Coworking space for startups is a common office setup where several independent companies & growing businesses share the same office space and work towards their individual goals. The concept of coworking spaces has been designed to increase the community solidarity of startups while making the entire process super economical.
Before the advent of startup coworking spaces, these growing businesses either worked from inefficient basements or from expensive commercial properties. In addition to the costs, managing an office space turned out to be a big hassle too. With coworking coming into the picture, growing businesses can now opt for super-efficient workspaces at affordable rates with all work amenities included.
A coworking space is typically booked by startups, SMEs, freelance artists, independent contractors, and individuals ‘working from home’. Coworking has allowed several budding startups to flourish into successful businesses today.
Benefits of a Coworking Space for Startups
If you are running a venture or planning to launch one, here are some benefits of coworking space for startups that you should keep in mind:
- Cutting Costs: While starting up a business, there are lot of uncertainties about the success of your business and there is always a cash crunch. Spending too much on office leases might not be the best decision. Coworking spaces help you cut down on your office space costs so you can invest that money directly in your business growth. Depending on how your business grows, you can always increase or decrease the number of seats which is not possible if you own a private office.
- Managerial Hassles: Managing your own office is a big hassle and takes up a significant amount of time. These coworking spaces provide state-of-the-art amenities so that you have hassle-free work experience.
- Individual Growth: The vibe of coworking spaces push people to work harder and be more productive. They also tend to grow personally because of conversations and idea-sharing that happens within like-minded individuals, mostly across companies. This is a great initiation to personality development.
- Community Solidarity: A community where several independent firms work together will result in community solidarity and empowerment. This allows the sector to grow as a whole and helps everyone make gains.
This is why the demand for coworking space for startups is growing rapidly as they provide an ideal launching pad to start off a successful business.
Here are the top 5 startups that started at a coworking space in India:
BharatPe was founded in the year 2016 with the sole purpose to render a more cashless society. The agenda behind introducing this cashless payment app was to be able to link several UPI providers and digital wallets under one app.
With the increase in digital transactions, a lot of people preferred paying through wallets and UPI, even at physical brick & mortar stores. But at times, these stores accepted payments only from a fixed provider. To save people from the hassle of downloading multiple apps, BharatPe launched an app which makes payment easier.
As a user, you can scan the BharatPe QR code on the wallet/UPI of your choice and the payment gets processed. It currently supports all major providers like Paytm, Google Pay, BHIM, PhonePe, MobiKwik etc.
BharatPe started their operations at myHQ coworking space and now has successfully grown to become a $500M business.
BulBul is an interactive online shopping app which was the creation of Sachin Bhatia, ex-Cofounder of MakeMyTrip and TrulyMadly dating app. The basic motivation behind launching this app was to initiate interactions via a shopping app.
The introduction of this interactive online shopping app provides a new twist to the concept of online shopping. Here, unlike just choosing what you like and ordering, you will be given a live show on what the product is about and what are the benefits to it.
Since it is an interactive platform, the viewers can ask questions to the hosts during the live sessions regarding the product and get the answers they need before proceeding with their purchase decisions. The hosts that undertake the online marketing process are typically popular influencers and they know how to go about selling a product.
Bulbul started their operations from myHQ coworking space in Gurgaon and has worked its way up. The app currently has 1M+ download on Google Playstore with 4.3 ratings. They have raised $3.5M till date and growing exponential every month.
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Fitternity was founded in 2013 by Jayam Vora and Neha Motwani. Fitternity is one of the largest online fitness platforms which gives you access to multiple gyms, yoga classes, and fitness centres with one subscription.
With $7.5M raised till date, Fitternity started their operations from Innov8 coworking space in Delhi NCR. The app currently has 1 lakh+ download on the Google Playstore with 4.4 as the average ratings.
4) Green Cure Wellness
Green Cure Wellness is a startup that deals with Ayurvedic and herbal wellness, and is well-known for its beneficial beauty products.
Their USP is the collaboration between German and Indian dermatologists which merges European design, technology and quality control with the Indian Ayurvedic knowledge of medicine and organic ingredients. The description and use of these products are completely in line with the needs of the Indian target audience.
Green Cure Wellness is a bootstrap startup in which the raw materials are sourced from Germany and Australia through internationally approved sources. The ingredients that are used in creating the Green Cure Wellness products are approved by ISO, Kosher, NPA, Cosmos Ecocert, NOP, WHO-GMP, NOP and HACCP, and adhere to the European Cosmetics Directive.
Dogspot began as a startup at a coworking space, founded by Rana Ayetha to initiate an online delivery app for pet food.
This novel idea has proven to be a boon for busy pet owners. They no longer have to struggle to find time out of their busy schedules to visit the pet store to purchase dog food. Instead, they can have it delivered right to their doorsteps.
This erstwhile startup is now funded by leading business tycoons of India, including Ratan Tata and Ronnie Screwvala. Dogspot now ranks as the largest online store for pet supplies in India and has received immense exposure within its niche.
It has been proven over the numerous success stories this past decade that coworking spaces have been one of the biggest catalysts in the effective growth of startups into successful businesses in today’s market.
Coworking spaces play an integral role in the success of startup businesses. They are an indispensable asset to nascent businesses by saving costs and encouraging a community spirit of mutual growth and creative individualism.
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Q. What is the most common issues faced by startups in India?
A. Although there can be a number of issues like managing a team, a unique idea, etc., but the most common one is sourcing funds and investments to last.
Q. Which state has the most startup-friendly policies in India?
A. Mostly every one of the metropolitans is start-up friendly yet going by the stats, Delhi has come up to be the ground zero of development in the startup ecosystem of India.
Q. How much money can you obtain from the Startup India initiative by the Government of India?
A. An interest-free loan for up to 10 years plus a seed funding of up to 10 Lakhs can be obtained by any state government under this scheme.