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Future of Coworking - Kospace Founders Survey Results 2016
- 1. Kospace Founders Survey Results MAY2016 KOWRK.COM This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.
- 2. Kowrk.com is enabling TheFuture of Work™ by connecting users with coworking spaces, business centers and other providers of shared offices
- 3. Foreword Kowrk.com believes thatthe coworking industry will be shaped by the vision and views of Founders of coworking spaces. Thus, to identify thoughts and trends in this industry, we surveyed the Founders of such spaces in Q1 2016. Thank you for participating in our research! With your valuable inputs, we have been able to understand not only your overall experience as a coworking space, but also what can be expected over the next 5 years in this industry. In the following slides, we have shared a synopsis of insights gained through analysis of responses received from multiple coworking spaces spread over ten cities across the globe. We hope this deck helps you gain a perspective on what has been working for other coworking spaces and support you chart your own journey forward!
- 4. Key Takeaways High GrowthPotential: Coworking will grow as more users are made aware of the concept and benefits of coworking. In Asia, solopreneurs & travelers are an untapped market, whereas in the Rest of the World, digital nomads will continue to be a source of growth. Peoples’ Power Matters: Founders and users are critical differentiating factors driving the success of coworking spaces. Spaces with founders who have strong professional networks and users who are serial entrepreneurs will be at an advantage. Continued Evolution: True to trends we are witnessing, coworking spaces will evolve multifold. Specialized spaces that focus on specific types of users and franchisee-based, large scale models will emerge.
- 5. Survey Results: DetailedAnalysis
- 6. Inspiration to starta coworking space Personal need for professionally healthy atmosphere to nurture and share ideas with like minded people Access to investment opportunities in latest innovations and startups Support and stimulate entrepreneurial growth for small businesses, non-profits Provide large spaces within budget to startups and small businesses To get rid of ‘Cabin Fever’ from working at home alone Build local entrepreneurship community by providing the opportunity to network
- 7. Challenges while settingup the space Education about the concept and benefits of coworking spaces especially in tier 2 and Asian cities Building customer base to become a profitable venture Demand higher than planned capacity in tier 1 cities Demand Side Supply Side Nuts & Bolts Capital intensive business Continuous investment to add amenities in pursuit of customer delight Evading brokers/ brokerage cost to lease spaces Managing logistics with the building owners Automated day to day operations management e.g. integrated attendance system Seamless e2e customer experience e.g. direct booking of meeting rooms from the website
- 8. Strengths that enabledsuccess Background in media and PR More than 70% of coworking space founders listed their personal national and international networks across various industries as the key to their success. Other major enablers were: Access to Capital / Funding Diverse skill sets Deep market and cultural understanding
- 9. Differentiations that makeyou stand out Users •Expat community •Vibrant, serial entrepreneurs •Educationalists Founders •Strong personal networks •Partners in growth •Community builders People Space •Professional, orderly, global standards •Innovation-oriented •Eco friendly, heritage, or thematic spaces Environment •Events to nurture startups •Investors-in-Residence •Specialized shared services Place
- 10. Users of coworkingspaces Globally, professional freelancers and small companies are the leading types of customers at coworking spaces. However, in Asia, small companies and early stage startups form the majority. 1 2 3 4 5 6 7 8 67% 83% 50% 50% 17% 50% 33% 17% 60% 80% 40% 100% 40% 20% 20% 80% %ofcoworkingspaces Types of Customers at Coworking Spaces Asia Global 1 Early Stage Startups 2 Small companies 3 Digital Nomads 4 Professional Freelancers 5 Tourists & Travelers 6 Working Executives 7 Companies needing workspace 8 Others HIGHLIGHTS: In mature markets, coworking spaces are able to attract a diverse customer base, ranging from non-profits to students to solopreneurs However, qualities of the aspirational customer base remain similar across geographies, for e.g. driven, creative, digital, energetic entrepreneurs who are keen to develop themselves and their community are preferred
- 11. Future of coworkingspaces in the next 5 years Specialization Coworking spaces will lean towards creating communities by specializing in the startups they house, e.g. fintech startups, fashion related, maker-spaces etc. Large franchises Rather than small, local hubs, coworking spaces will become franchise chains, providing a globally consistent experience Essential ideating hub Coworking spaces will continue to be home base for startups providing opportunities to ideate and innovate with like minded people
- 12. Network NetworkNetwork Perfect your Elevator Pitch Be Passionate, Be Persistent, Be Pragmatic Pivot if needed Follow big ideas that can pay your bills now! Know when to use your exit strategy Be open to receive feedback & suggestions Advice to aspiring entrepreneurs
- 13. Kowrk will bein touch! Based on your inputs and our experience of working with multiple coworking space owners, we will be sharing ideas, marketing materials and other resources to help your venture be a success! Look out for: Networking events in Asian countries Blogs & articles based on our analysis of prices and other trends in coworking across countries Reusable collaterals like infographics for you and your users Connect with us to receive these and more !!! This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.
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