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.
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.
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.
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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