May 30 ,2018 | by Anisa Choudhary

Coworking affects small business and start-up innovation

Coworking is increasingly big business in the UK. Those who decide to cowork when building a start-up enterprise, those who are running a team remotely, and big corporations offering greater autonomy and flexibility are contributing to the coworking market’s massive growth, which is showing no indication of declining.

According to a forecast from the Global Coworking Unconference Conference, there will be as many as 5.1 million paid coworking members and 30,432 spaces all over the world, with an annual growth rate at an average of 24.2% in the market since 2007. There is a wide array of benefits for coworking, with corporations increasingly making use of the idea to deal with workplace flexibility demands or the need to remain agile even as the cost of real estate continues to rise.

There has also been great growth in the sector of self-employed knowledge workers, which creates the requirement for hubs to offer social interaction in locations other than coffee shops or cramped offices, as well as connectivity interaction clusters. Coworking is also great for start-ups, providing a creative hub in which new business and new ideas can be fostered while offering affordable and flexible space.

Coworking is at the very centre of growth and innovation for start-ups and small businesses in the UK. Innovation comes from fostering a culture of ideation and creativity, but collaboration is also of vital importance and it is in this regard that coworking is able to provide the crucial element. Open innovation makes development go quicker and requires networking with those in your own organisation and outside of it, which makes coworking the ideal solution.

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