India has the 3rd largest startup ecosystem in the world and is expected to witness year-on-year growth of consistent annual growth of 12-15%, reports the Department For Promotion of Industry and Internal Trade, Govt. of India.
In 2018, India had about 50,000 startups and around 8,900 – 9,300 of these were technology-led startups.
Surprisingly, 1300 new tech startups were born in 2019 alone which implies there are 2-3 tech startups born every day in India.
Among all the flourishing cities in India, Bengaluru holds the maximum number of start-ups. Bengaluru has the third-highest number of tech startups among global cities, and the first two on the list are Silicon Valley and London.
As per the report of Nasscom-Zinnov, the start-up ecosystem created more than 40,000 direct jobs in 2018 in India, taking the total employment in the segment to 1.6-1.7 lacs. And, another 4-5 lakh are estimated to be employed indirectly.
According to a report, the top industry verticals for startups are enterprise software (15-17% market share), fintech (13-15%), online marketplaces (11-13%), health-tech (7-9%), ed-tech (5-6%) and others (42-45%).
The silicon valley of the east, the tech capital of India, Bengaluru or Bangalore cornered around 57% of India’s fundings. In 2014, this prominent Indian city has also secured the 5th rank in a list of cities globally that received the most venture capital.
Now you must be thinking why among all the cities in India, Bengaluru has become the star city of these emerging start-ups?
By the end of this article, you will have a comprehensive understanding of the significance of co-working spaces in Bangalore for budding startups.
Time and Cost
We all know “time is wealth“.
For setting up a start-up, the owner needs a lot of time to establish the company at a proper location. And, because finding the legitimate land and building the requisite infrastructure takes away a big chunk of time which impacts the productivity of the firm.
The time factor also brings along the cost parameter with it. It is not just the “time” that can affect the productivity of the start-up but also, the cost of building and infrastructure also adds to it.
Keeping these two factors in mind, start-ups choose to move forward with the coworking spaces along with their employees to work efficiently without compromising with the time and costs. Co-working spaces render the start-ups with the required space and all day and night access to working spaces at a very affordable price.
Bengaluru, being a hub of start-ups, increases the demand for situating them at the land with potentially higher prices. Therefore, co-working spaces act as the best alternative to such higher price issues.
At coworking, the start-ups comprising of a fewer number of employees such as four to ten need not have to spend much of their money for erecting a building to accommodate a minimum number of employees to work in.
Coworking spaces do not let the dreams of entrepreneurs shatter just because most of them have the ideas but lack the amenities and infrastructure to support their aspirations.
Community and Networking
Good network = better business.
Today we live in the era of networking and to expand a business you need to connect to people belonging to different backgrounds having a diverse range of ideas and connections. It helps your start-up to prosper.
As start-ups come up with the solutions to the existing problems in society. Coworking is the place that bridges the gap between the world of networks and the start-ups. Coworking spaces bring various start-ups together sharing the common space to work in. This enables the entrepreneurs to interact with one another and discuss the talks important for their entrepreneurial journey.
Coworking spaces often let the start-ups collaborate. Such start-ups work in tandem which in turn pays them off for collaborating at the right place and that’s the “coworking space“.
Behind a good network, there exists a good community.
If you are an entrepreneur and aspiring to move your start-up to the co-working spaces, then you have made an apt decision. The place where you and your fellow employees are working deserve to remain surrounded by a good community. The vibes of any surrounding matter to a great extent.
And, the one thing that you can rest assured of is that the co-working spaces in Bengaluru will provide you with the best community.
This is major because of the reason that the founders of such start-ups possess a good amount of work experience and hail from the best educational and professional institutions and an educated and professionally well-equipped person knows the kind of behavior that he should have towards the people around him. The presence of such entrepreneurs is a must for creating a good community which can be found in co-working spaces around Bengaluru.
Benefits of Coworking Spaces
Alike the corporate offices, co-working spaces also provide essential facilities such as board rooms, conference rooms, internet connection, private cabins, loo, and other relevant facilities.
You are your own boss. No one can stop you from entering co-working spaces. Co-working spaces are open 24×7 for the start-ups to work according to their flexibility.
If you are an entrepreneur and wishing to move your start-up to a co-working space, you must check out Nomad Spaces which is located at the prime location in the silicon valley of India, Bengaluru.
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