Everyone’s heard of the backroom billionaire that started in their Mom’s Garage. Whether its Google or Facebook, many startups had incredibly humble beginnings. The recent explosion in startups has spawned a generation of dreamers looking to revolutionize our day to day lives. More and more these companies are inhabiting coworking spaces – large offices where you can rent a desk day to day and share the space with other like minded individuals.
These spaces provide the perfect hubs for innovation. They can also provide support and guidance to the confusing task of starting your own business. Here’s three major reasons why co-working spaces are perfect for startups:
Community Kills Loneliness
If you’ve just set out on your path to startup stardom perhaps it will have slipped your mind the entire process is quite lonely. Ask any seasoned entrepreneur and they will tell you they actually miss the inane chatter of a large office. Running into your colleagues at the water cooler is sometimes more than just an opportunity to exchange gossip, it’s an opportunity to exchange business contacts, ideas, and moral support. Sure – the bustle can drive you mad at the time, but when it’s gone there’s something missing. That thing is community.
Working alone every day, or in a group of two or three can be isolating. A massive reason to cowork is the community feel it brings. In fact, in a recent harvard business review study they found that 89% of people report they are happier since they joined a coworking space. 89%! As wellbeing should always be key to a company’s success that alone should make you want to join a coworking space.
Startups In Poor Locations Fail
There’s a reason everybody moves to the city after college. That’s where it’s happening. You need to be in the heart of the action. Paul Graham – the startup Guru and cofounder of the startup incubator Y Combinator has an interesting blog post on Why Startups Fail (you can read it here). One of the 18 reasons he lists is they are in the wrong location. You do not want to be working from some isolated basement. There are no experts there. Coworking spaces for startups can be found in the best cities, NYC, London, Silicon Valley, Vienna, and Berlin for instance.
I mentioned it briefly above – but the experts are in the big cities. This is the final reason coworking is perfect for startups. The networks you can build with other like minded experts can be invaluable. Within these spaces is usually a whole host of talent from other startups with similar ideas to freelance writers and designers who will give you top quality work for a fraction of the cost of huge marketing firms. These networks will be invaluable to the start up as a source of idea generation and potentially investment.
If you are a start-up without a space yet, we would be happy to have you join us. You can connect to any of our global spaces. For entrepreneurs and start-ups in Vienna come to Impact Hub Vienna for a tour.