Coworking Spaces Offering Launchpads for Indian Startup Generation

Workspaces are changing. Everyday stories keep surfacing about how companies are trying to be employee friendly not only to let them feel that they are part of the comfortable workspace, but also to uplift employee productivity. When the mind is relaxed, innovative ideas pour in more and employees' productivity increases, and in turn, increases the productivity and profitability of the company. Companies availing these spaces are also getting benefitted as they don't need to rip their hair off anymore thinking about how they will be bearing the cost of building office spaces of their own and how they will be financing the maintenance. Such spaces have proven to be boon to startups who want to have their own office space with their limited funds and investments.

In order to uphold what space has shaped up to be WeWork, Garage Society, GoodWork Coworks and BuzzWorks shared their individual outlook on the varied aspects of the domain.

A Significant Hotspot

India is warming up to this space and the number of coworking spaces is coming to the fore. This has become possible as the startup spectrum in the country has started thriving and is now a hotbed for startups and the India government backing startups and entrepreneurs have been a definitely added encouragement.

Ryan Bennett, Co-CWeO, India, WeWork is of the opinion that a co-working space provides an environment where companies and people grow together. In such a scenario, people are automatically gravitating towards a format that offers them the liberty to pursue their passion.

Discussing the Indian coworking space, he further states, "As one of the fastest growing economies in the world, India has one of the largest numbers of startups, along with large enterprises and SMEs that are experiencing rapid growth. This has caused a macro shift towards a new way of working and living—the modern workforce is more focused on meaningful connections and being part of something greater than themselves. They are increasingly seeking greater social engagement, a lively work environment and want to be a part of a large community of like-minded people. Every startup wants to scale like an enterprise and every enterprise wants to be nimble like a startup."

"Coworking is more than just space - building the right programmes, initiatives and community-driven engagement requires careful curation and development in order to succeed. And coworking spaces are on the rise in India," believes Prashant Garg, Country Manager, India, Garage Society. In Hong Kong, Garage Society has acted as a launchpad for startups such as Uber, Twilio and Deliveroo to kick start expansion into the Asian market. Leveraging this experience in India, they are now working with high growth companies and MNCs looking to scale rapidly with a supportive coworking space operator.

With the help of facts and figures, Garg elaborates more about the industry, "India has more than 50per cent of its population below the age of 25 and more than 65per cent below the age of 35. The nation holds a potentially very exciting place in the coming decade. Pertaining to this Hong Kong-based Garage Society identified the prospects the country has got to offer to coworking spaces and opened its first in Gurgaon."

Demands Skyrocketing

In order to share a vivid understanding of the demands that coworking spaces are having, recent market entrants Goodwork Coworks and BuzzWorks share insights. The Co-founder & CEO of GoodWork Coworks Vishwas Mudagal and the COO Commercial of BuzzWorks Subrata KC Sharma both highlight the groundbreaking demand this space has created for themselves. Not to overlook the encouraging welcome they have received while entering the space. "BuzzWorks has received an overwhelming response even prior to its launch. We are proud to announce that our first centre is 100per cent booked and this has further motivated us to expand aggressively," Sharma specifies.