Hollywood Incubator to CloseWednesday, March 27, 2013
Hollywood tech incubator io/LA is closing its doors.
The shared office space’s lease ends at the end of the month and is shuttering, according to Co-Founder Chris Gartin.
Gartin declined to comment further about what caused the incubator to vacate its Hollywood Boulevard office and shut down.
The concept for io/LA came out of i/o Ventures, a San Francisco fund and startup accelerator program that was co-founded by Aber Whitcomb, the former chief technology officer and founding member of Myspace. Whitcom partnered with Gartin, an actor and producer, and Donovan Leitch, an actor and documentary filmmaker, to start io/LA for companies working at the intersection of tech and entertainment.
Io/LA opened in April as part co-working space, part startup incubator and part café. The goal was to create a place for tech companies to meet and work closer to the heart of the entertainment industry.
Io/LA occupies a first-floor office and event space at 7083 Hollywood Blvd. that is leased by WeWork, a shared-office service based in New York.
WeWork opened its Los Angeles location last spring, offering private offices and shared amenities. WeWork, which occupies nearly half of the Hollywood Boulevard building, subleased its ground floor space to io/LA.
A source familiar with the shared office space sector told the Business Journal that WeWork decided to take over the incubator’s office on the first floor.
The website and Twitter account for io/LA are still active, but the source said some of the companies working out of io/LA have found new homes.