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Tag: coworking benefits

  • Popular Types of Coworking Spaces That You Can Rent

    Great work comes from a great team and environment. One can work for a few hours and start feeling drained. Another can work for the entire day and still feel productive.

    Environment and companions play an important role in influencing one’s work. Different people have different needs and preferences about their environments.

    So, it is possible for people to rent spaces as per their choice. For example- certain businesses like a professional environment whereas startups these days prefer a conventional setup.

    There are various types of coworking spaces one can rent. These include corporate, conventional, minimal, private, etc.

    What are Coworking Spaces?
    What are the Benefits of Renting a Coworking Space?
    Types of Coworking Spaces You Can Rent

    What are Coworking Spaces?

    It is an environment where people from different companies share a common space to work. It is like a community centre where people from distinct backgrounds or professions can work together on their own.

    Sharing the same office space is cost-saving. It is because of common infrastructure, equipment, utilities, services, and more.

    Most of the spaces come with all the basic essentials for working. For example- Wifi, printers, separate space for meetings, food, etc.

    A coworking space allows people to share ideas and connect with each other. It is the most suitable for students, freelancers, travellers, and remote workers.

    Co-working Spaces Explained

    What are the Benefits of Renting a Coworking Space?

    The pandemic made remote working a necessity. Some people feel great about it whereas some do not. There are many people who miss an environment full of colleagues. This gave a big boost to the idea of renting coworking spaces. It comes with many benefits; some of them are as follows:

    • It increases the amount of productivity. A person can stay away from the distractions in the house and complete the work more efficiently.
    • It gives you the opportunity to network. In these spaces, one gets to interact with people from different organizations.
    • It offers flexibility. There is no fixed time to enter and leave this space.
    • It helps to build a work-life balance. It is important to keep a difference between home and work. This is exactly what these spaces provide.
    • It is cost-effective. One does not have to pay for the equipment or services that they don’t want.

    Types of Coworking Spaces You Can Rent

    From a full-grown company to an early-age startup, everyone likes a coworking space. Everybody has different needs and choices related to their space. In today’s time, there is probably a coworking space according to every need.

    Here are some of the types that you can rent:

    Professional Spaces

    This kind of coworking space gives you the actual office feel but with flexibility. In this, the environment is more private and professional in nature.

    Here the lighting and atmosphere are sophisticated. There are all the facilities like internet, desks, private rooms for meetings, food, beverages, and more.

    This type is the most suitable for the people who like to keep their things professional and private.

    Open and Casual Spaces

    This is one of the most popular types when it comes to coworking. This offers a place for people from different organizations to work. It is different from the professional one because it does not offer much privacy.

    This is like an open space. It offers a shared environment with all the basic amenities that one needs to work. These coworking spaces tend to have quirky, casual, and energetic vibes.

    This type is appropriate for the ones who like to interact and connect with more people. Also, the ones who don’t prefer too much professionalism.

    Private Spaces

    This type is quite different from most of the other coworking spaces. In other spaces, people come from different companies and share the space.

    Some people feel that working around people from different companies is not good. Such people prefer private spaces. This cannot be rented by a single person; it needs a group.

    This has private rooms, a kitchen and more that is not available for others. A group can rent it for a specific time without making any long-term investment.

    This is quite expensive but works well for the ones who like to keep things private.

    Industry or Branch Specific Spaces

    This is a great type of space for the ones who like to be around people with similar interests. In this kind, different spaces are available according to different professions.

    These are made by keeping industry in mind. For example- An artistic co-working space- where all kinds of artists can work under one roof.

    Such spaces are niche-oriented. It can offer both an open and professional environment. It is the most suitable for creatives, law firms, and more.

    Incubator Spaces

    This type of coworking space is like a breeding space of ideas and innovations. It offers a casual yet industrious environment full of energy.

    These are open to all. Sometimes it comes with small cubicles. The like-minded people who want to connect can share the same one.

    It does not have a professional environment. Also, the best thing is that one can enjoy the working essentials at low costs.

    This is the top-most preference for developers, engineers, and early-age startups.

