Why Co-Working Spaces Are Beneficial For Start-ups According to Innov8 founder and CEO, Dr Ritesh Malik, co-working has made the most amazing impact on start-ups as with co-working spaces one just needs to plug and play.

By Shreya Ganguly

Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

Co-working is increasingly gaining popularity from not only start-ups but also from big corporations as it is a cost-effective alternative to building or hiring an office. According to a June 2019 report by JLL and FICCI, the co-working market share in office leasing in the top seven cities of India increased from 8 per cent in 2018 to 12 per cent in Q1 2019. The report also states that Mumbai had the highest proportion, 14 per cent, of co-working space to total office leasing in 2018.

While speaking to Entrepreneur India during the Startup Summit 2019 organised by Franchise India, OYO-owned Innov8 founder and CEO, Dr Ritesh Malik, said, "Co-working had made the most amazing impact on start-ups. With co-working spaces, you need to just plug and play."

Related Story: Why Co-Working 'Works' for Start-Ups

According to Malik, Innov8 focuses on letting the start-ups focus on their products and discourages them from putting capital into things like furniture which is a depreciating asset.

Speaking about the innovation in the co-working space, Malik said, "We have not even scratched the surface of the co-working industry. We are not even at 1 or 1.2 per cent of their entire office uptake. In my personal guess, this will be at least 90 per cent by 2040 because this makes business sense."

He also went on to say that there is no competition in the market because all the founders and other stakeholders are teaching each other about the market. He also said that all the founders of co-working start-ups have a WhatsApp group to share their ideas and they also make sure to meet regularly.

Shreya Ganguly

Former Features Writer

Covering startups and investments for Entrepreneur India. Previously a startup correspondent at Inc42. Reach out to me with interesting story ideas at sganguly@entrepreneurindia.com. 

Related Topics

Leadership

Great Leaders Must Be Great Coaches — Here's How to Become One

To be a successful leader, you must become an expert in how to help others grow and develop. Here's a research-driven approach for entrepreneurial leaders to coach and effectively develop their teams.

Leadership

How to Win Over the Room With Effective Persuasion Skills

The art of persuasion is not just about the notes, the data, and the pitch; it's about creating a connection that resonates with the audience. We explore how a blend of story, active listening, and genuine interaction can not only capture attention but also win hearts and minds, setting the stage for achieving success in any meeting.

Marketing

5 Tips for Helping Your Book Stand Out In an Overcrowded Niche

Writing a book is one thing. Getting people to read it is an entirely different kind of challenge.

Starting a Business

New Research Reveals 4 Personality Traits That Most Wealthy Entrepreneurs Share

In the book "Rich Habits," author and CPA Tom Corley shares the daily success habits of his most successful clients.

Growing a Business

Serial Entrepreneur Turned VC Reveals 4 Numbers You Need to Know to Scale Your Company

If you're looking to attract investment or simply seeking to scale your business, there are four key numbers you should use as your guiding light.

Buy a Franchise

Learn the Secrets of Running 20+ Businesses as a Side Hustle — Finding and Nurturing Your 'STIC People'

Explore the critical importance of choosing the right franchise manager and the innovative 'STIC' approach.