Imagine the Perfect CoWorking Space
Co-working started as a fad. Now it’s smart business. Co-working spaces thrive based on their value – especially for startups or larger enterprises that don’t want a big buy in. What characteristics make up the ideal co-work space for the medical and life science sectors?
Location, Location, Location
In every industry, location is critical for success. Silicon Valley companies did well since they were in the right place at the right time. Now, for the biotech, medical, and life sciences industries, Austin, Texas (a.k.a. Silicon Hill) is the place to be. Plus, Austin enjoys housing, utility costs and tax burdens that are lower than living in California (at the current time).
Even though the world is interconnected today, geographic proximity matters. It makes a difference if you’re only a stone’s throw away from other innovators, industry leaders, and investors.
Co-working provides a price advantage over renting your own office. Since you share space, you also share costs. This is an ideal situation for the startup raising funds or corporations looking to set up shop without taking on a big up front risk.
It’s best to look for places that offer flexible short-term agreements. That way you can move into your own space quickly – or bail out fast if you need to shift gears.
Access To A Network
The real beauty of co-working is being part of a community. Small to medium sized and specialty companies are driving much of today’s biotech and medical device innovation. The agility of the small firm allows it to bypass bureaucratic hoops that might delay development. Also smaller outfits often team up to get things done faster.
In a co-working ecosystem, exchanging ideas and solutions drive innovation for all parties improving the chances of success. Also, just like sharing infrastructure costs, entities can potentially piggy back and leverage savings on costs related to transportation or assembly.
Some things should go without mention, but when a co-work space looks to cut too many corners, look elsewhere. You might not need gold door handles, but you want to be sure you can receive guests in style. The latest audio-visual, technology, and Internet set ups should be a given,
For biotech and life sciences, access to cutting edge lab facilities is also critical. Why have your office and lab at different locations if you don’t have to? Unfortunately, there are only a handful of locations that provide this level of service.
Access To Expertise
Even the best equipped co-work space can be something purely material. Community collaboration adds a huge advantage. If you mix in experts available, on-site, for extended consultation, you’ve hit a homerun.
Maybe you have a specific question about medical device usability. In mere moments you can set up a meeting with a physician specialist to give you deep industry insight. Or perhaps you need some tips on market positioning. An on-campus expert can guide you saving time and energy lost in trial and error.