Success Beyond Desks.Businesees Began With Coworking Space
The journey behind the success of Coworking Space is not less than an adventure story.
In 1999, the concept of a shared workspace took root, marking the inception of Coworking Space.
Since then, this modern workspace solution has undergone substantial transformations, shaping it into the dynamic industry it is today.
The evolution of Coworking Space resembles a survival story, defying initial scepticism about its feasibility in the billion-dollar industry.
The history of Coworking Spaces stands as a remarkable inspiration for aspiring entrepreneurs, showcasing the tremendous potential that lies within the evolution of coworking spaces.
Indian Context
In 2012, 91SpringBoard established the first coworking space in India.
Transitioning to 2018 marked the onset of a significant boom within the industry.
As businesses increasingly recognized the shared workspace’s potential, the concept evolved beyond merely a cost-reduction option, emerging as an optimal approach to enhancing productivity.
In the diverse market of India, traditional workspace concepts have proven insufficient.
The onset of the COVID pandemic compelled companies to reevaluate their workspace strategies, prompting a necessity for innovative solutions to address new challenges.
Talent Outsourcing
With India’s vibrant pool of talent, we have achieved a prominent position in the outsourcing industry.
Being called the Back Office of the world, more and more overseas companies are looking forward to starting their global capability centres in India.
Not surprising, their prime choice for the space for GCC is a potential coworking space in major industrial hubs in India.
Why It took So Much Time
The evident surge in coworking spaces, backed by India’s technical expertise in the industry, marks a noteworthy trend.
Not only startups but also Business Giants are also shifting to coworking spaces.
However, the success can only be called a delayed one. In the early stages, India’s attitude towards shared workspaces was not readily acceptable.
The turning point came in 2020, when companies were compelled to adapt hybrid work models.
Then only they really understood the potential of coworking spaces. Now, let’s delve into the reasons behind the initial apprehensions.
Let's Check The Reason For The Initial Reluctance
1. Conventional Status Beliefs
There was a time when a dedicated workspace was considered to be a status symbol in Indian society.
Therefore, the idea of sharing workspaces with other companies was an out-of-equation consideration.
2. Concern Over Cost Feasibility
Whenever a new service enters the market and challenges conventional norms, the primary factor that comes to mind is its feasibility.
Due to a lack of knowledge about coworking spaces, it was misconceived as a costly affair.
It took a long time to clear up the misconception with the success stories of companies that started in coworking spaces.
3. Lack of Privacy and Noise Disruptions
The market initially perceived coworking spaces quite differently from the actual scenario.
The basic concept failed to convey its essence effectively.
This is a common challenge for new products or services.
In the case of coworking spaces, the concept of multiple companies working together was misunderstood.
Rather than being seen as collaborative, it was mistakenly perceived as a place with minimal privacy and excessive noise.
4. Uncertainty about Data Security
The idea of sharing workspaces with other companies raised concerns about the security of sensitive information.
Businesses dealing with such information were particularly troubled about data security in a coworking space.
These serious concerns pulled back business houses from considering coworking spaces for their operations.
The lack of proper communication channels, especially social media, was the major reason for such misconceptions.
The Obvious Shift
Recognizing the potential of coworking spaces, smart players seized the opportunity and turned it into a fortune.
Importantly, their success stories are now resonating with an increasing number of business houses.
Thanks to social media platforms, which have effectively cleared many misconceptions.
A work space that was once considered unfeasible has now become the top choice for both small and big players in the market.
The Path Breakers
Now we overview the real success stories of Business Houses that speed up their Journey through Coworking Spaces.
1. Zomato
Leading food delivery and restaurant discovery platforms started their journey from a coworking space in Gurugram, Haryana, in 2008.
The founders, Deepinder Ghoyal and Pankaj Chaddah, understood the scope of coworking space for their venture and effectively utilised it. The net worth of Zomato stands at 5 billion dollars.
2. Paytm
Starting as a platform for mobile bill recharge and utility bill payments, One97 Communications expanded the activities of Paytm to include digital payment services.
In 2016, they utilised coworking spaces for expansion. The cynics citing data security breaches can take Paytm as an example.
As per latest reports the net worth of Paytm stands at 9.5 Billion USD.
3. Freshworks
In 2010, the prominent software provider Freshworks started its humble journey from a coworking space in Chennai.
Co-founders Girish Mathrubootham and Shan Krishnasamy found the collaborative atmosphere of Coworking Space apt for their business.
Consequently, their journey toward global acclaim serves as a noteworthy inspiration for all startups seeking an opportunity to prove themselves.
Their Networth stands at 6 Million USD.
4. BharatPe
A leading merchant payment company started its journey from a shared workspace in Delhi.
From 2016 to the present time. The primary reason for the success of Bhartpe owes a lot to the coworking atmosphere.
According to its founder, Ashneer Grover, Coworking Space culture taught them the value of community, resourcefulness, and adaptability in business.
5. Myntra
In 2007, India’s major fashion e-commerce company commenced its operations from a coworking space in Bangalore.
Leveraging the collaborative environment, founders Mukesh Bansal, Ashutosh Lawania, and Vineet Saxena strategically established their businesses.
Consequently, the initial working experience in the coworking spaces proved instrumental in shaping effective strategies for the company.
The founders identified and seized the optimal opportunity presented by coworking spaces for their successful venture.
Global Track Record
The examples mentioned above are just a few instances of Indian companies that successfully utilised coworking spaces in their journeys.
Furthermore, there are global companies, which need no introduction, also commenced their operations from coworking spaces.
They Are
- Uber
- Microsoft
- We Work
- Zip Recruiter
- Regus
- Impact Hub
- Hootsuite
- Indiegogo
- Wanderfly
Conclusion
The success stories clearly illustrate that coworking spaces suit almost all kinds of businesses.
These examples encompass various streams of business.
Those who recognized the potential have maximised its benefits.
There is no room for any kind of apprehension.
Now is probably the best time to launch your business in a coworking space.
Additionally, with an increasing number of foreign companies entering the scene, the demand for coworking space appears to be on an upward graph.
Choose a vibrant and sustainable workspace for your business.
