Co-working Space a Boon for Teething Startups
The industry witnesses more startups investing in co-working spaces due to a shortage of commercial space in India
The Indian startup ecosystem has grown tremendously over the past few years. According to the data recently, India moved up to the 17th position from the 37th position last year in the Startup Ecosystem Ranking for 2019.
Meanwhile, the surge of online commerce has been supportive in the growth of the “freelance economy”, where anyone can identify an independent specialist in any field across the world at a click of a button. India accounts for 50 per cent of the global freelancers – a majority of them are under the age of 40 says a report and millennial are significant contributors in this segment.
With more and more entrepreneurs and freelancers mushrooming in India they require the necessary infrastructure and support to grow their business and flourish. Investing in a fully functional and established working space may not be conceivable due to the dearth of resources and uncertainty of business.
Co-working Space Arises as a Contemporary Solution
It recognizes the importance of flexibility and collaboration. The valuable time of setting up a workspace from scratch with all required facilities is saved while opting one.
Shared office space is an inexpensive alternative to rental and leased properties. The cost incurred on a rented commercial space in India will be double the amount you spend on a co-working station.
Though this is an emerging sector in commercial real estate it has seen tremendous growth in the past year. The industry witnesses more startups investing in co-working spaces due to a shortage of commercial space in India.
Tailor Made Setup
Co-working spaces address some of the underlying concerns of entrepreneurs, including lack of time and funds. Unlike traditional offices where companies are forced to bear high initial costs and extended contract lock-in periods, co-working spaces offer to hire space to entrepreneurs with hourly, month-to-month flexibility. They can choose the number of desks or space depending on their business needs.
Furthermore, time spent on addressing administrative challenges such as power fluctuations or poor internet connections is saved. The co-working space managers take care of the nitty-gritty, leaving aspiring entrepreneurs to focus on building their core business.
For a brand, operating in seclusion, mass reach, networking and marketing their products/services is impractical. The connection and collaboration within a co-working space make it easy for a company to seep into different market segments and make use of various advertising and public/media outreach through the co-working community.
Therefore, in every stage of a business, a co-working space provides a solid foundation, especially in the primary stage of a startup, by connecting it to different mentors, ambassadors, patrons, consumers of B2B & B2C and so on.
Varun Manian, a third generation entrepreneur established Radiance realty Developers India Limited in 2012 with a vision of creating premium housing projects for the future. The company later emerged as Radiance Group of companies including Radiance Facility Force (solutions for all facility management requirements), Radiance Home Interior (providing home interior solutions), Radiance Total Care (a specialist in home-services) and Radiance Address (resale and rentals of land/apartments).