Co-Working Spaces: The Perfect Match For Startups
Sparks are flying around the UK, and we don’t mean fireworks or lightning strikes! The entrepreneurial collective has become a force of its own – literally creating a fireball of kinetic energy (which once accelerated is maintained by its own motion).
Collaboration has been the fundamental ingredient, kick-starting everything from co-working spaces (shared office clubs), to tech hubs, accelerators and incubators. The government has been a crucial component as well, lending its legislative support and all sorts of incentives for new business. Corporate lawyers have become expert startup advisors as well, keeping up with all the latest regulations.
With all these benefits and encouragement, how could you fail to succeed?
The Advantages of Co-working spaces
Basically, this concept involves working in large open areas with other ‘like minds’ instead of renting expensive offices on your own. Everything is there for you, from the standard necessities of office furnishings and Internet connectivity, to lots more – depending on the company providing the space.
There might be larger open areas along with private cubbies, meeting rooms with whiteboard walls, and coffee bars. Other basecamp features may include dedicated event spaces, chill zones and cafes – not to mention the intrinsic value of mentorship and networking amongst their memberships. Sharing resources in a positive and creative work environment is a perfect idea for our times, and one with endless possibilities.
What’s the Latest in Co-working spaces?
Let’s take a look at a couple of co-working space providers making recent great strides to provide startups with collaborative square footage:
1. In a move to assist startups with securing work spaces in price-prohibitive London, Central Working partnered this year with British Land to provide 11,000 square feet of space on 3 levels at 4 Crown Place. It was a brilliant bit of collaboration, resulting in the newest addition to this entrepreneur’s club of popular locations in London and Manchester.
“Entrepreneurs know that you need more than just four walls to succeed. They need a community in which they can connect, collaborate and share,” says James Layfield, Central Working’s chief executive.
Their company’s motto is ‘Work Better’ – and they focus on clarity, environment, flexibility and connections. And it’s working.
2. Taking it to the limit – Irish entrepreneur Patrick Walsh, of Dogpatch Labs will soon be expanding their premises in the Dublin Docklands with a massive renovation; literally located right beneath their feet!
The location has a secret. There’s actually a 200-year old iconic Irish vault directly below them, and the Ulster Bank has been solicited by Walsh to develop 8,000 square feet of new space for them. This world class platform will host meetups, workshops, events and ‘hackathons,’ adding Ulster’s innovation team onsite to lend investment expertise to the entrepreneurs.
How Certain is the Future for Startups?
In 2014, there were a total of 581,000 new businesses registered in the UK, topping the last record in 2012 of 526,446. Let’s break this down for greater impact: In 2014 the UK virtually registered a new startup every 1 minute and 11 seconds! So, literally, there’s never been a better time to start your own venture, then today.
Perhaps even more impressive is the fact that the number of failing companies has decreased 6pc in 2014. That’s a big deal. If you like to watch the numbers, you might want to check out StartUp Britain’s tracker. (Just click on our image directly below, and click on the red button near the bottom of their home page.)
We checked these numbers ourselves on 31/7/2015, and the following results came up for new startups registered with the UK’s Companies House so far this year. If this doesn’t get your wheels spinning, nothing will!