India is adopting the culture of co-working space and startup venture.
Co-working spaces today are actively attracting startups, in fact, the real beauty of a co-working space is the community, it is a diverse environment that facilitates exchange of ideas and promotes collaboration. Let’s delve deep into what exactly goes on within co-working spaces.
People opt for co-working space due to high cost of real-estate costs and social entrepreneurs, freelancers, startups and small businesses looking for a footprint in big metros. There is no doubt that the Indian start-up ecosystem has come a long way, and is now being supported by a slew of initiatives, like the central government’s Startup India. Co-working spaces act as a fulcrum of this ecosystem. Aside from providing flexible, convenient and affordable space, co-working spaces provide ample opportunities for young entrepreneurs to learn, network and grow. Through targeted workshops, networking events, introductions and mentoring sessions; the co-working space acts as a hub for all things an aspiring entrepreneur needs to become a successful one. These collaborative communities reside in co-working spaces; no wonder co-working has become the new buzzword.
Digital/business nomads, expats and others travelling to India for work for a few months are also joining the co-working revolution. So are large IT & BFSI companies to cope with rising rentals and shortage of ready-to-move grade A offices in prime property markets across India. In fact, some companies now base their client project teams out of co-working spaces, to let them remain close to the clients. Making use of co-working space reduces about 30% cost of the company. Rising cost consciousness, new generation collaboration and delivery platforms, digital workflows, dependable tech infrastructure and a thriving start-up eco-system are expected to continue to boost the trend of co-work sharing spaces in the country.
International players starting to enter the Indian scheme of things which is a good development. With lot of customized events today taking place across India, entrepreneurs have lots to cheer about as far as connecting with the right resources and obtaining learning opportunities is concerned.
As far as co-working operators go, there are several who are following a simple rental arbitrage model – the old business centre/serviced office model. Although there is a market for this, I believe we are at the cusp of change. In every industry, customers now need to be engaged, not just sold to – they need to feel a connection with who they work with, and also where they work. Commercial spaces are going through this very change, and co-working is the disruptor that will bring engagement and sexy back to the commercial real-estate space.