Knotel x Stash
How Stash increased productivity and saved C-level time through their space.
Stash is a micro-investing tool and SEC registered investment advisor that makes investing easy for anyone, regardless of their income. With 30 portfolio options and personalized guidance, Stash is creating a new generation of investors.
Stash's space concerns centered around productivity and (nonexistent) C-level time as a result of their rapid growth. Having raised a total of three rounds totaling about $37M in 2016 and with their sights set on a Series C, Stash had what their VP of People Natalie Ledbetter referred to as an "unknown growth calendar." Growing pains would only be exacerbated in an inflexible, unproductive space. ** **Stash needed a change of place that would allow leaders of the companies to focus on the business, not office space.
HOW SPACE AFFECTS PRODUCTIVITY
Stash isn't the only company whose productivity has been hindered by their space. A study commissioned by Steelcase, which polled employees across 14 countries, showed a high correlation between poor work environments and unhappiness and lack of productivity in the office.
The study, which polled employees across 14 countries, showed that over 80% of participants cited the following as the most exacerbating pain points in their work environments:
- Inability to concentrate
- Difficulty expressing and sharing ideas
- Lack of a sense of belonging to the company and culture
- Inability to work in teams without being interrupted
- Limited options when choosing where to work in the office, based on the task
At their two-year mark, the Stash team had attempted to coexist in their sixth office, a cramped sublet with no room to grow. Complete with three conference rooms, two tiny phone-booths, and an area of office that was out of power, Stash's then 26-person team found themselves unable to collaborate effectively.
The product and design teams didn’t have an area to storyboard their ideas;
The noise coming from the customer service team was a constant distraction;
And with very few private rooms, the managerial team was hard-pressed for places to have confidential conversations.
WASTING TIME ON SPACE
Companies looking for office space under 10,00 square feet should typically allocate four to six months to their search. For more than 10,000 square feet, the search elongates to six to 12 months. This doesn't include the amount of time it takes to to interact with lawyers, contractors, architects, designers and many other contracts to build and redesign the office. For every custom change that needed to be made, Stash had to make contract hires. That is time that C-level executives simply don't have — especially not C-level executives of a fast-growing company like Stash.
PARTNERING WITH KNOTEL
When Knotel caught up with the Stash team almost half a year after they moved in their new Flatiron space, they had raised their $40M Series C — a total of $78M in funding — and reached 1 million customers on their platform. We asked what pains have dissipated and what they've been able to accomplish since partnering with Knotel.
ROOM TO GROW
Stash grew from a 39-person team to a 90-person team at Knotel Flatiron, a 25,000 square foot building with 8 conference rooms, a breakout area and kitchen. Next year, they plan on reaching 200-500 employees and have their sights set on launching in SF, London, Canada, Australia, and then Europe shortly thereafter.
PRIVACY & COLLABORATION
A major concern in their previous space, privacy concerns have now been alleviated. Ledbetter says that Stash now has enough space for confidential conversations, and even space for the founders' to have their own private room (shown right). There is also enough space for people who need to have louder calls to, room for product and design to lay out tiles, and even enough space to launch and record their podcast, "Teach Me How To Money."
BRAND & CULTURE
Design and branding (shown left) is a critical part of Knotel's customization services. From Stash's brand colors and signage to creative conference room decals, Stash's office is now truly their own.
Internally, Ledbetter cited better all-hands meetings and demos as a positive to their new office. Externally, Stash has been able to throw happy hours for recruitment to show off their space and culture. They even hosted Built In NYC, with over 200 people in attendance.
Ultimately, partnering with Knotel allowed Stash to have a more flexible, productive office that saved ample C-level time.
"We are focused on the business only. Having a point person who I can go to who I know will get stuff done is invaluable. It's one less thing that we do not have time to worry about. This would be a full-time job if it weren't for Knotel." – Natalie Ledbetter, VP of People at Stash
You deserve a workspace built and designed just for you.