Mushrooming startups in India are a boon for the country. Solving problems in an unconventional way through unique products, innovations, and technologies, an entire startup ecosystem has emerged to give a fillip to these new-age disruptors. But far from what meets the eye is the fact that not all startups that enter the corporate battlefield emerge victorious. Despite having a promising business idea, some startups lack industry networks, some are unable to build their product appropriately, low market expertise is a barrier to some, while some fail to capture a business opportunity due to initial delays such as establishing the business and fulfilling legal procedures. In this context, co-working spaces have truly emerged as game-changers.

Let us find out how these co-working spaces are adding to the burgeoning startup ecosystem of India.

Challenges Faced by Budding Startups:

Given that most of the startups have economic constrains during their initial phase, one of their primary needs is a working place that is not only affordable but available as soon as possible. Nevertheless, this must not limit the usefulness of the facility. It must be able to house the entire workforce irrespective of its size and should also be easily accessible to the employees.

A startup can also not underestimate the value of utility areas such as conference rooms and private cabins within the office premises. Such utility areas are essential for business meetings and parallel operations – imperative to increase the scalability of a venture. Adding to the list is readily available IT support, constant power supply, uninterrupted internet access, HR services, reception support for clients, and many other crucial features. Since frequently relocating to a new premise is not a logical solution, startups have to be clearheaded regarding these issues in their pursuit of a suitable office space.

However, if one sums-up all of the above mentioned challenges, this makes finding an appropriate office almost as hard as locating the proverbial needle in the haystack. And that is exactly where co-working spaces come into picture.

What Are Co-working Spaces?

Co-working spaces are serviced offices that cater to all the requirements of startups and businesses. They provide access to essential facilities that budding startups need, including infrastructural requirements and critical back-end services. Such facilities include ultra-modern offices, conference rooms, hot desks, HR & Admin support, in-house cafés & restaurants, and incubation, networking, and mentoring sessions along with other services. They may, or may not, also cater to artists, musicians, freelancers, creative groups, practicing lawyers, and other working professionals.

Co-working places are under constant scanner of angel investors and other venture capitalists, as they have a considerably large quantity of raw resources.

What’s on the Plate for Startups?

Comprehensive Services: Co-working spaces are constantly gaining popularity in India. Understanding the requirement of emerging startups, they come equipped with a set of comprehensive services for business ventures of all shapes and sizes. The most appealing element for entrepreneurs is that they can avail the co-working services’ à la carte. They can selectively choose the services that are relevant to them, and if the need be, can opt for additional services at a later stage, thus cutting needless operational expenses. Also, they have flexible plans which can not only be availed on a daily, weekly and monthly basis, but also on weekends, during nights. They also provide virtual office to startups for using their mailing address.

Collaborative Atmosphere: The most essential aspect of co-working spaces is that they provide startups an opportunity to increase their effective network. They work in a collaborative atmosphere where apart from benefitting from the intellectual resources of the co-working company, they can find startups, businesses and professionals relevant to their field. The individual expertise and specific grasp of a topic – be it app development, market insight, business dynamics, or even an industry contact – can enable startups to decisively turn odds into their favour. It enables them to brainstorm on ideas with greater efficiency, improve their planning and organisation, and eliminate structural flaws from their model.

Amplified Opportunities: Another tempting attribute is that such places inherently have accelerators, incubators and mentors for initial stage startups. They can greatly boost the performance of the venture as well as its productivity. Moreover, they also conduct frequent startup friendly events such as networking sessions, mentoring sessions and discourses by market leaders. Such co-working places are also under constant scanner of angel investors and other venture capitalists, as they have a considerably large quantity of raw resources. This results in additional opportunities for a promising startup with little or no effort by the team. It is highly likely that realising the true potential of a business venture, an angel investor with a relevant portfolio can approach the startup.

The emergence of co-working spaces has inevitably provided a fillip to the startup culture of India. It has significantly improved the business landscape for startups within the country and has paved way for their market success. As they widen their gaze over the Indian market and tap the resources located in tier-II geographies, a more promising future for Indian startups is only imminent.