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    Meeting Spaces

    This is a perfect space for people who wants to rent a workspace for short time. Nowadays, there are many freelancers and small startups are emerging.

    They do not need a space all day long. But they do have meetings that need a private space. So, this coworking space has meeting rooms that allow people to rent the place for meetings.

    Here, the people can come together for meetings, planning, collaborations. For this, they can rent it on the basis of weeks, days, and even hours.

    This is a budget-friendly type that is suitable for freelancers, bloggers, small companies, etc.

    Conclusion

    The initial concept of coworking spaces came into existence in 2005. Since then, its concept has evolved a lot. It was the pandemic and rise of a remote working culture that gave a huge boost to this concept. People have almost forgotten what a real office felt like.

    The pandemic removed the line between home and work. Everything just got mixed up. Many people found it difficult to focus and give their hundred per cent to work. So, these coworking spaces proved to be a rescue.

    All these spaces come with the essentials of wifi services, office equipment, amenities, food, and other services. Now, there is a type of coworking space for almost everyone’s needs and preferences.

    FAQs

    What are the different types of co-working spaces?

    Different types of co-working spaces are:

    • Professional Spaces
    • Open and Casual Spaces
    • Private Spaces
    • Industry or Branch Specific Spaces
    • Incubator Spaces
    • Meeting Spaces

    What does coworking space offer?

    A coworking space is a shared office model that come with desks, chairs, and internet as well as access to meeting rooms and breakout spaces.

    What are the best coworking spaces in India?

    Some of the best coworking spaces in India are:

    • DevX
    • Wework
    • Awfis
    • 91Springboard
    • CoWrks
    • Innov8
    • Regus
    • Workafella
    • Cowork by Investopad
    • Smartworks

  • Coworking Space – Facilities and Benefits

    With the state of the world at the moment, most companies are opting for a coworking space instead of having a building all to themselves. This saves them on the rent and utilities plus it’s fun to work with different companies in the same space! A coworking space is a space shared by more than one company allowing saving on certain costs. Here are some facilities and policies that should make the ideal coworking space successful (in my opinion):

    24-Hour Access

    Entrepreneurs sleep, but entrepreneurship never does. Any entrepreneur may need the space to work late at night. So give 24-hour access to the office with the ability to buzz in guests after hours.

    Guest Rooms with Bathrooms

    You never know when someone is in such a situation that they need a guest room to spend a night. I am not saying you need to convert it into a hotel, but you still need a spare room to be always prepared.

    Free Invitation for Entrepreneurs and Creative Professionals

    Invite entrepreneurs and other professionals. Let your users suggest who you should invite. It markets the co-working space. Also, divide the space into zones to create different vibes.

    Lots of After-hours Event Programs for Tenant Interaction

    Event programming is a programming paradigm in which the flow of programming is determined by the events. Not just technically, you should do this to make the environment better too.

    Tenant Logos on the walls

    Marketing is the blood of the business. So, make sure you do everything to market your brand. Many people use the co-working space to shoot professional videos. It will market your space. However, don’t stuff the whole office with your logo. One at the entrance and some on the walls are enough for the marketing purpose.

    Graffiti for Brain-storming

    Graffiti is a sign of a young creative mind. Having one on some walls of your co-working space will help people think creatively. You should also leave some blank white walls as some people just like to stare at the plane wall to think differently.

    Lots of Whiteboards

    You cannot think of a startup without a plan. And plans need to be visually represented. To write their imaginations, people will need whiteboards with wall-mounted markers & erasers

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    Casual Group Communications Areas

    Professionals are not just colleges, they are friends too. And I am sure you don’t want some friends to disturb everyone in the space. So it is better to have a separate area where groups of people can chat with each other.

    Closed Sound-proof Rooms with Great Acoustics

    The space can have light music in the background or white noise for people to stay focused. You can divide the area with different background noise for different kind of people. Do not forget to make the space soundproof.

    Private working Nooks

    Some people may need to be alone to focus for some time. It will be great if you have a corner room with bright lighting where anyone can spend some time.

    Dorm Rooms for Individuals to Brain-storm

    Co-working spaces are much more important for freelancers than other business entrepreneurs. So, you need to provide some good service to freelancers too. A personal dorm room where they can work peacefully will make the freelancers happy.

