The coworking trend has become a global phenomenon, driven by the growth of the gig economy and remote work.
Sparsh Khandelwal
Sprouting up all over the world, coworking spaces are no longer limited to first-world countries. Despite being a relatively young sector, the market for coworking spaces has seen explosive growth in the past decade, with significant improvements in critical areas such as sector growth, demand, consumer trends, and profitability.
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In this exclusive interview, Sparsh Khandelwal, founder of Stylework, a B2B SAAS coworking space aggregator, shares his perspectives on the industry and the prospects he envisions for it. Discover how the coworking revolution is transforming the way we work and how Stylework is leading the way in this dynamic market.
1. How did the idea of incepting Stylework, a platform that revolutionizes the co-working space industry, come to your mind?
When I turned 21, I had an epiphany about the potential of shared economics and the role that coworking spaces could play in driving the world's evolution. I realized this approach could greatly accelerate progress, but I also saw a widening gap between supply and demand in the coworking space market. I predicted that the flexible workplaces and coworking market would continue to expand in the coming years. This inspired me to develop an asset-light aggregation solution that would meet the needs of this growing industry at the right time. We are constantly striving to stay up-to-date with the latest developments and provide our customers with the best services possible. As work continues to evolve, flexible and hybrid work models are becoming more and more commonplace. At Stylework, we are taking a creative approach to coworking spaces, and we believe that we will be at the forefront of this market.
2. What sets you apart from other leading personalities in the industry?
Some say that having no prior experience can be a blessing and that too much knowledge can sometimes clutter one's thinking. This reverse analogy helped me build Stylework, an unconventional technology product. When I entered the industry, I had no background in corporate, real estate, or commercial leasing. However, this lack of traditional experience allowed me to approach things with a fresh perspective and come up with innovative ideas. Through self-learning, trial and error, and experience, I successfully introduced a unique B2B SAAS to the world. What sets me apart is my willingness to take risks and think outside the box. I believe that my non-traditional approach has been a key factor in the success of Stylework, and I will continue to challenge myself and the industry with new ideas and approaches.
3. What have been some of the most significant milestones in your journey?
Stylework was established through bootstrapping, and our efforts paid off when we closed our first investment round in 2018. Since then, our growth has been consistently upward, with a 250% increase in 2021 alone. We have achieved several other significant milestones, such as receiving a 100% scholarship from the New Chip accelerator in Texas, which propelled our company forward. We also partnered with FICCI’s India Flexible Workspace Summit for its first edition, and we are excited to continue working with them for the second edition. One of the most motivating milestones for the team and me was when I was recognized in the prestigious '30 under 30' list of young entrepreneurs. This recognition reaffirmed our belief in the innovative approach we are taking to revolutionize the coworking space industry.
4. What vision do you hold for Stylework?
In recent years, our brand has experienced significant growth, and we are determined to continue our momentum in the next three to five years. Our goals include increasing market penetration and share in India's Tier 1, Tier 2, and Tier 3 markets, as well as increasing individual market shares within the total from 15-18% to 45-50%. We also aim to maintain our position as the market leader in India for tech aggregators, whose overall market share is expected to increase from 5-7% to 40-45% in the next three to four years. Our ultimate goal is to revolutionize coworking as software and become a world-class aggregator product with a global presence in the US, the UK, and the Middle East. We are committed to providing our customers with the best possible service and to constantly innovating and improving our products to meet their evolving needs.
5.What is your success mantra, and how do you prepare yourself for the tough times?
To be frank, I don't have a specific success formula. However, I do motivate myself to persevere through any obstacles that may arise. Additionally, I maintain a neutral mindset when faced with challenging situations. Being aware that difficulties may arise helps me prepare for them in advance. I maintain a sense of calm and equilibrium even during challenging times, refraining from becoming excessively excited during favourable or exceptional circumstances. In terms of business, my team and I practice various forms of risk management planning and contingency planning to anticipate unforeseen situations. This enables us to withstand the impact of unexpected events and recover quickly through pivoting, reinvigorating, and returning to normal and prosperous times. This approach helps us remain resilient in adversity, enabling us to thrive and grow.
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