In Singapore, coworking is not just a fad. From startups to enterprises, companies in Singapore are seeing the value in coworking’s benefits. Not only can coworking save businesses a great deal on costs, they also give companies freedom to take up more or less space as they need it. Moreover, at the heart of coworking is a strong sense of community, an ecosystem for businesses to collaborate and develop synergies with one another. In this way, members of a coworking space can grow quickly and find the resources they need.
Tech startups, in particular, have the most to gain from the flexible and collaborative atmosphere that coworking spaces in Singapore provide. In fact, when coworking operators like WeWork first entered the market, it was techpreneurs and startups who first jumped on the bandwagon. Why exactly are young tech companies so drawn to coworking? In this blog, we cover the three main benefits that coworking can deliver for tech startups.
1. Win over tech talent
Gone are the days of bland office cubicles and bare, grey walls. The standard for a conducive workplace environment has increased substantially, as a millennial generation of employees value more open and creative settings to get their work done.
Why does this matter for tech startups? Many tech companies — emerging startups and established corporates alike — are finding themselves in a “war for tech talent.” The quality of one’s workplace and its amenities could be the deciding factor that tips the scales in your favor. In fact, a 2018 survey of 160,000 employees in Singapore found that 67% identified having a pleasant work experience and work-life balance as their top considerations for choosing the right employer.
The best part about coworking is that it addresses these two factors head-on. Multiple workspace options to give employees mobility, breakout spaces for social interaction, a stocked pantry, gym access (and maybe even a swimming pool) — these are some of the perks that come with being a member at a creative coworking space.
Members at The Carrot Patch get access to a rooftop swimming pool
2. Foster a creative environment
To get an edge in the competitive world of tech, creativity is key. The design of a workplace should not only fit your brand — it should also mirror the kind of mindset and office culture of your team. It’s no wonder that tech giants like Google and Facebook have office headquarters with colourful murals, wide breakout spaces, and architectural elements that make them stand out. Open environments mean open thinking.
In fact, findings have shown that employees tend to be more productive in a coworking environment. Deskmag reports from a survey that 74% of coworkers report higher levels of productivity, and over ⅔ feel more creative and engage in more collaborative projects. In a shared space, where members are curated to complement each other, businesses can draw inspiration from their neighbours.
A breakout lounge is a staple feature of a creative coworking space
3. Tap into relevant networks
The power of coworking ultimately lies in its community. Tech startups especially benefit from connections with other companies in the same space or similar industries. At tech-focused coworking spaces, members are often invited to attend panels on AI, FinTech networking sessions, seminars on machine learning, and more! Here lies the advantage of niche coworking spaces, which provides members with tailored and focused resources for their needs.
Even at more generalist coworking spaces, tech-related events are likely to be common. While members at a space receive complimentary invites, these events are usually open to the general public, leading to more networking opportunities. Community managers are on board to organise and notify members of these events regularly.
Furthermore, a coworking space can serve as a platform for tech startups to not only connect with other startups, but also with corporates who are looking to stay on top of new trends and innovations in tech. These connections can help young businesses grow quickly!
In Singapore, there is no one-size-fits-all when it comes to coworking. There are different types of coworking spaces, from professional spaces that appeal to corporates to creative spaces for techpreneurs. A coworking space like The Carrot Patch, for example, appeals to tech startups with its founding expertise in AI, focus on community events, and unique lifestyle amenities.
When choosing the right office in Singapore, it’s important that you consider what features are best suited for your requirements. Make sure to visit your options and get a real feel of what it’ll be like for your team day by day. As a tech startup ourselves, we know first-hand the importance of settling into a space that’s conducive to your growth and workstyle. Don’t underestimate the power of coworking!
Written by GorillaSpace.co. GorillaSpace is a marketplace for workspace that helps match businesses with the right spaces for their needs.