    Food Court

    As the entrepreneurs and freelancers will not be able to go home for a break or go out somewhere, due to lack of time, they will need food at the space itself. You need to provide good quality food to them with a prepaid card and credit payment plan.

    Junk-food and Snack Bar

    Junk food may not be healthy, but they are great when you are in hurry but need to eat something. Also, the snack bar will make it even faster for them to have a little treat while working.

    LAN Gaming Ready Work-stations

    Gaming is life for almost all the tech entrepreneur. Many people play video games to be stress-free. So, you have to have a gaming-ready work-station with a good LAN connection.

    Acoustically-isolated Telephone Booths

    As we previously mentioned that you need to have either white noise or light music in the background but it is not always good. Some people may need a space where they can peacefully talk on phone. So, it is important to have a dedicated place which will be noise free and where everyone will get a good connection.

    A Studio for Podcast/Video Recording

    Youtube and podcasting are becoming very popular these days. Hence, you need to have a studio in your Co-Working space where people can record their audio and work on it.

    A Green Screen Section in that Room

    As I said, Youtube is becoming popular, there is a strong possibility that you can have some Youtubers coming to work on their projects. However, people don’t record in old style these days. So, Youtubers will be looking for a green screen where they can record the video and then easily edit it.

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    Super-fast WIFI

    This one is the most important. Each and every person who will be coming into your space will need the internet every second he/she is in there. So, you need to have a super fast WiFi connection.

    Lots and lots of wall Power Sockets

    No, No! We cannot forget it at any cost. You need to have at least one power socket after ever 1 feet distance.

    Free-flowing Caffeine in Multiple Varieties

    Coders consume more coffee cups while creating software than they write codes. So, you need to provide the caffeine into many forms. For instance, a machine should be capable of creating black coffee as well as normal milk coffee.

    Free Snacks in the Fridge

    Don’t expect them to be so lost in their work that they will not even feel hungry. You need to keep some free snacks so that people can have something whenever they feel peckish.

    A High Capacity Microwave and Grill in the Cafeteria

    People may bring their own food and want to warm it up. So, a microwave will be more than enough for them. You can also have some BBQ grill in there.

    Either Warm White or Daylight Diffuse Lighting

    Very bright light can be very annoying to some people. Having a warm light will be a great help to some eyes.

    Comfortable Ergonomic Chairs and Desks

    Office ergonomic chairs and desks are totally different from normal desks and chairs. So you need to choose some good quality ergonomic chairs. Remember, a bad choice can affect someone’s health.

    Sleeping Bags

    Might sound stupid, but there can be some situation when someone needs to remain at the office. So it is better to be always prepared.

    Projector and TV in each Networking Room

    Projectors or TVs are important for corporate meetings. People who need them will probably from mid-sized corporations and so, they can be a big lead for you.

    Smart Classroom Whiteboards for the Projectors

    You may have seen them in the school’s smart classrooms. They are touch sensitive and can be used as a touchscreen for projectors.

    Easy Access to Public Transport

    Not everyone will have a personal transport. Also, it not even good to have one unless it is electric. So, it will be great to have the office which will be near some bus station or can be easily located by cab drivers.

    Location should be near Cafes and Shopping complexes

    Some people may not like the eateries of your cafeteria. Having the space office near some restaurants and cafes will be a great plus for entrepreneurs.

    Game Room

    A game room with toys like LEGO and remote controlled toys to play with will make your co-working space the coolest place to work. That Game room should also have board games, pool table, foosball, and video gaming consoles too.

    An Auditorium to Host Events and Movie Nights

    It will just make your space more fun for people who don’t like gaming. Also, you can hold some events there like a speech by some entrepreneurs, etc.

    Resident Advisors and Mentors

    If you can provide mentorship to your customers, what could be better than that?

    Expandable/Contractable Space Arrangements

    Someday, someone will need more space than usual. You need to be ready.

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    Resident Lawyers

    You may need them someday. So have some good contacts.

