Startups thrive in coworking spaces. The number of coworking workspaces in Hong Kong has increased rapidly from one office in 2009 to over 50 offices in 2016. In a recent survey conducted by Regus, 80% of Hong Kong respondents agree that co-working spaces are ideal environments for start-ups.
What makes coworking spaces a magnet for startups? In a highly competitive and costly business environment like Hong Kong, how do coworking workspaces help startups survive and thrive in pursuing their entrepreneurial dreams?
Let’s see what Hong Kong startups have to say about coworking workspaces:
Survey results also find the benefit of cost-saving (83%) is the most acknowledged incentive that drives Hong Kong professionals to consider using coworking spaces. Without long-term contracts or hefty deposits, businesses – particularly startups – do not have the stress of funding a huge initial capita outlay.
A coworking space may offer to take care of some of the more mundane tasks of running a business. They may provide services catering to small businesses, including administrative, accounting, digital marketing, legal consultation. It is attractive for startups which are short on hands to handle daily admin work and want to stay focused on their product.
- A community for entrepreneurs
A coworking space is a "knowledge-sharing" platform. Here, every member is a part of the community. Startups connect with other members, share expertise, and collaborate on projects. There is no hierarchy. Members can mingle and brainstorm with each other.
- Business Networks
Startups need social networks. They can search for prospective clients and partners through the community. The community provides a platform to connect startups with investors and clients by holding events from time to time such as guest talks, dinners and pitch nights.