October 12, 2018

Co-working spaces have been transforming the modern workforce and its values. It has grown from a small room into a tremendous industry that is expanding worldwide. The concept of co-working spaces fosters an entrepreneurial spirit that enhances innovation and creativity. Many successful startups such as Uber, Instagram and Hootsuite actually started their career in a co-working space.

Large corporations

Co-working spaces are no longer just about startups and freelancers. Large corporations such as Microsoft and IBM are now cooperating with co-working spaces for start-up inspirations. This allows an exchange of ideas, where these tech giants can share their expertise with smaller businesses and receive feedback on how they can improve their platforms.

Cost-effective alternative

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With the rising cost of office spaces, it has become increasingly difficult for businesses to operate, especially for startups. Co-working spaces offer a cost-effective solution by offering membership plans which are more flexible as compared to a fixed contract for a traditional office. The money saved from using co-working spaces can be used for future investment in the company. This is essential for startups since they don't need to occupy a large space.

Niche co-working spaces

Co-working spaces will become more niche to differentiate themselves from competitors. Various types of niche spaces have been on the rise. For example, tech-focused workspace extraSlice has raised 1 million in funding to accelerate their growth and fintech hub Stone & Chalk has recently relocated and expanded its operation to a larger space helping more entrepreneurs and startups to commercialize.

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For the next five years, co-working spaces will continue to take hold across industries offering entrepreneurs, freelancers, and corporate organizations a new perspective on collaborative work.

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