    Mailboxes to Collect Postage

    Many of your users will ask you to receive postages on their behalf. So, you can simply place a mailbox to collect all the mails in one place.

    Demo days for Graduating Companies

    Some people don’t believe so easily. So, you need to provide them some demo days to experience the co-working space.

    Printing Shop

    Provide an in-house printing shop in the coworking space retail block along with the food court. It will make you some bucks and serve your user as well.

    Regular Chair Massage Appointments on Call

    Just another cherry on the cake. But it will be useful and your users may appreciate it. Just make sure to provide it at a reasonable price.

    Printer in every Room

    Yes, you can provide a printer in each and every room and ask them to bring their own paper to print on. Also, they will pay for new cartridges.

    If it’s a very large space like Google’s, scooters or Segway:

    Saves time in traveling withing the facility plus its a whole lotta fun!

    Other Facilities :

    • Attended reception area for guests with seating
    • Fast video conferencing equipment to skype partners, mentors, and investors
    • Frequent value-adding visitors such as VCs and other mentors
    • A day room for taking nap.
    • An in-house presentation/graphic designer
    • An in-house filmmaker
    • A brand that can help validate their credibility
    • An online wiki and/or physical bulletin board
    • No-smoking environment
    • Pet-friendly/respectful policy (for those who do/do not like them)

    Sounds like a dream, doesn’t it?

  • Innov8 Coworking – Expanding the Culture of Coworking Space with Style and Sophistication!

    The concept of co-working space dates back to 1995. But it wouldn’t be wrong to say that it has gained popularity in the last decade. To make the co-working industry more sophisticated, Ritesh Malik founded Innov8 in 2016.

    Innov8 is a premium coworking space provider in the country. In recent times, it has emerged as a leading brand in the coworking space standing on a strong footing in the Indian startup market space. It’s not widely known but India is the 3rd biggest startup hub in the world! This germinates the apparent need for relevant workspace in the country.

    Innov8 – Company Highlights

    Startup Name Innov8
    Headquarter New Delhi, India
    Sector Real Estate, Co-working
    Founders Ritesh Malik
    Founded October 2015
    Parent Organization Innov8, Inc.
    Website innov8.work

    About Innov8 and How it Works
    Founders of Innov8 and team
    How was Innov8 Started?
    Innov8 – Startup Launch
    Innov8 – Business Model and Revenue Model
    Innov8 – Competitors
    Innov8 – Funding and Investors
    Innov8 – Growth
    Innov8 – Future Plans

    About Innov8 and How it Works

    Innov8 was launched with the vision to provide the best infrastructure in town & supremely innovative design facilities to the members working in the workspace. This will lead them to work to their fullest potential while leading an equally balanced work-life with the finest and top-notch office spaces.

    Innov8 Website
    Website

    All in all, Innov8 provides cool and sophisticated co-working spaces to facilitate the process for the startup ecosystem and the merging freelancer’s culture in the country. Since its inception, it is based on the core value of building world-class products at a superiorly value-conscious price with top-notch service. This is now the fundamental strength of this venture. The company, by and large, focuses on scaling its business model to deeply assist in integrating more verticals under the shared economy space in the country.

    “At this time, Innov8 coworking space is helping startups and freelancers by providing them an ergonomically designed workspace that has exclusively been curated for better work-life.”, says the founder, Ritesh Malik.

    Founders of Innov8 and team

    The founder of Innov8 is Ritesh Malik. He is a doctor by profession and is a graduate of Dr. MGR Medical University in Tamil Nadu.

    Ritesh Malik - Founder and CEO, Innov8 Coworking
    Ritesh Malik – Founder and CEO, Innov8 Coworking

    Dr. Ritesh Malik is an Indian doctor, entrepreneur, and investor. He runs a virtual Startup Accelerator in India, currently investing in and mentoring 11 startups across various industries. He was the first investor & mentor of FIN ROBOTICS, which became the first Indian hardware product company to raise a Series A venture funding.

    He did his MBBS from a rural medical college, Theni, and an internship from Ganga Ram Hospital in Delhi. His parents are doctors; his father is a pediatrician & mother is a gynecologist. They have a secondary healthcare hospital in Delhi called Radix Healthcare. He also studied for a short time at the London School of Economics and completed a semester at Harvard University.

