Paying too much for a space in New York City? Enter this contest and you could lease a Sin City loft for $12 a year.
A Las Vegas advertising agency called The Glenn Group is hosting a competition for tech start-ups that you might want to pounce on.
Specifically, the company is giving away a 1,000-square feet office space in the heart of Downtown Las Vegas for $1 per month ... all year. The #1DollarOfficeSpace competition is timed to coincide with the Las Vegas Start-Up Weekend and submissions are being accepted via 15-second videos on Instagram.
So, why should entrepreneurs use this opportunity? An office space comparable to what The Glenn Group is offering costs between $1 and $12 per square foot a month, meaning rent can be anywhere between $1,000 and $12,000 a month.
But if that's not enough to convince you to enter, just think about who you'll run into. As Inc. has previously reported, Las Vegas has a burgeoning tech start-up scene, thanks to Zappos CEO Tony Hsieh who's sunk $350 million of his own money into business, real estate, education, and tech ventures in the community. He also set up the Las Vegas Tech Fund to give seed investments to nerdy transplants, and up-and-comers like Skillshare, Wildfang, and Zirtual call the city their home.
On top of that, Las Vegas has a cost of living far lower than the national average, plus a pile of tax breaks that are clearly pro-business -- namely, no business or personal income tax.
The Glenn Group's airy office space -- measuring 12,000-square feet in total -- is located in the Holsum Lofts, an old bakery warehouse near the Las Vegas Premium Outlets. The Group already subleases a small portion to a video-production company and a photographer, but wants to nurture some fledgling tech start-ups.
To apply, tech start-ups must submit “an original and creative” 15-second video on Instagram with the hashtag #1DollarOfficeSpace to @TheGlennGroup. The submission must explain their business strategy and how it's disruptive, and why the city of Las Vegas needs them to move out. The contest runs through the end of August.
Although the Glenn Group will have the final word on the winner, a panel of professionals including tech writer Seth Porges, investor and entrepreneur Steve Slovick, and PandoDaily EIC Sarah Lacy will help judge contestants.
WILL YAKOWICZ is a reporter at Inc. magazine. He has covered business, crime, and politics at Patch.com, and his work has been published in Tablet Magazine and The Brooklyn Paper. He lives in Brooklyn, New York. @WillYakowicz