Benefits of Co-Working
You have this great business idea in your mind, and you’re willing to spend the hours to get it off the ground – but the inevitable hiccups start happening, and eventually your idea runs out of stream.
How great would it be if that idea could be supported and nurtured not only by you, the owner, but by a collection of your peers?
I’m not talking about myself and the team here at the Innovation Centre, although, we too would love to help foster your innovation. And I’m not talking about our partner organizations throughout Thunder Bay and the rest of northwestern Ontario – although they are numerous and I’m certain a conversation with them would be worth your while. I’m talking about being in the same space as other like-minded individuals, who are all striving for similar successes as you. I’m talking about co-working.
The idea of co-working isn’t new, but it hasn’t been fully explored in our region. It’s understandable that everyone is at different stages in their entrepreneurial journey but that only highlights the advantage to working alongside someone who might have already navigated a challenge that keeps tripping you up.
What are some of the benefits of utilizing a co-working space?
- Access to Shared Resources
If you’re a new business and are just starting out, you don’t need the hassle, and overhead of a standalone office space that you alone occupy. A co-working space is a great way to access shared resources (like desks and tech), without having to invest time, money, and effort into finding the right space for you.
And if you’re an established business, taking advantage of a co-working space can augment any dedicated office space you’ve been using and give you a change of scenery when you feel like you need to switch things up.
- Collaborating with Like-Minded Entrepreneurs
If you spend enough time in a space with other entrepreneurs, great conversations and ideas are likely to flow to the surface. Even if you’re in completely different sectors, a good idea is a good idea and you can always learn from someone else’s successes and mistakes.
Thunder Bay and area is lucky to have a great diversity in business ideas. You never know where your next business partner or shared idea will come from. The power of commiserating over that funding application you’re filling out with someone doing something similar can help you feel supported in your entrepreneurial venture.
- Being part of the local business buzz
Many co-workng spaces are attached to higher learning facilities, and double as community hubs. Often, a casual meeting with one entrepreneur with a local investor/accountant/lawyer can act as an introduction for another start-up. Just by being in the space, start-ups become less isolated and more of an insider.
The Innovation Centre, for example, runs several different programs and workshops for entrepreneurs to help them reach their final destination, and in between all those events we too reside in the space and can assist clientele fill the gaps.
There are plenty of reasons why co-working works, and is a growing trend; if you think such a model would help you launch then feel free to reach out to your local economic development contact. And if you are in Thunder Bay, come check out the city’s newest hub for entrepreneurs – The Landing, hosted proudly by the Northwestern Ontario Innovation Centre.
*Keep an eye out for pictures and updates as we get more settled into our beautiful new space, and feel free to drop by!