Hyderabad: Hyderabad, City of Pearls and Nizams has now become a hometown of various startups. According to the IT industry lobby Nasscom, close to eight per cent of the startup activity in India happens. However, India’s crowded startup scene showcases a different story elsewhere it’s getting harder for them to raise money.
India is an evolving market and evolution has been a key driver for growth. The past five years have witnessed a huge surge in non-traditional businesses, largely dominated by domestic startups and international e-commerce giants.
With infrastructural investment, added investor confidence, Real Estate Regulatory Authority (RERA) rule makeover, co-working spaces in Hyderabad is set to get a boost from MNCs and startups alike this year. With more and more pocket-friendly and convenient coworking spaces mushrooming in prime business locations in Hyderabad, freelancers, entrepreneurs, and MNCs have opted for just renting a coworking space and begin work right away.
With reduced hassles of maintenance, finance, administration of office space and logistics, the numbers are going to rise. Bengaluru-based GoodWorkLabs involved in design thinking for creating mobile and IoT applications and games for global clientele is rolling out coworking studios in the country. A coworking studio is generally a place that provides a one-stop solution to all office and infrastructure requirements of new and growing startups.
This space derives its value by shifting from the more traditional set up of renting a place from a landlord, to a more business focused workspace that is not only pocket-friendly but also provides opportunity for collaboration, knowledge sharing and business proliferation.
Vishwas Mudagal, co-founder and CEO, GoodWorkLabs and GoodWork CoWork told Telangana Today, “GoodWorks CoWork was started to help budding entrepreneurs grow their business. So we are open to any startup, entrepreneur or small business owners who are passionate about their new venture. Our space provides all the facilities needed to run a company smoothly without logistical hassles.”
Coworking spaces in Delhi, Mumbai, Hyderabad and Bengaluru are getting heavy traction. They have become a sharing economy practice for small businesses. He adds, “One key advantage of setting up a co-working space in Hyderabad is that infrastructure and real estate are highly affordable when compared to Gurgaon and Mumbai.”
Pan India expansion
Sharing details on the current operations, he said, “Currently we are doing well in our flagship centre at Whitefield, Bengaluru. We also have a second centre coming up in Bengaluru in the next couple of months. We are also actively exploring other cities where we can enter. We have a very ambitious roadmap ahead. We want to become one of the largest players in the premium coworking and shared office market with a Pan India presence. For us Hyderabad is a high potential market, there are many upcoming startups here and it’s imperative to have coworking in such a space.”
“We are partnering with real estate developers and technology parks to get the best locations and at the same time manage costs. We are actively exploring presence in tier 2 cities such as Pune, Guwahati, Mysore, Jaipur, Hubli and Chandigarh. Our strategy is to understand the commercial property and rental rates in these areas and draw up a competitive pricing that will appeal to this customer segment,” he added.
While other coworking spaces focus on community building and networking, the USP at GoodWorks CoWork is that it focuses on the individual startup and does whatever it takes to help them scale up and move to the next level in their startup journey. We do this by providing a combination of mentorship and consultation facilities to help them focus on achieving their business goals.
When asked what differentiates them from others, he explains, the company provides creative design inspired coworking spaces for coworkers. There is a possibility of getting funded. GoodWorkLabs plans to provide seed investment to upcoming startups and extend its thought leadership to help businesses grow.
“We plan to choose upto three promising startups annually that have a ‘real’ business / revenue model and growth potential and plan to invest anywhere between Rs 20 lakhs to Rs 1 crore,” he said.
The company will also offer consultation with in-house experts and facilitate networking. It is also in the process of introducing a new mobile app/ platform where all coworkers can interact with each other and stay connected at all times.