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Coworking is when people assemble in a neutral space to work independently on different projects, or in groups on the same projects. It is different from a typical office workspace because the people in a coworking environment generally are not working for the same company.
Coworking spaces offer the same amenities one can find in a traditional office, along with a lot more. A major differentiator is flexibility since one does not need to sign a long-term lease in a coworking space. Every coworking space always has basics like Wi-Fi, printers, usually some type of conference room… and some will have tea, coffee, and snacks available.
The first “coworking” space was actually founded by hackers in Berlin. The idea was to share thoughts, space, and information to complete tasks to those who joined the membership. Presently, they have added seminars, classes, and a variety of social events, helping with the trend to open up more community spaces. There are hackerspaces in San Francisco, Santa Clara and Brooklyn and they keep growing.
Small businesses that do not want the same overhead as a traditional lease, have flocked to coworking. Since there are relatively no costs of getting set up and the coworking membership includes most (if not all) of the amenities a business needs day to day, it is no wonder why small businesses now make up a majority of coworking space users.
Many coworking spaces offer non-profit arrangements or discounts. Due to all-in cost savings of coworking (and being cost-conscious), these types of companies have also gravitated towards these flexible coworking relationships.
With the coworking phenomenon growing at such a fast pace, not only more and more spaces are available to members, but also in terms of variety more and more new concepts are coming to the market to offer an even more unique experience and fit everyone’s needs.
There is a new coworking concept emerging within the Indian CoWorking Market Dynamics which is coworking spaces only for women. These spaces concentrate on entrepreneurial women that want to become successful and connect with other successful women. The members are women from all different industries.
All members are interested in networking and connecting with other women. The idea behind a coworking space only for women is that women can become as successful as men, and they should connect to make the best out of their business.
The recent market dynamics within the Indian CoWorking Market space has been the paced-up usage by startups to have a well-integrated working space at affordable costs. Start-ups appreciate the flexibility of coworking spaces. Coworking spaces do not come with the high costs and commitments of traditional office leases. They also provide the chance for small teams to interact with others in the space.
These spaces also may even help entrepreneurs find a co-founder for their start-up by connecting the right people at the right time. With coworking spaces working so well for the usual suspects, there has been a recent adoption of coworking spaces by larger organizations. Forward thinking companies are already starting to utilize coworking spaces where possible.
Most coworking spaces in India operating within the Indian CoWorking Market offer amenities like a pantry, high-speed Internet, a lounge, and community engagement activities. Coworking spaces in Mumbai also host timely events such as high teas and lunches, as an initiative to get to know others and promote their business and services, providing an opportunity for community-building, business expansion, or networking.
The India Coworking market can be segmented into following categories for further analysis.
To have a sustained and operational co working space within the India coWorking Market, it is important that there is a continued technological advancement and optimization being made at all times. This can bring upon the consideration of large organizations to be mobilized within the co working space which would aim for a better prospective market scale of co working.
There has been recent integration of the Electronic Signatures seen within the Co Working spaces, wherein the signatures of requirements are made on electronic devices rather than having it passed over and physically maintained at all times. The main benefits of using electronic signatures in your space are increased contract speed, enhanced security, cost reduction, and last but not least, better customer experience.
Providing seamless building access control is a basic technological need in coworking spaces to stop anyone from entering the work premises. This has been one of the most required technologies in the country at all times. Keyless access is possible with smart cards, magnetic stripe cards, proximity cards, Wiegand cards, key fobs, and even smartphones. The latest technology has made it possible for members and clients to enter their coworking space with no keys at all. As the space is accessible to a number of people, an advanced building access system is a must-have for coworking spaces.
India, today, is witnessing a proliferation of start-ups and SMEs, buoyed by the government’s concerted efforts to create a sustainable ecosystem for entrepreneurs in the country. On their part, the entrepreneurs—a large number of them being millennials—believe in harbouring global aspirations with a staggeringly ambitious mind-set that was not in evidence a few years back.
Regus is one of the most established shared workspace operator in the country within the Indian CoWorking Market today with approximately 0.2 mn square metres (2 mn square ft) and 20,000 seats under operation, WeWork and CoWrks are among the newest and most aggressive players in the co-working space. These companies started their India operations in 2016 and already operate approximately 0.4 mn square metres (1.5 mn square ft) and 0.1 mn square metres (1 million square ft) respectively.
91 Springboard has been the oldest operating competitor in the Indian CoWorking market. It has been a shared working joint located in the Delhi NCR. Wi-Fi networking, LAN cable internet, projectors in office and conference rooms, fortified with CCTV cameras and tight security, rebated medical services, locker facility, etc. are the key highlights.
Awfis makes for a coworking ecosystem that provides more than just space with offices in all major cities such as Mumbai, Hyderabad, Pune, Delhi, Gurugram, Kolkata, Noida, and Bangalore. It offers the infrastructure and aesthetics required to operate and work upon Engineering and Technology based startups of requirements as well throughout the country.
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