    How was Innov8 Started?

    If you’re wondering how was Innov8 started, we have got you covered. All of it started while founder Ritesh was in medical school and he sort of developed a keen interest in the divine field of entrepreneurship. During his college days, Ritesh had successfully managed to attend a short Marketing Science 101 course at the prestigious London School of Economics during one of his summer breaks. That’s where he learned deeply about how Silicon Valley was booming and buzzing with startup ventures and sustainability modules every day.

    It is also during this time that he founded Guerilla Ventures in 2013 which is an angel fund. This venture has invested in more than 45 startups across various sectors including healthcare, information technology, innovation, SaaS, etc. After being a successful investor for quite a few years, Innov8 owner Ritesh Malik again felt the entrepreneurial itch! And that’s how he went on to start the startup in Delhi in January 2016.

    Innov8 CEO and founder Ritesh says: “The office space was in the heart of Connaught Place in Delhi, and it was fully sold out within 30 days.”

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    Innov8 – Startup Launch

    Soon after Ritesh launched Innov8, the venture was picked up by Silicon Valley incubator Y Combinator for the 2016 batch.

    “We were told we should do large centers because with small centers we will not be able to become a $1 billion revenue company. At YC, we learned that to be huge, we need to have large campuses,” said Ritesh Malik, owner of Innov8.

    Followed by this event, the startup went on to set up a 500-seater campus in the IT hub of the country, Bengaluru, which also sold out in just two months. As of today, from typically 25,000-27,000 square feet co-working spaces, the company is gone further deep in the game and is now setting up 50,000 square feet spaces around the country.

    Innov8 Logo
    Innov8 Logo

    Seeing this level of the upping game, it wouldn’t come as any surprise to us that Innov8 is now aiming to do one lakh square feet workspaces soon. They have been successful in creating a coworking space in Hyderabad for about 80,000 square feet. This was the time when established players like WeWork had already established its space in the city.

    The startup has immense competition in the coworking market but the rising demand for coworking spaces always exceeds the supply of these spaces. Hence this is where they step in and conquer. Innov8 Coworking was acquired by OYO for $30 million on Mar 15, 2019.

    Innov8 – Business Model and Revenue Model

    Innov8 typically operates on an asset-light business model which means that it leases the working spaces for up to 10 years.

    “Our focus is on doing larger campuses because we feel that if we do larger campuses in a particular area, the economies of scale will kick in and we end up making more money out of it, as well as the community building factor plays along with it,” added Ritesh Mallik, the founder of Innov8.

    Innov8 – Competitors

    Though the competition is huge and cut-throat in the coworking space market, the company’s biggest competitors are the ventures called Awfis and 91springboard.

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    Innov8 – Funding and Investors

    The funding amount of Innov8 lies at $4 million. In 2018, it raised its pre-Series A round of funding for $4 million led by the Credence Family Office. Also, the existing investors participated in this funding round.

    The company is backed by high profile angel investors including Vijay Shekhar Sharma, Founder, Paytm; Rajan Anandan, Head, Google India; Anand Chandrasekaran, Global Director of Platform and Product Partnerships, Facebook; and Girish Mathrubootham, Founder and CEO of Freshworks, among others.

    Innov8 Coworking was acquired by OYO for $30 million on Mar 15, 2019.

    Innov8 – Growth

    • Operates in more than 13 cities across India
    • Has an overall capacity of 6,000 seats
    • Has a wide network of more than 190 clients
    • Its clients include RBL Bank, food delivery major Swiggy and Vice Media to only name a few
    • Its centers are built with facilities like nap rooms, rooftops, recreation facilities, refreshments, and printing services
    • Has approximately 95% occupancy across all centers

    Innov8 – Future Plans

    “We have almost 95% occupancy across all our centers, which is one of the foremost markers of our success. With the domain expertise our investors bring on-board, we look forward to leveraging their support, as we build a leading platform offering collaborative space for growth and innovation in India. By the end of this year, we will have 24,000 seats, with 30-32 centers” concluded Ritesh Malik.

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