Inside the coworking boom: How these emerging communities are reshaping the startup world

It is clear for everyone to see that the world of co-working spaces is here to stay. After the pandemic, most major corporations decided to move to a hybrid model where employees are only required to come in for important meetings and so on a few days of the week. For the rest of the time, they can choose how they wish to work. That is to say…they can decide the time frame during which they work, and they can work remotely. Whether this means working from home, working out of a cafe, or some entirely different location altogether is simply their choice. At the end of the day, as long as the work gets done, that is all that is important.

Now, it is clear how large companies can easily benefit from the co-working space boom. They no longer need to maintain physical infrastructure, that is to say, physical locations for their offices, as was traditionally the case. They can hire out the space as and when they need it. The main advantage here is saving considerable money in terms of initial costs of buying the property, overhead costs, maintenance costs, and so on.

The other advantages are also very apparent. Co-working spaces are geared to help employees upskill and access the resources they need to be the best versions of themselves. Whether it is something as simple as a well-designed breakout area, the opportunity to attend a talk by somebody with regards to an upskilling topic, or an essential informative session provided by an industry expert, co-working spaces are built to be able to provide these things more easily than a traditional corporate setup.

However, large corporations and traditional businesses are not the only people that have benefited from the co-working boom. Startup culture is also something that has flourished even more due to the rise of coworking space rentals . Twenty years also, the word startup was not only something that only a few people understood but also something that many people looked down upon. Today, the opposite is true, and being a part of a potentially successful and burgeoning startup is highly coveted.

If you have a great idea, the willingness, and the desire to go ahead and do something about it, you could have your own startup. That was the feeling at the height of the startup boom, around 10 to 15 years ago. Today, startups are much more than they used to be because many startups that started with humble beginnings have become unicorns, aka multi-billion-dollar companies.

So how and why is co-working space culture relevant to the startup world? Well, it turns out that these two things go hand in hand with one another. When you are working in a startup, you may have a great idea, but frequently what is lacking is that you may not have domain expertise in other essential functions needed to run a company.

Let’s take a simple example. Let’s say you have a startup that aims to build AI technology tools in civil engineering. As an engineer and the head of the startup, your primary area of expertise is in AI engineering and technology. You may not understand things that a company’s CEO needs to understand to run the day-to-day aspects of the business. That is to say; you may not understand how to do certain things well. These include human Resources Management, inventory management, HR policies, headhunting, product marketing, etc. Of course, part of being a successful startup founder or a successful startup team is finding the right people for these roles. This is a given, but it just so happens that the co-working culture of the world we live in today makes it much easier to turn your head across the aisle and ask one of your co-workers for help. They may be working for an altogether different organization, or they may even be freelancers. Still, regardless, you will be surprised how much the spirit of collaboration and willingness to help one another exists in the co-working world. The antiquated idea of thinking that the pie is limited is not the dominant mindset in the co-working world. The belief that if one person succeeds, another person has to take a hit is not the paradigm in which people believe. In the co-working world, there is a sense of feeling like everyone can help each other out and, in so doing, participate in a community that benefits everyone.

Conclusion

This is why startups make the most logical sense to exist in the coworking space ecosystem. Regardless of the nature of your startup, consider moving your employees to one of the many coworking office space available to you, giving your business the best chance at succeeding.