4 Reasons Coworking Is Great for Growing a Startup

It’s hard to scale a startup because that’s when you realize you have a real business a stake and there are much more expectations and a lot more resting on the line. It can be slow to scale a business as well; while some grow quickly, others take years to expand. One of the new options available to startups is coworking, and companies are leveraging this tactic to boost their growth quicker. Why is coworking so good at quickly scaling a company? Here are the top 4 reasons why.

1. People can work when they want to.

People don’t necessarily want to work 9 to 5 jobs, or they’re not at their most productive during this time, even though that’s when most businesses operate. When you have employees that want to start at 7am because that’s when they do their best work, and another wants to work later into the night, it can be difficult to handle that in a classic office set up. There are two main problems with it: the first is that there are security implications with leaving the office open at all hours, and the second issue is that different employees will have different commutes so it would be difficult for their arrivals and departures at different times.

Instead, with coworking, you can have employees work from a number of different locations, and reduce your commuting practices. As Tammy Ludlaw, a communication manager at Brit Student and 1Day2Write explains, “you can also allow employees to work whenever they want and they’re the most productive, because most coworking space are open 24/7 and secured by the building owners. This maximizes your employees’ productivity.”

2. You can have great collaborations with other professionals.

When you’re working in a single space with your colleagues, it helps to form good connections with them. However, this doesn’t allow for new perspectives and creativity or innovation to shine because you’re too similar. Scaling a startup means you should be very creative and energetic to find inspiration. One of the best ways to do this is to be exposed to other companies in a similar industry.

In a coworking environments, you’re constantly surrounded by opportunities to meet people with fresh perspectives. Even if you’re in completely different industries, you can be inspired by approaches and ideas. It also helps from a mental health aspect to leave your bubble and find that there are other businesses out there with similar issues.

3. Your employees will be happier and more engaged.

For these first two reasons, and many more, coworking increases employees’ happiness. By having more control over when and where they work, a shorter commute, and opportunities to meet new people, people tend to be more excited about work. Having happy and excited employees boost productivity and it’s just what you need when scaling a startup. When you want to grow, you often can’t rely on your team working their regular hours at their regular pace, you need extra effort, creativity, and work, so the best way to have a workforce that’s interested in working longer weeks and putting in more effort is to make sure they’re happy and motivated.

4. There are no costs when the space isn’t in use.

When a business rents office space, it’s on a monthly if not annual basis. This is only worth it if your workforce is there all day, every day. If employees are on vacation at the same time, you’re still paying for their spaces even if they’re not being used. The same goes for a company business trip. Coworking spaces, on the other hand, are much more flexible with their arrangements. Phil O’Hara, a business writer at Australia2Write and Next Coursework, shares that “managers can agree with the owners on a space that they need for which dates and for how long. If one space isn’t used for a few days, the company might not need to pay for it.”

Coworking is a great option to quickly grow a startup for these four main reasons. If you’re the owner or manager of a startup, think about how a coworking space could work for you, from your budget to your employee happiness and productivity.

Michael Dehoyos, a business expert at PhD Kingdom and Academic Brits, shares insights and suggestions with startup companies and entrepreneurs for expanding their business, establishing their marketing strategies, and managing their workforce. He also writes for the Dissertation Help blog.

Ukrainian Elite Meets @ BootUP

 

Over the past months, we have been privileged to have many top Ukrainian events at BootUP, including the first Silicon Valley pitch night for Ukrainian startups with participation by the Ukrainian Venture Capital and Private Equity Association (UVCA) and a visit by the National University of Kyiv-Moyhla Academy.  Last week, Silicon Valley’s Ukrainian elite met at BootUP, organized by Marianna Bonechi. This influential group of Ukrainians in Silicon Valley, leaders in their fields, will meet regularly to engage on topics relevant to their community at home and abroad. Participants included: the Consul of Ukraine Oleksandr Krotenko, responsible for Trade & Economic Affairs; the 2017/2018 Cohort of the Stanford Ukrainian Emerging Leaders – Oleksandra Matviichuk, Center for Civil Liberties and Euromaidan SOS; Dmytro Romanovych, Delivery Office of the Cabinet of Ministers of Ukraine; and Olexandr Starodubtsev, Prozorro;  as well as entrepreneurs – Vlad Voskressensky, Founder & CEO Invisible.io; Sasha Reminnyi, Founder of StepShot; Dimitri Lisitski, Co-Founder of Influ2; and many highly skilled tech professionals working in senior positions in the area. It was a night filled with brainstorming and vibrant dialogue about how the Ukrainian Silicon Valley community can better support each other by creating an intellectual and business exchange hub, building a stronger bridge to Ukraine by supporting Ukraine’s startup founders. BootUP is ready to help by providing a place for this group to meet, as well as a platform to assist Ukrainian startups to achieve success in Silicon Valley.   

BootUP-Ukraine is on its way!

Come Experience the “Buzz” at BootUP!

Spring is booming at BootUP!  Our beautiful patio is open for our community to enjoy – sure, you’re working but it feels more like an innovation resort – sunshine, cushy chairs, sparkling fountain, shady lawn, lovely trees – with a special feature – the vibe of startups, founders, serial entrepreneurs, corporate innovators, global delegations. We call it “home” and our house is buzzing with brand new startups and global teams moving in, existing community members expanding significantly, mentors, investors, etc. Our monthly week-long bootcamps attracting founders from all over, and workshops with our Corporate Innovation clients add to the buzz!  

Not only are we a unique home to our great startup community, we open our doors for events focused on entrepreneurship and innovation. BootUP’s community provides a special ingredient for the diverse range of groups which have chosen our unique space for their events.  Surrounded by the spirit of entrepreneurship and innovation, startups and corporates, service providers (law, accounting and consulting firms), trade commissioners and more find an “event” home at BootUP. Our conference rooms, event studio, and high end exclusive member cafe The Nest and outdoor patio are a perfect setting for offsites, workshops, product launches, panel discussions, and networking receptions.  At night, our patio and garden sparkle, providing a very special ambiance. Just this past balmy Friday evening, we were privileged to have Modern Luxury Silicon Valley Magazine and 100 Octane with their German luxury car collection showcased to their local community of founders, investors, and car enthusiasts. A few weeks ago, SF Travel hosted their regional networking event for corporate event planners at BootUP.  And this past week brought us an Austrian Networking evening, two high profile team offsites, a workshop for 56 German corporate executives, a top Ukrainian University event, two non profit oriented events, a workshop on Storytelling for a group of researchers from Norway, and multiple executive meetings. That was all just last week!

We encourage you to come and check us out. We would love to show you around. It’s a very special place, and you really need to see it to feel the vibe.