Few months ago when I visited innov8, India’s sexiest coworking space. At that time I couldn't afford much as I was bootstrapping. Soon, I decided to leave my home to save the rentals and use that to rent a workstation at innov8. Yes, It paid off beautifully!
Co-working spaces have come a long way, revolutionizing the way people work. Majority of a person’s life is spent in office, they probably spend more time with their coworkers than their soul mates. If that’s true then the question remains to be answered:
The journey of an Entrepreneur is a lonely one. Working out of your bedroom to cut costs may not be the best idea, specially if you don’t have a big team to support you. One good way to avoid this and increase your productivity is to rent a workstation in a good co-working space.
One special thing about co-working spaces is that, it becomes what people make it. Each co-working space is a different one. Research shows that startups working out of a co-working space is 4 times more likely to succeed than others. So what’s different? Here are some of the things:
When I visited innov8, a co-working space in heart of Delhi few months ago, I immediately decided to be a part of this awesome place. Talking to people from different backgrounds working on the #NextBigThing forces you to think beyond your own imaginary world. The time you spend here shows you a different picture of the world, for you to think what change you could bring.
Networking in today’s era is the most important thing while building a startup. Some of your biggest problems can be solved in seconds if you have the right connections. One of the most important characteristic of an entrepreneur is to continuously look for win-win conditions for both parties, this way if you have a good network, people can exchange huge number of customers. Also, I've observed that most of the funding deals happens via references, so good contacts are always helpful.
A co-working space is the best place a talented individual will go to as it offers the perfect blend of work culture and independence one needs to grow. This gives you an opportunity to hire some awesome people who work out of your office itself.
The infrastructure at a co-working space in itself is very motivating and if it’s not, then the person sitting next to you will soon get a million dollar funding and be all over the news. That’s when makes you believe that if they can do it then you can do it as well. Also, you get across many #Hustlers who would have given up everything for their dream, some may live that later too. If watching them grow also doesn't motivate you, them only watching #AskGaryVee show will!
A good co-working space offers lot’s of events specially on weekends. These events can be a pitching event or an educational event. In any case, you get to learn many things and get a lot of exposure and if you are an innov8er, then you may also get ycombinator office hours too. That’s the kind of opportunities you get.
Communities matters the most. When going gets tough, communities like Delhi Startups(In Delhi, India) gets you going. The best way to solve your problems is by crowd-sourcing it. From finding a co-founder to getting a website done or any other kind of services (sometimes for free) you can get by getting involved. You get exposure of a different level when people from corporates come down to listen to your pitches in some of the events. The relations that you make are of course invaluable.
With the emerging Indian market and changing culture, all brick and mortar businesses are going to die. Research shows that total number of co-working spaces in India are less than total number of co-working spaces in London alone. With the rise of small organizations, there is a huge opportunity that lie ahead.