Why Co-working Space is Ideal for an Early-stage Entrepreneur?
Co-working space empowers their users with complete flexibility in terms of space and time duration in accordance with their specific needs & budget
With the start-up ecosystem gaining more grounds, India is witnessing a proportionate rise in the demand for commercial real estate in the form of shared office spaces.
The phenomenon makes complete sense. The entrepreneurial journey can be best described as a rocky one. The initial leg is often characterized by a paucity of resources with way too many goals to chase. Among other important factors, the location and the work environment play a pivotal role in unfolding the desired results. Co-working spaces step in right here simplifying this need that’s hard to compromise with.
There exists a segment of the community that holds initial reservations with working in shared real estate due to reasons such as loss of complete privacy or the lack of freedom to set rules of the floor. However, there are many who right from the beginning feel completely otherwise. “Being a start-up, co-working model for a business space was the first choice. Apart from the cost factor, I didn't want to spend my limited energy and time on arranging an office space for me and my team”, says Abira Chattopadhyay, founder of Asmaka Ventures, a technology start-up churning out intelligent business insights through its tool called dRSTin.
The reality is that co-working spaces come bundled with a plethora of benefits beyond just price for early-stage businesses. Entrepreneur India spoke to Aditya Vikram Kapoor, Cofounder of Cokarya to understand the advantages brought forward by this real estate model fairly in its early phase in India. Cokarya is a leading operator of multiple co-working spaces in Kolkata across all the city’s major business districts. From his deep understanding of the challenges faced by start-ups, Kapoor affirms, “Traditional property rentals are the very antithesis of what early-stage ventures need. Co-working turns a space into a service, so you only pay for what you use and as long as you use.”
Here are some key benefits of using co-working spaces singled out by Aditya:
Entrepreneurs in early-stage ventures need flexibility in terms of space and time to fit with their budgetary constraints. As opposed to traditional real estate that comes with fixed office area, long lock-in periods and hefty security deposits, shared offices offer an ideal starting point. They empower their users with complete flexibility in terms of space and time duration in accordance with their specific needs & budget.
Infrastructure & Support
In addition to the freedom of deciding the space and time duration of using the space, co-working offices come with the benefit of fully equipped infrastructure and support services. Facilities such as meeting rooms, pantry, reception and office staff turn out to be easily affordable since the members of the ecosystem share them collectively.
Another major advantage co-working spaces bring forth is the networking aspect. When many different businesses work together under the same roof, it allows for cross-pollination of ideas, business opportunities and meaningful networking. With diversity in knowledge and expertise around, it often helps in finding a solution to various kinds of problems with agility.
Many a times, stepping out of a closed environment to one that is flowing with productive energy across a diverse set of people gives an instant boost to productivity levels. It has some sort of a placebo effect, watching others being productive. A good office environment nurtures an energy and mindset that can only come with human interaction. It kills loneliness and helps to form a support system of sorts.
Powered by the rising number of co-working options and willingness to adopt the same, Kapoor rests his case by pointing out “Eastern India, especially Kolkata had long been perceived as business unfriendly and the last city of choice for entrepreneurs wanting to launch their business. This trend is now changing. The city is seeing a spurt in entrepreneurial activity ably supported by an ecosystem of angel investors, incubators and co-working spaces