Everybody must have heard the importance of doing work without being blinded by the promise of results. But, not everyone follows it wholeheartedly or even partially. The same applies to start-ups and their owners. And this is one of the primary reasons why every 9 out of 10 start-up fails, especially tech. They either scale up too early or have their fingers placed on too many pies at once.
However, they must navigate through the path to success safely, giving equal importance to all the associated factors. And coworking spaces can provide a helping hand here. These spaces act as a perfect lighthouse for start-ups. If you are wondering how coworking spaces can help tech start-ups, here are 5 amazing benefits that coworking space offers.
1. Manage Unrealistic Expectations
It’s easy as a tech start-up to set unrealistic targets. There are so many stories of tech entrepreneurs hitting the billion-dollar investment jackpot, that it is only natural that other tech Start-ups want the same for themselves. But this is far from reality.
Investors invest in products, and if start-ups lose time just grappling with their idea, potential investors will lose patience rapidly. A coworking environment offers tech start-ups with just the right environment that is lean and product-driven.
They can connect with other community members who have been in their shoes before and can help them set the right goals that will take the Start-up off the ground. Plus, if tech Start-ups are lucky enough to own a private coworking space, then they can easily adopt a lean methodology. A lean methodology requires an environment that fosters investigation, experimentation, product tests, and iterations. Creating this environment requires an office space that helps bring members on the same page and cohesively solve the problem that needs to be addressed. A private coworking space offers all this and much more.
2. Hire A+ People
A seasoned investor once said, “To build a great Start-up, the first thing to do is hire people who are better than the founders themselves.”
A coworking environment is an ideal nursery to choose the right people for a Start-up. It has a diverse talent pool which makes it easier to find the right candidate for the job as one is already aware of the individual’s skill sets and the value s/he brings to the table.
3. Continuous Learning
Continuous learning is part and parcel of a start-up. If we talk about IT sector, every year, there is a new programming language or a platform upgrade that allows you to do things better. This must be integrated into the product, or else there is no way the tech start-up is going to find consumers or investors. Even if it does so, there is little guarantee that they will have the same level of success going into the future.
A coworking space offers monthly skill upgrade classes, panel discussions on innovation, venture capitalist guest speakers on upcoming trends, leadership workshops and lots more. They offer a learning environment that’s beneficial for one and all. And not to forget the free product demos that tech Start-ups can give to other community members and gain important feedback for product improvements.
4. Make The Right Noise
While many might say a good product sells itself, it’s never harmful to have a handful of few promoters for a happy head start. A coworking environment, general or private, offers a perfect set up to get the right set of people excited for your product. And with enough networking, there is every possibility that a tech start-up may end up in a presentation room filled with A-list investors.
There are hundreds of tech start-ups who have earned a fair head start because they chose to work out of a coworking space.
5. Save Operational Costs
The upfront costs for running a tech Start-up is multiple times more than any other start-up. There is software licensing cost as well as security concerns too which further amplify spending. A private coworking space ensures that tech Start-ups can be as prudent as possible with their operational costs. Tech companies of all sizes can pick and choose spaces that best serve their needs free of any cost overruns.
Are you a tech start-up looking for a coworking space that offers you the freedom to innovate and the choice to scale as per your needs? We have some of the most innovation-friendly furnished office space for rent in East Delhi. Together with our community of changemakers, we ensure a coworking environment that is uniquely private, immensely productive and happily works driven.
