Taking the Concept of Co-Working Spaces to Larger Corporates, SMEs and Other Domains
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Bangalore houses a plethora of startups along with a large number of immigrant population. The Silicon Valley of India is also home to a number of co-working spaces which provide the required infrastructure for entrepreneurs to set up their nimble workstations.
However, due to increasing commercial real estate prices, a co-working set up has become an ideal destination for larger corporates, consultants and sizeable SMEs, who prefer them over taking up a seperate property.
Bengaluru-based CoLife wants to provide co-working and living space to the floating population of the city – who basically need a small, affordable workspace and accommodation. CoLife is a network of shared living & work spaces which was launched in March 2016.
CoLife currently operates across 12 different locations in Bangalore which includes a community management office in each location and manned by a dedicated community manager.
Founder Suresh Rangarajan, a chartered accountant by profession, was previously in the real estate and property business. Hence Suresh, who is also a Yale Alumni, understands the nuances of this industry and the requirements of the millennial generation.
In an interview with Entreprenuer Media , Suresh said that the IT parks in Bengaluru don’t serve the requirements of a small corporate setup. These are small branch offices, lawyers, consultants and SMEs who need two cabins and are okay with sharing a boardroom, washrooms and other amenities.
How they differ from the other co-working spaces
While the regular co-working spaces for startups also help them engage with investors and the community, CoLife is purely infrastructure as a service model. “If you are a small company with less than 10 people, having an office boy is a crime to your cost structure. Not using him all the time, but you still need him... Also things like courier services, receptionist, tech support person always come as a huge cost liability for a small setup,” Suresh said.
The requirement for a client of CoLife is based on the number of cabins required, workstations required, services required and the flexibility to expand if requires, are some of the key requisites of CoLife’s customers. Suresh said that the co-working space market has never looked at the needs of SMEs, MMEs, CAs and lawyers who require smaller and well-equipped office space.
CoLive.in currently, operates 3 lakh sq feet across 300 apartments in the city and is looking to expand by another 12 lakh sq ft in the coming months.