Coworking space is now a familiar term among many persons from different professions. Some are looking for cheaper & cost-saving alternatives to outrightly renting a building where they or/and their team can work from. Some want a space to escape their work-from-home lifestyle, meet others, and connect. Then some want to gain knowledge and get insights from people from different professions working in the coworking space.
In all this, one key event happens in the mix of whatever reason people use coworking space. This is the ability of coworking spaces to trigger innovation. Well, not the physical structure itself, but the people who come together for whatever reason they choose to.
Coworking spaces. What do they even mean?
So, let’s talk about coworking spaces and what they mean. Picture a room filled with nerds; okay, not just nerds, but a place where different companies or freelancers can come together, share a space, and work in a collaborative environment.
The spaces are designed for professionals who work remotely or independently, offering a cost-effective alternative to traditional office spaces and different perks and benefits.
With the rise of remote working, coworking spaces have become increasingly popular in recent years, providing a sense of community for those who work alone.
How coworking spaces have triggered innovation
It’s pretty evident that from the association of individuals that come together to work from coworking spaces, there’s a high tendency that they will find what they need to execute their thoughts from time to time fully.
Yes, it might start from a simple conversation to a partially formed idea and then to an implementable experiment capturing its first user set. From there, they can see the clear-cut value they bring to the market and business with the possibility that they might have the next $1 billion valued startup.
Beyond the obvious benefits of these workspaces, they also have the potential to drive innovation by bringing together individuals from different backgrounds and industries and encouraging the transfer and cross-pollination of ideas and the formation of diverse networks.
You see, these networks, in turn, provide a platform for sharing knowledge, resources, and perspectives, which lead to the development of new ideas.
The atmosphere in a coworking space fosters creativity and collaboration among individuals and businesses from different industries and backgrounds.
They also provide a sense of community and belonging, encouraging people to experiment, take risks, and learn.
Yet, that’s not all.
Coworking spaces have triggered innovation by also providing access to resources and events, such as in-house workshops, mentorship programs, incubation programs, accelerator programs, networking events, and even funding that have helped entrepreneurs and businesses stay up to date with the latest trends and technologies, as well as connect with other innovators, investors and potential partners.
You may be asking, at this point, what products or solutions have come out of these spaces?
Let’s go through a couple of examples.
The development of ride-sharing app Uber was partly a result of the coworking space it was developed in. It is one of the most well-known startups that emerged from a coworking space in 2009
Uber co-founder, Travis Kalanick, was working out of a coworking space in San Francisco called Rocket Space when he came up with the idea for the app.
The app has become a multi-billion dollar brand providing ride-sharing service in almost every continent, disrupting traditional cab services.
Some other examples include;
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Instagram
– Instagram was founded in 2010 by Kevin Systrom and Mike Krieger while working out of a coworking space in San Francisco called Dogpatch Labs. -
Hootsuite
– Hootsuite, a social media management platform, was founded in 2008 by Ryan Holmes while working out of a coworking space in Vancouver called The Network Hub. -
Indiegogo
– Indiegogo, a crowdfunding platform, was founded in 2008 by Danae Ringelmann, Slava Rubin, and Eric Schell while working out of a coworking space in San Francisco called The Hat Factory.
Let’s bring this closer to home.
In Africa, there are also examples of innovative solutions that have resulted from coworking spaces.
One example is iHub in Nairobi, Kenya. iHub is a well-known coworking space in Africa and has played a significant role in fostering innovation and entrepreneurship in the region. iHub has incubated many startups that have developed innovative solutions, such as Fichaya, a cleaning experience through technology and customer service.
Bankole Oluwafemi attributes the kickoff of TechCabal from CCHub Coworking space
Similarly, in Nigeria, there are startups that coworking spaces and hubs have fostered. Printivo, Paystack, Andela, Flutterwave etc., are all startups that have benefited from coworking spaces at some point.
In addition, there is Olotu Square Tech Hub, a hub that has provided resources and support to early-stage technology startups, including a coworking space.
Through its program, Olotu Square provides business support, mentorship, incubation, and a valuable business network to assist innovators in their startup journey.
In conclusion, coworking spaces have made available practical solutions for remote workers and independent professionals and platforms for triggering and fostering innovation and collaboration that have led to the developing of new and innovative ideas.
With the right resources and environment, coworking spaces can be a fundamental driver of innovation and support for the growth of new businesses and startups.
