Coworking Case Studies: A Breeding Ground for Tech Giants
Coworking spaces offer smaller business flexibility, the opportunity to collaborate, cheaper overheads and access to top locations. They are a vital option in today’s economy for tech startups developing their products.
But are companies actually using them to become successful household names?
The short answer is a resounding yes.
Given the turbulent nature of life as a tech startup, many of the most successful products launched in recent years were born in coworking spaces such as Primalbase, WeWork, Regus or Spaces. From ridesharing to blockchain to social media, coworking spaces have incubated some of today’s biggest names — proving they are more than a last resort for cash-strapped new companies.
We took a look at the most notorious examples.
Uber
It’s almost impossible to talk about the success of co-working spaces without mentioning one of the most infamous companies in the world: Uber.
The ‘ride sharing’ giant has made headlines in their eventful nine-year history, both good and bad, and have been one of the key players in ushering in the controversial gig economy.
Although it’s almost impossible to believe now given its size, Uber began life in a coworking space.
When the team consisted of just eight people, Uber operated out of a coworking space in San Francisco, California. The space gave them the flexibility and cheaper overheads to keep going — before the likes of Google Ventures and Fidelity Ventures invested heavily, enabling the company to expand into over 250 cities.
Hootsuite
Software as a Service (SaaS) is a crowded space, with only the best ideas making it from development to market, let alone mass adoption. This takes time, and piling valuable resources into a permanent, private office space is too risky for companies starting out in a competitive space.
Hootsuite is one SaaS provider that became a resounding success. Their software allows users to manage different social media accounts in one place, a particularly useful tool for marketers.
Now valued at over $1 billion, Hootsuite started life in a coworking space in Vancouver, Canada, where it was able to hone its product, make connections and secure the funding necessary to take it to the next level.
Waves
Waves is an open-source blockchain platform building known for being ‘the world’s fastest blockchain’. In 2017, Waves partnered with Deloitte to launch the development of a legal framework for wider adoption of blockchain technologies — proof that the platform is thinking ahead to real-world adoption alongside developing the core technology itself.
Not only did Waves begin life in Primalbase’s coworking spaces, it uses them today. Waves was attracted to coworking for the same reason so many others have been in the past: flexibility and affordability. These are both due to Primalbase’s unique tokenised business model and leasing system.
Waves CEO Sasha Ivanov explained that the community spirit fostered through Primalbase’s unique business model is also a major attraction. “It facilitates collaboration a lot because you exchange ideas and meet people and share contacts,” he said. “Everyone is really enthusiastic and welcoming because of the startup nature of the different companies, and they’re real tech people so they love what they do.”
The idea behind Instagram was simple — Facebook with only the pictures. It was an idea that led to a whopping 1 million users signing up within two months of launching, and it has gone from strength to strength ever since.
Two years later after it was founded, with only 13 employees at the company, Instagram was acquired by Facebook. Today, it may be housed in Facebook’s mega-complex in Silicon Valley, but it began life in a coworking space. The coworking space reduced the expensive risk of moving into a permanent office too early in the company’s development and can be credited with inflicting a million inane pictures into the world. And some nice ones too.
d+b !ntersection
Design company d+b !ntersection is an interesting case because its founder, Alexandra Rodriguez, initially ran the business from her own Barcelona flat. Naturally, a lot of companies start this way, unable to afford office space until the project gets off of the ground, or simply without the workforce to necessitate a shared space.
For Rodriguez, though, the decision to move into a coworking space was made because she believed they are naturally inspiring spaces. She felt that it would give her a place to meet like-minded creatives and share project ideas. The influence that being around other thriving companies can have on a business shouldn’t be underestimated, with opportunities for collaboration and inspiration abundant, and d+b !ntersection have gone from strength to strength since making the decision to move into a shared space.
Are you interested in finding out more about being in a coworking site can do for you? Send us an email at primal@primalbase.com to ask any questions you might have or to set up a tour so you can see for yourself!
