to open a brainstorming place in a town that's got a brainstorming place?

I met with Kevin, the CEO of ThinkSpot yesterday afternoon. I had to. We are too like-minded. (I'll probably do a formal post about this)... They've got some big plans over there at ThinkSpot and are in a different position than I am in (both financially and with an existing customer base).

But meeting with Kevin opened a different set of doors / options as well...

So now I'm in a spot to explore these options...

1. in Bruce's words... "Be the first in the mind of the customer. Do it better, or not at all."
   
2. in Adam's words... "Offer something that they don't to differentiate."
   
3. in the words of the old adage... "If you can't beat 'em, join 'em."

In the words of Snagglepuss... "Heavens to Murgatroid!"

Thanks guys for your well-thought words.

I'll keep you posted.