Co-working is a concept that was thought of as a “fad” before. However, today, it is receiving a multitude of interest from the general masses and the governments of different countries alike. It is thought that around the world, the incubation of startups that make difference to the tech market of this world tomorrow happens in co-working spaces. It is not like the giants like Google, Facebook, or Apple were started out in separate high-tech offices, their ideas were, too, a product of working in closed shared spaces.
In Southeast Asia (SEA) especially, the notion of co-working is increasingly being adopted, countries like Indonesia are taking measures on the government level to establish places around the country that could be shared by entrepreneurs.
The reasons why investments are being carried out are many. But the foremost is that as more self-employed people are escaping the premises of their homes to work in a place that offers professional amenities, there has been a rise in the need of shared working places that could accommodate them. To add statistics to it, the rise in the self-employment is at a steady rate which by 2020 would constitute of 40% of the workforce of U.S and around the world, and the corresponding increase in the workplaces per year is about 22%.
That being said, let us explore further how co-working spaces are helpful to the entrepreneurs and how Southeast Asia is receiving this notion.
Co-working Spaces are ideal for startups
For a startup, owning a separate place is not feasible. As it only just “starts”, it barely could afford to lease out such a place for its offices. Although in every country of SEA the leasing laws and the intervention of the government is at different levels, it still doesn’t prove to be an ideal first step for the startup. Saving some dollars can always result in investment in another place for the betterment of the company. In this regard, co-working spaces can come in handy. There’s no need to lease out anything. Instead, anyone who wishes to work in the premises only needs to pay a monthly, hourly, or even, on the instant of place usage. Simple as that.
They provide all amenities
As an entrepreneur, thinking about investing in furniture, appliances, and other office-related amenities should come in the latter stages of success. But before that, you should be only focusing on how to excel as a startup and put all of your energies in it. You don’t need to have a separate building for that. This is what co-working spaces are for – to give you a place where you can connect with people, expand your idea, and evaluate your needs for the future without worrying about a coffee machine, high-speed internet, bookshelves, desks and chairs, and everything else. The co-working places are there to provide you all the amenities included in the fee you pay.
Co-working facilities are great for collaboration and improvement
For startup owners as well as freelancers, working in isolation is something that doesn’t let them grow as individuals of a community. They don’t get time to mingle with the people that share their motivations. As we know the importance of working with like-minded people for synergy and social development, it becomes increasingly crucial for entrepreneurs and freelancers to go to work in a co-working space. That way, they’d get their jobs done all the while meeting people that can improve their ideas or assist in their endeavors. They could actually find great people to connect with and exchange contact details for the better of all those who are involved. This positive interaction would help them to grow as the leader of the tomorrow in the tech industry.
Companies that are too large to work from their home can see themselves shrouded in benefits if they choose to work in a co-working space. No matter where in the world, any shared space can attract talent pool that can be hired to increase the influence and the productivity of those companies, not to mention the scalability.
Co-working facilities can help you stay focused
Any entrepreneur that has a team but not a place has a hard time carrying out tasks that affect the performance of his nascent idea. Not only him, but his team also might find psychological pressures and distractions easily barring their way of success into the future. As private work-places help in staying focused on the endeavor so does the shared working spaces. These places are meant to stay professionally relevant. Therefore, they would provide you with enough room to stay sharp and focused on realizing your dream tech.
Well, that was all about the importance of the shared working spaces for any entrepreneur. Seeking these and many other advantages, the creation of the places that encourage to co-work is in rapidity. SEA, particularly, is the leader.
How is co-working proposition received in Southeast Asia?
In SEA, co-working has seen a major bloom as, according to Forbes, the environment or the startup ecosystems in the region are fueling it. First, it is the multitude of culture itself in the Southeast Asian countries. Different people from different walks of life easily accept each other and co-work easily. There’s a particular heterogeneity in the markets of this region that can be seen nowhere. Second, tech enthusiasts and businessmen alike are investing in greater quantities in startups. Demography has it that, as compared to the rest of the world, they are younger.
Because of the conditions that are apt for young minds to shape their ideas, co-working space providers like WeWork have taken a keen interest in the SEA markets. Countries like China, India, Singapore, Taiwan, Hong Kong, Vietnam, and the Philippines have become a hub for allowing affordable spaces to the budding entrepreneurs. Particularly, Hong Kong has been lined up with top tech locations (Silicon Valley and New York) among the rest of the SE Asian countries.
According to Forbes, the growing consumer base of the region is another aspect that has been encouraging the growth of the startups and thus the co-work spaces. Impact Hub and The Hive are among the work-spaces that have allowed a greater access to the networks in the cities like Bangkok, Singapore, and Manila.
As we see in the future of co-working, it is evident from the precursors that are present today that Southeast Asia can come up as a breeding bed for startups in uniquely designed co-working spaces. However, as an individual entrepreneur, if you have the ability and the resources to lease out your own space, then there’s no reason to stop. This is preferred especially to those who deal with sensitive consumer data or want more professionalism added to their environment.