A million startups launch yearly in the world, and it takes at least five years for these start-ups to really see a return on the investment. In Hong Kong, where competition is fierce, establishing a business takes a lot of work, but it also requires great acumen. At the same time, fortune also plays a role in helping a business establish itself.
The intersection between business acumen and fortune can find businesses in great places, and the coworking space is one of those places. A coworking space in Hong Kong can be a place of industry while providing businesses with the opportunity to grow. For the startup, the coworking space can be the difference between struggling to launch your idea and getting a leg up in a field of contenders.
Continue reading to learn about why many Hong Kong professionals prefer the coworking space.
Hong Kong is one of the few places on the planet that you need a king’s ransom to lease space in the province. In fact, the province is purportedly neck and neck with other larger places like London and New York, which are the most expensive. The coworking space in Hong Kong though can provide businesses with access to space in premium locations in and around the city and at the fraction of the price. Of all of the reasons, the coworking space is a go-to for many start-ups trying to maximise their spending dollars.
Trendy, Corporate Spaces
Coworking has always been a hub for the start-up. Since its beginning, the whole idea of being a part of a community of young professionals sharing their cool innovations with each other has been appealing. Today, this idea to create space for collaboration without cooperation has created a cornucopia of coworking spaces, each one bringing their own twist to this concept.
In Hong Kong, the coworking space has taken on different characteristics. Go into the business district off of Finance Street and the Hong Kong Club, and you will find traditional corporate coworking fit-outs. Travel into Causeway Bay and you will find a smorgasbord of trendy coworking spaces, each community defining space culture. This diversity is always attractive to innovators looking to find like-minded people.
Business matching, while always being a part of Chinese culture, has been given a place in the coworking space. Business matching helps businesses connect with other professionals and businesses with whom they want to work. Because personal relationships colour a lot of relationships in Asian culture, business matching can be one way for young professionals to make the types of connections that create collaboration opportunities. Ultimately, business matching is another reason startups seek haven in the coworking space.
An Established Community
The coworking space is an established community in and of itself. Businesses get the benefit of working alongside professionals from a variety of industries. Almost like a bank of information, your fellow coworking professionals can be a source of referrals or can be a resource themselves in terms of finding services and products.
The coworking space’s design makes people in the environment more accessible and approachable. The spaces typically have a lounge and break out area, and more importantly, they have conference rooms where community members can flesh out many ideas. In fact, some might argue that the coworking space is the one office type that encourages social interaction and networking.
The Case For Coworking HK
These are just a few of the reasons start-ups flock to the coworking space. The comradery that is established allows for businesses to establish a cache of business associates. More than making friends and working in some of the coolest establishments, the coworking space can provide a business with leverage.