A lot of talk has been going around co-working and how it has impacted the start-up ecosystem in India. Some experts have even gone ahead and said that the concept of coworking is a game changer and will become a cult in the Indian start-up ecosystem. So what is this concept of coworking, and why is it been talked so much about?
In technical terms, coworking is an environment that involves shared workspaces. Often compared to an office, it is an independent style of work activity but unlike an office many organizations can be accommodated in a single workspace. Initially, coworking spaces attracted work at home professionals and independent individuals who faced issues with commuting.
However, Coworking in recent times have become a global phenomenon. According to Google Trends, Coworking spaces in India are popping up in major cities with an annual growth rate of 24.2%. Surprising, as there was no mention of Coworking spaces in India in 2008.
So let’s discuss what are the advantages of coworking space and why people choose coworking space instead of renting office spaces:
- Networking Opportunities:For a small company or a start-up, making connections is one of the top priorities to kick start marketing and operations. A Coworking space provides them with that opportunity as a lot of companies work together under one roof that offers the perfect opening to create new prospects.Apart from that, most of these Coworking spaces run various kind of Events regularly with plenty of attendance. This also serves as a perfect platform to display your company with its products and services.
- Relationship Building & Collaboration Opportunities:One of the major focus areas for any organization is to create and build relationships with its stakeholders over a period of time. Be it their customers, employees, investors or partners, building the right relationship can serve as a massive PR boost for any company.
For example, you have more chances of converting a potential lead to a customer if they are operating under the same roof; as it helps them to develop the trust factor and also gives them the opportunity to witness your work ethics, it’s convenient for communications as well. In all, it helps you build a stronger relationship with them.
- Positive Environment:Coworking spaces in recent times have improved a lot in providing customers with the perfect work environment in order to increase their productivity, have an amazing place to hang out in their breaks, have team building exercises through various indoor sports along with many other facilities. Their focus is to create a positive work environment for you and your team.In comparison, it is a very difficult task for you to do that all by yourself after renting an office space; and even if you manage to do that, sustaining it for a long period is a difficult task.
In conclusion Coworking spaces are a boon in the Indian ecosystem especially for Start-Ups and Small Medium Businesses (SMB).