A virtual company has chosen Chicago to debut its new space-sharing platform.
NockNock, founded by tech entrepreneur and angel investor Charles Ferguson, officially launched on Monday, giving Chicago residents the opportunity to rent the rooms, home offices, fitness rooms or any underutilized spaces they own by the hour.
Ferguson thinks the market is ripe for the new space-sharing platform for several reasons, not the least of which is the record-breaking home prices seen across the city combined with increased mortgage rates.
“We wanted a big city that had a lot of different neighborhoods, different kinds of housing and a diverse population," he told the Chicago Business Journal. “We want to know what works for whom, who our hosts are, who our guests are and what makes for a good match. We also want to stay out of the Silicon Valley limelight for the moment.”
Ferguson, who also directed and produced the Oscar-winning documentary "Inside Job" and has authored five books, plans to stay under the radar and stick strictly to Chicago for the next several months to learn about the platform and figure out all of its kinks before expanding into new cities.
“Nobody else is doing what we’re doing. We’re not competing with Airbnb,” he explained. “[NockNock] is not oriented for overnight stays.”
Some of the earliest hosts — among the dozens of fully vetted spaces now listed on the website — include Simon Elliott, who will rent out his kitchen, living room and workout area.
“We want to debug and learn from our Chicago experience," Ferguson said. "We want to increase the number of guests who are booking, but the most important thing is to get this right so that, probably within six months, we can then raise a large investment round and launch nationally."
So far, the company has raised $4 million, Ferguson said.
“Some of that comes from a small early-stage venture capital fund and some of it comes from individuals,” he added.
Launching at the perfect time
Ferguson thinks NockNock could be a real game-changer, especially considering how the rise of remote work has changed the working patterns of millions of Americans.
"Virtual work is clearly the way things are going right now, but it can be very difficult and very isolating when you’re dealing with the need to do work remotely, in a world that has not been set up to make that a good thing," he said. "I think that we’re going to help people ranging from simple things like being able to get out of the house to get work done."
Ferguson also hopes to create a more communal atmosphere by connecting people with their neighborhoods and communities.
He thinks that may be something that is missing amid the rise of remote work and wants to facilitate the kinds of connections and communities that were traditionally found in the office.
