Coworking continues to be on the rise: Why innovation is so important

The rise in coworking has gone from strength to strength in recent years. With the rapid growth in start-up businesses, coworking spaces have become the vehicle for start-ups to run a business without all the physical expenses of renting an office space.
With a world average of 4.5 new coworking spaces daily, innovation is the key to success. At Inspire Cowork, we look at ways in which we can create a better experience for our members through our offerings within the space. We found that the only way we can successfully do this is through innovation.
Innovation sets you apart from everyone else. As the saying goes “Innovate or be left behind”. So what do we do? We innovate. Here are 5 reasons why innovation is so important to the success of your business.

1. Innovating makes you a leader in your industry or profession:
   A great innovator that I am sure to come to the mind of most people, is Steve Jobs. What he did with Apple is truly commendable and it all came down to two words: Think Differently. With the world becoming increasingly competitive it is vital for businesses to innovate in order to stay ahead of their competition. By staying ahead of your competition, you will find that your competitors will follow suit. It’s the name of the game. You have your leaders and you have your followers. Be the leader.
2. Innovate by asking what the user needs and wants:
   Being a UX designer by trade, we always look at the user experience. By definition, UX design is the process of enhancing user satisfaction with a product by improving the usability, accessibility, and pleasure provided in the interaction with the product. This is the formula we have used to grow our space.With our recent expansion, our position of being the Sutherland Shire’s largest coworking space has been cemented. Using the process of UX design, we created a space which always had the user experience at the forefront of any decision. With 50 coworking desks and 22 office studios, we had to ensure the space felt intimate for our members but at the same time has a positive atmosphere which encourages productivity, networking, and collaboration. We succeeded in creating a working environment which is professional, productive and practical by questioning the status quo. It was important for us to create an environment for entrepreneurs, freelancers, and the remote workforce, to go to an office space every day and feel comfortable in their workplace.Once your product or service meets the needs and wants of the user, you’ll inevitably find success.
3. Innovation allows you to disrupt the system:
   The ability to disrupt yourself and your brand are crucial. When you look at companies like Uber, Airbnb, and Facebook you automatically think of industry game changers. They came in and completely disrupted their entire industries. By questioning the status quo, It allows your business to move into spheres it would never have imagined possible. It is imperative that your business develops leaders who are driven to disrupt at every stage in the supply chain. By cultivating leaders to do so, encourages them to innovate and take your business to the next level and beyond.
4. Innovating turns you into a storyteller:
   Stories have a profound impact on enabling creativity. With creativity usually comes innovation. Whether it be selling your idea to your boss, your board, or most importantly your customers, you need to be able to sell them the story. It’s an elevator pitch at a heightened level. Being a storyteller will not only help you sell your business, it will be the success of it.
5. Innovation requires you to be humble and courageous:
   Many businesses find innovating difficult as it requires you to let down your guard. By letting go both mentally and emotionally you inherently become vulnerable and that scares many people, as it should. It takes a lot of guts to come up with an idea and go with it. Spending the capital, hours and possibly reputation to make it work. It also can be the meaning of success for your business. Be courageous in your endeavours and remain humble when you succeed.

If you are in or near the Sutherland Shire come and say hello at Inspire Cowork, we’d love to meet you. Contact us today.