During the Property Portal Watch Amarit, The CEO of Hubba and CCO of TechSauce discussed the very foundations that are driving growth in the ecosystem for entrepreneurial development.
Hubba promotes itself as the Hub of Global Creators. It creates an ecosystem to bring together entrepreneurs and to help them rapidly implement and grow their business ideas.
Throughout the last decade, there have been several influential channels that have inspired entrepreneurship, from TedTalks to other successful entrepreneurs speaking at events, encouraging people to start their own business and facilitators cropping up such as co-working spaces.
One of the main factors to consider is that you may be extremely talented in your field, however, it is important to bring in other people to help expand, add and grow your idea. This could be in the form of a designer, web developer and investors.
As a Coworking organisation, we not only provide a workspace, we offer a range of opportunities, from pitching, networking and help them to grow their business, gain new customers, train them to approach an accelerator, grow their employment base
There are so many aspects of a business – from the initial product to the support services such as HR, paying employees etc, do you have in-house lawyers and accountants that can help with that?
Yes, we have these facilities, people that are either members of Hubba or lawyers/accountants that come in from time to time. We aim to supply a network and support system for businesses that are just starting out, launching them for success.
What are the challenges faced by the Coworking spaces?
The challenge is going to be facilitating all the people. The Coworking spaces have to accommodate the people of tomorrow. This way of working and entrepreneurial development will only increase as the years go on. It’s a lot of small young businesses starting out, however as we have seen in Asia more and more co-working space members are actually employers.
In other markets, the coworking spaces tend to focus on digital nomads however in the Asian market there is a shift. Intrapreneurs are also dominating the customer base as well with a lot of corporate innovators using the co-working space.
last year we had around 20 major corporates launch and this year we have seen 60 corporates launching innovations which we hope will increase year after year.
There are a lot of incubators and accelerators as well as spin-off training.
The biggest one is SCB – Thailand’s largest bank. They are developing their accelerator program and it’s not even housed in the main headquarters. They are operating it somewhere else to keep it separate from the rest of the organisation.
Its all about people and navigating the culture and politics of the coworking landscape. (Amarit, CEO and Co founder of Hubba and Techsauce Media)
Can you name 2 0r 3 major lessons you have learnt from setting up the company and from the angle of people that use your service?
In the perspective of entrepreneurship, we really wanted to dominate and facilitate the market while building something that would be sustainable that solves peoples problems. The most successful startups struggle to learn and re-learn customer discovery, the market wants and needs. Its all about the customer.
We had to spend a lot of time and money fixing things in the beginning stages so it’s really crucial to do as much consumer-focused research.
As entrepreneurs, we really have to focus on the financial side of it. Financially underestimating ourselves was a big problem. A lot of our investors are very number savvy and really wanted to see how our space, idea and business was going to grow and how can we generate and make the returns. We have been very lucky to have people from New York to help us sustain and make financial gains, however, we had to learn really fast!
One of the biggest challenges for ecosystem builders within the co-working industry is that people’s tastes are becoming more particular. They see the movement and what is out there in terms of variety, flexibility and support. A lot has changed in the world too. They want something, if not better than their friends are getting in other parts of the world.
We need to make sure that from our members perspective, we are providing the best possible price, with great locations. This is the challenge we face, particularly in Bangkok as it is financially difficult to supply all the demands with the lowest cost.
Our team, however, are very well researched and adapt to the wants and needs of our clients.
Where to next? Geographical expansion?
We expect more members every year. There will be around 50,o00 people that need a place of work as startups grow, the accelerator is implemented and businesses employ more and more people.
The key for us to remember is that it’s not about building a new place or how many properties we have. It’s about integrating everyone and impacting their lives with a strong network and community.
For more information on Hubba and Techsauce check out their websites for all the information.