The Singaporean coworking scene has shifted from spaces that simply provide professionals with a place to work to spaces that embody the work/life balance. With the focus on finding ways to make the time spent at work more productive, Singaporean coworking has evolved to include coliving spaces that combine workspace with residential space and larger corporate spaces that cater to a diverse group of professionals. In essence, though, the coworking revolution has made it possible for creative innovators to turn their ingenious ideas into lucrative businesses.
Before the coworking revolution, though, entrepreneurs struggled with finding office space in a commercial real estate market that was often really expensive. As in other places around the world, the closer you get to the CBD the higher the office rents, and this is also true of Singapore as well. Couple that with the country’s productivity rates, even though professionals work longer hours, and the concept was bound to make an impact on those coworking in Singapore. One of the major culminations in the success of the coworking space is the growth in entrepreneurship throughout the country.
Let’s take a closer look at how the coworking revolution in Singapore has influenced entrepreneurship.
Of the many ways that coworking has impacted the growth of professionals setting out their own shingle, the coworking space has made valuable office space accessible to those who would not be able to afford space in prestigious areas. As stated previously, rents in any CBD in the world are always higher, and in many cases excessively so. A business can spend a good portion of their funding simply on start-up costs, and the coworking space alleviates the expense of initially opening an office.
The importance of location has always been a part of deciding where to live, and more significantly, where to open up shop. In centrally-located places, your business has access to people and other resources. People who work in and around the coworking space can give you information related to even the simpler tasks of running a business. Furthermore, the coworking space usually is a good place to find resources within the greater business community. With coworking, finally, many entrepreneurs are not simply shut out of having access to these valuable people and tools simply because they cannot afford space in the more prestigious areas.
Providing Business A Platform
When people join a workspace, while they do pay rent, they essentially become a part of a community. This community can be leveraged to create business relationships because there is an emphasis on the social aspect of business. Taking the whole water cooler concept and creating a platform for social interaction within the coworking space has made it possible for owners of start-ups to meet people with more expertise, to work in teams, and to work in an environment that is supportive of industry without the negativity that comes with typical competitive office environments.
The coworking space also presents businesses with a platform for further developing the brand identity. From your coworking space in Singapore, you can engage the community by hosting events that showcase your business idea. Not only that, you can forge relationships with the larger business community by making these events open to the public. For the most part, the coworking space is a versatile platform that presents businesses with using workspace more efficiently.
One of the reasons the coworking space works so well in this environment is because the workspace is a self-sustaining ecosystem that defines its own character and mission, or at least has the potential to be. Entrepreneurs flourish in an environment that both defines itself and is fluid enough to meet the needs of various businesses at the same time, regardless of their needs. For entrepreneurs in the Singapore landscape, it has given them a platform to navigate their business in whatever direction promotes business.