91springboard - about the rise of coworking in india
TRANSCRIPT
What’s different about India?
Most populous country by 2050
Low labor costs = larger teams
65% people younger than 35
Less experience, but willing to start basic, and work harder
Trying to do something new, vs leverage existing skills
What’s different about coworking in India?
Rank Destination UNWTORegion[3]
Internationaltouristarrivals(2015)[1]
Internationaltouristarrivals(2014)[4]
Change(2014 to
2015)(%)
Change(2014 to
2013)(%)
1 France Europe 84.5 million 83.7 million 0.9 0.1
2 United States North America 77.5 million 75.0 million 3.3 7.2
3 Spain Europe 68.2 million 64.9 million 5.0 7.0
4 China Asia 56.9 million 55.6 million 2.3 0.1
5 Italy Europe 50.7 million 48.6 million 4.4 1.8
6 Turkey Europe 39.5 million 39.8 million 0.8 5.3
7 Germany Europe 35.0 million 33.0 million 6.0 4.6
8 United Kingdom Europe 34.4 million 32.6 million 5.6 5.0
9 Mexico North America 32.1 million 29.3 million 9.4 21.5
10 Russia Europe 31.3 million 29.8 million 5.0 5.3
a. Lots of people! 1.25 billion people ! (~70% bigger than Europe)
b. Mostly young people
c. They don´t make a lot of money ~$1,800 GDP per capita (vs ~$35,000 in Europe), growing at 6%+/year
d. LocalsNot a transient member base/tourists
Low margin, high volume!
What’s more or less difficult about India?
Lack of talent/complementary businesses
Con´s
Finding vendors - IT/AV
Professionalism - punctuality, sla´s
Eg. Logistics in ecomm
Pro´s
Lower cost - theres a reason we´re the BPO capital
We have to dig to find the pockets of gold
Some of our cities and micro markets have the world's highest prices
That said, there is ample supply, >50mn sq ft/year
The market has access to various grades of infrastructure, finding the right balance s key
Internet availability is patchy and expensive
S.Korea - 26.7mbps
Belgium - 12.8mbps
UK - 13mbps
Germany - 11.5mbbps
USA - 12.6mbps
India - 7.5mbps
Global avg - 5.6mbps
India is growing, in spite of our infrastructureOur cities are known to flood
Our cities are known to become the most polluted in the world
Internet costs tend to be higher for slower/less reliable connections
Growth of coworking in India
Growth of coworking2013 2016
Growth of coworking
Large companies are increasingly opting for co-working spaces to cope with rising rentals and shortage of ready-to-move grade-A offices in prime property markets across India.
Boeing, Visteon, BNP Paribas, Kimberley Clark, and Redcore have already moved some ops.
Our story...
91springboard
- One of the first spaces in India (didn’t have anything to model ourselves on, so learned everything ground up)
- We thought we had invented the word coworking, until google told us otherwise :p
- We were entrepreneurs and investors so went with them as our first customer target
- Learned what services and infra and what price points worked through trial and error
- Learned how to scale - culture, recruiting, documenting processes, leveraging tech
- Learned the value and importance a of a strong economic model from an early stage thanks to our financial backers
91springboard