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Shared workspaces to empower pharma and biotech start-ups to reduce Capex and Opex: Meghna Agarwal
Nandita Vijay, Bengaluru - Saturday, June 23, 2018, 08:00 Hrs  [IST]
Shared workspaces will empower pharma and biotech start-ups by reducing capital expenditure (Capex) and increase the flow of funds for their operational expenses (Opex), stated Meghna Agarwal, co- founder and COO, IndiQube.

Further co-working spaces enables economies-of-scale, allowing companies to focus on what really matters to them. Office spaces have also started partnering for different services to fulfill the needs of pharma and biotech start-ups in terms of recruitment, finance & accounting, legal and digital media. Many office spaces have even started helping them nurture and grow their business to the next level. Correlating this to the market scenario, an internal research indicates that around 65 per cent of employees choose companies based on their location and office facilities, she added.

India has become the third largest start-up hub in the world, with a total employee base of a million. The numbers are expected to more than double by 2020. In addition, India has a huge freelancer workforce which is second in the world, in excess of 15 million professionals, and growing at a fast pace. Together these two factors present a potential demand for more than 3.5 to 4 million seats.

It is anticipated that by 2020 co-working space will overtake the traditional serviced office. The segment in India is expected to receive USD 400 million in investments by 2018, and grow by 40 - 50 per cent by 2018, states JLL.

Within this changing market landscape, our ecosystem provides the flexible spaces to start-ups and emerging companies. Since 2015 we have been home to many start-ups and offshore development centers (ODC), especially in San Francisco which brings to India many international brands who set up their offices here. But for these ODCs to adapt themselves amidst the Indian business climate it is essential that their requirement of workspace and flexibility of business is taken care of, stated Agarwal.

Co-working spaces have existed abroad much before the rise of start-up culture. Most pharma and biotech start-ups kicked off operations at a co-working space, not for the cost-effectiveness, but for the community and ambience around it. Start-ups follow a mobile working approach, which has reduced their need for a fixed office space. Now shared work spaces for pharma and biotech start-ups have already begun to make noise in the real estate market. The demand in India initially began with start-ups but the trend now is shifting to corporate companies moving to share office spaces with one another. This sector capitalises the networking potential which is found to be higher in a co-work space environment. Companies are looking to meet new people, explore and expand opportunities, she noted.

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