Co-working Spaces: Revolutionizing the Way Startups Grow
The booming culture of co-working spaces in India is helping start-ups scale faster in their respective markets
With access to resources that help in fostering business growth, most startups and larger companies are opting to move from traditional self-owned offices to co-working spaces. Like-minded entrepreneurs, the convenience of everyday amenities and a lively engaging environment help start-ups scale their business much faster while opening up a plethora of new opportunities tough to come by while working in a stand-alone office. There is an extensive growth in the number of start-ups reaping the benefits of co-working spaces to increase their productivity, naturally raising profitability in an efficient manner.
Start-ups and co-working
The growing numbers of start-ups are driving the growth of co-working industry in India. According to The Art of Co-working report 2017 published by CBRE, there were almost 350 shared office operators in India with the majority of them offering co-working and incubator spaces to start-ups. However, this number has been growing rapidly in Tier 1 cities, mainly – Delhi, Gurugram, Bangalore, Mumbai and Pune.
The booming culture of co-working spaces in India is helping start-ups scale faster in their respective markets. From cost-cutting to brainstorming sessions with industry leaders, start-ups are reaping the benefits of co-working spaces and routing their new ideas and products from leasing an office space to collaborating for shared spaces.
Many start-ups, from verticals like Technology, E-commerce, Media and Advertising, leverage the opportunities through networking to maximize their success. Such verticals require exceptional support from like-minded entrepreneurs, blend their business idea with innovation and guidance from experienced industry professionals to create a mark in the markets. Therefore, the majority of co-working spaces are found to be captured by the entrepreneurs belonging to these verticals; who take up memberships to stay focused and surround themselves with people who will create opportunities.
In addition, start-ups renting co-working spaces share similar goals. This helps the entrepreneurs engage in enriching conversation, share ideas and knowledge about hiring, marketing, fundraising and scaling with their co-tenants. This type of exchange in a start-up community helps budding entrepreneurs find effective ways to transform their business idea into a successful and sustainable business.
Additionally, co-working spaces offer tailored resources; networking events and programs that help the start-ups to scale faster. There are many industry-specific co-working spaces that offer highly engaging and impactful events lead by industry experts to keep injecting new experiences and ideas in the community. This constant exchange and interaction keep a fluid information pool running, without stagnating. People are constantly bombarded with new ideas, new products and one way or another make it out of their comfort zone to explore the new.
The environment where we work has a crucial impact on the quality of work and productivity. Similarly, it plays a vital role in fueling creativity and creates a space for innovative ideas. Co-working spaces break the isolation of working alone from home and host a convivial environment for entrepreneurs by fostering creativity.
Setting up a workstation in a positive environment away from isolation breeds creative, collaborative thought. Rather than being limited to a cubicle or a desk with their colleagues, co-working provides plenty of spaces and opportunities to interact with people outside of one's own organization, distracting from the monotony and stress of working alone.
Co-working spaces are building a proven track record of removing the barriers that come in the way of a start-up's journey. A uniform workspace brings monotony to the office environment. However, sharing a workspace removes the strain of peer pressure and helps entrepreneurs think in a manner leading to well-rounded success.