How Coworking can change the next-gen fintech startup scene

The way we work in the current professional scene has change dramatically over the years. Just 5 years back, traditional working environment was the only way to thrive in the industry. This has changed completely as more and more coworking communities started developing and branching out at a pace.

Today, we can see more and more startups and entrepreneurs from different sectors of the industry coming together for sustained and rapid growth.

It is not uncommon for corporates to join this movement as they are starting to see the value of being part of such a collaborative community.

One industry sector that can particularly benefit and gain traction from this movement is fintech. Entrepreneurs and independent contractors working in this sector can not only collaborate through a common coworking space but can also get access to mentors, investors and customers.

Coworking spaces like the Bangalore Coworking Hub often team with traditional banks and financial institutions to help the fintech sector reach its full potential. It can be fund raising assistance and advisory services targeted at assisting them to create and commercialize fintech business concepts. Additionally, by collaborating with banks, these startups will be able to foster innovation through partnerships.

This provides a great platform for startups who are working towards innovation and disruption in the finance and insurance sector. In addition, such communities often host fintech hackathons or hackerspaces where developers get together to design, innovate and collaborate on IT projects.

Corporate Coworking as frugal investment for your business

According to a recent report by property consultant JLL India, corporates can save up to 20-25% of their real estate costs by collaborating with a coworking space. Some of the obvious benefits are low investment, no long-term leases and no fixed capital investment. What is more attractive about being part of such a coworking community is that there is scope to interact and collaborate with professionals working with other agencies and companies.

Coworking offices were initially established to facilitate the startup community of the country. However, millennial professionals and corporates nowadays are increasingly getting attracted to this working module. The idea of working in a collaborative module is very high as there is immense scope of learning, interaction and collaboration.

Read on to find how shared office spaces like the Bangalore Coworking Hub can facilitate corporates:

1) Promote progressive culture - In current times, it is well known that to stay ahead of the curve, there is a need for corporates to adopt disruptive and unconventional strategies. Larger companies are constantly looking for ways to redefine their products and company goals. A great way to achieve this is by being part of a coworking community where you share space with a varied talent pool of startups and independent contractors.

2) Frugality - There has also been a constant attempt by corporates to develop frugal innovative ideas. In fact, this principle has been incorporated in the basic sustainability pillars by businesses. From solution trimmings to integrating cost effective assets for employees, companies are trying to figure out ways how to do better with less. What better way to contribute to this frugality principle than being part of a coworking office to manage your real estate costs? As mentioned above, such establishments also help with their no long-term lease options giving you the flexibility to plan your budgets.

3) Collaboration hub - When you are surrounded by a talent pool of startups, there are ample chances for collaboration. This also provides opportunities for companies to interact with freelancers facilitating cross learning and performance enhancement.