What do you need to launch a successful company?
First, you need a great idea – something no one has ever done before, or at least a fresh approach to a known concept.
Second, you require a team of equally enthusiastic individuals. You need the motivation and energy to endure sleepless nights.
Third, you need luck. Let’s be honest; everyone needs a stroke of luck from time to time.
Let’s assume you have all these elements. A successful company can start anywhere, as history tells us. Take Apple or Microsoft for example, both starting in garages. That’s charming and attainable, but the reality is that when a company has big perspectives it gets bigger by the hour. More work, more employees, more space needed. Sooner rather than later the garage is no longer an option. So, why do many modern successful companies turn to coworking spaces like Work&Share as their initial step in rapid development?
First and foremost, it’s a matter of finances. Coworking spaces significantly reduce workspace expenses. The cost of rent is more affordable than leasing an entire office for your company. Especially when you’re just starting a company, every penny matters, and this is a great way to stay within your budget. Additionally, it enables your employees to focus on their work and creative ideas, rather than dealing with office logistics, coffee orders, or hiring cleaning services. At Work&Share, we handle all of these daily tasks for you.
Another reason relates to the dynamic environment a shared workspace provides, essential for inspiration. You get to meet people from different industries who can offer unexpected ideas. If your product is public-oriented, the ability for you and your team to communicate with outsiders is crucial. At Work&Share, we’ve gathered architects, IT specialists, marketing experts, and more under one roof.
But most importantly, you save time. When starting a startup, you dream big and spend every minute trying to make your idea a reality. You don’t want to lose focus on your work by handling issues like which cleaning company to hire, where to hold an important call with a potential investor, or what coffee maker to get. You want to be free to concentrate on improving your product. A coworking space like Work&Share takes care of these details, allowing you to maintain your focus.
Here’s a brief story of some of the most successful companies in recent years and how they began in a shared workplace.
In 2008, in Paris, Travis Kalanick and Garrett Camp had an idea to address San Francisco’s taxi challenges. Uber’s first office was in a New York coworking space and had just 8 employees. The company expanded rapidly and soon needed a new location, which led them to the tech-focused coworking space, RocketSpace, in San Francisco in 2011. Today, Uber operates in over 890 cities across 71 countries. The founders emphasize the importance of starting in a shared workspace. In 2022, Uber’s annual revenue reached $31.87 billion.
Instagram, now boasting 1.35 billion users, had humble beginnings at Dogpatch Labs, an affordable coworking space in San Francisco. The app quickly reshaped the social media landscape, leading Meta to acquire it for $1 billion. While Instagram now has seven office locations, it all started in a shared workspace. Predictions for Instagram’s 2023 annual revenue are an impressive $39.7 billion.
As the world’s most successful music streaming platform, Spotify also began its journey at RocketSpace, the same tech-oriented coworking space used by Uber. Founders Daniel Ek and Martin Lorentzon created Spotify as a response to widespread piracy. Even today they remember the company’s roots, allowing their employees to work from anywhere and offering co-working space memberships for them to choose a shared workspace in any city. Spotify now boasts around 300 million monthly active users, including 100 million paying subscribers. In 2022, Spotify’s annual revenue reached $11.7 billion.
Coworking spaces can play a vital role in a startup’s success. The early months or even years are known to be the most challenging for a new company. A shared workspace might be the perfect environment for an idea to flourish or for an ambitious project to be saved from extinction. Coworking spaces like Work&Share often nurture the corporate giants of tomorrow, proving that these vibrant communities offer much more than just affordable office space.