India has seen rapid growth in the number of coworking spaces in recent years. Coworking spaces for startups provide a dynamic, collaborative work environment encouraging networking and innovation.
So, if you are an entrepreneur just starting out, or have a growing startup and are looking for a coworking space, you should first understand the benefits of coworking spaces for startups. Before choosing a coworking space, make sure that you explore the properties offered by Ofis Square for the best deals.
Benefits of Coworking Spaces for Startups
Over the last decade, the startup landscape in India has seen solid growth. The country has positioned itself as the third-largest startup ecosystem in the world. Also, according to a report by JLL, the demand for coworking spaces in India is expected to cross 50 million sq ft by the end of 2023.
Hence, in this cut-throat competitive landscape, it becomes essential for startups to adopt strategic plans to thrive and scale up. In this regard, coworking spaces can be a robust option for setting up businesses. Here are some of the benefits of coworking spaces for startups:
- Cost-effectiveness – Startups often find themselves on a tight budget. Renting an entire office space may not be feasible. On the other hand, coworking spaces come off as an affordable alternative, allowing startups to rent a desk or small office space monthly. This way, startups can cut down costs, utility bills, and other expenses associated with running an office and invest more resources into their business.
- Networking scope – In the world of startups, networking is highly important. In coworking spaces, entrepreneurs and employees get the opportunity to meet and connect with other companies and even investors. Whether it’s over a cup of coffee or at a community event, these spaces have a vibrant ecosystem of budding professionals who can offer valuable insights and become long-term connections.
- Idea-sharing opportunities – Another benefit of coworking spaces is a collaborative work environment where professionals can share ideas, brainstorm, and receive feedback from others. This can lead to new insights, creative solutions, and even potential partnerships. Bouncing ideas off others is more fun than talking to yourself in a home office.
- Improved productivity: Coworking spaces in India provide a professional and inspiring workspace that promotes creativity and productivity. The energy and motivation of the working environment can help startups stay focused and driven, even on those days when things are not going well.
- Access to amenities: While traditional office spaces usually don’t offer amenities and facilities, coworking spaces have much to offer. Whether you want to take a call in a private room or craving a cup of coffee or a snack, coworking spaces have you covered. They are built to make life easier for businesses, so they can focus on what really matters – scaling their business.
- Receiving feedback: Coworking spaces give startups access to diverse professionals who can give feedback on their ideas or products. This can help startups fine-tune their offerings, work on their mistakes, and improve their success rates. Besides, there are opportunities for brainstorming sessions with a group of smart and passionate people in the workspace.
5 tips for startups looking for coworking spaces
Here are some tips to help entrepreneurs choose coworking spaces easily:
- Location – While choosing coworking spaces in India, consider their location carefully. You want to choose a space that is convenient for you and your team to reach and accessible are also accessible to clients. Look for spaces where public transportation is readily available and consider the surrounding area in terms of amenities like restaurants, cafes, and retail shops.
- Budget – Determine your budget before you start looking for coworking spaces. Consider the cost of rent and any additional fees for amenities or services. Look for spaces that offer flexible rental agreements and a variety of pricing options to accommodate your budget.
- Culture and Community – The culture and community of a coworking space can have a major impact on your overall experience. Find spaces that have a community-oriented culture that aligns with your values and goals. Furthermore, you can attend events or meetups at the space to get a feel for the community and whether it is a good fit for you and your team.
- Amenities – List down what amenities you need in a coworking space. Do you need access to meeting rooms, printing services, or high-speed internet? Look for spaces that offer the amenities you need and any additional amenities that would be nice to have, such as a fitness center or a kitchen area.
- Size and Layout – Check out the size and layout of the coworking space and the layout of the individual workspaces. Look for spaces that offer a variety of workspace options, from private offices to open-plan workstations, to accommodate your team’s needs. Consider the layout of the space in terms of natural light, noise levels, and accessibility.
Ofis Square’s Take on Growth and Success of coworking spaces in India
Several successful startups and unicorns in India started their journey from coworking spaces. To put things into perspective, here are some of them and a brief overview of their journey in coworking spaces.
Food-delivery company Zomato, one of India’s most successful startups, began its journey in 2008 from a small coworking space in Delhi. What started off as a simple online restaurant guide quickly turned into a full-fledged food delivery and restaurant discovery platform. From a humble start in the coworking space, Zomato grew rapidly, expanding its operations to numerous cities in India and around the world.
Zomato is now a billion-dollar company with millions of users worldwide and is considered a major player in the food-tech industry. As of 2020, the company had an order volume of 400 million, which is expected to reach 1.6 billion by 2026.
Paytm, one of India’s leading digital payment and financial services providers, has an interesting origin story. It all started in 2010 when Vijay Shekhar Sharma, a young entrepreneur, launched a mobile recharge and bill payment platform called Paytm from a small office in Noida.
Paytm is now valued at billions of dollars and has millions of users across India. As of October 2022, it was found that almost 85% of Indian respondents preferred Paytm for e-payments.
Grofers, an Indian online grocery delivery service, began its journey in 2013 at a coworking space in Gurgaon. The founders, Albinder Dhindsa and Saurabh Kumar developed their initial idea for a grocery delivery app in the shared office space.
The company eventually became a success story, offering grocery delivery services across several Indian cities and expanding its product range to include fresh produce and household essentials. The company had a relative market share of about 2% in the financial year 2020.
Ofis Square understands the importance of coworking spaces in nurturing and supporting the growth of startups. The success stories of Zomato, Paytm, and Grofers illustrate how coworking spaces provide an ideal environment for startups to launch and scale their businesses.
At Ofis Square, startups can benefit from shared office spaces, infrastructure, and networking opportunities that enable them to collaborate and exchange ideas with like-minded individuals. By fostering a collaborative and supportive ecosystem, Ofis Square seeks to empower startups to achieve their goals and visions and contribute to India’s thriving startup ecosystem.
Coworking spaces have become an integral part of the startup ecosystem in India. In this blog, we highlighted the benefits of coworking spaces for startups. The impact of coworking spaces can be understood per the earlier citations of some major unicorns in India who started their journey from coworking spaces.
So, if you are looking for a coworking space, consider leveraging Ofis Square, one of the best coworking spaces in India. Ofis Square’s coworking spaces provide budget-friendly prices, on-request amenities, a variety of workspace options, and a vibrant community of working professionals.