We always try to shed a spotlight on articles from the biggest names in the industry, but its important to notice how Forbes, arguably the most reliable and important name in financial news, is giving lots of attention recently to the Coworking world.
First of all, Forbes wouldn’t pay attention to an insignificant trend, or a niche market without much financial impact nationally and internationally. To have two prominent articles in the span of two days in Forbes, not only shows the scope and impact of Coworking, but the necessary attention it is receiving globally.
The first, discusses the impact of blockchain and Coworking spaces.
Blockchain meets Coworking
While Forbes will learn that the term is Coworking, and not co-working, the article does accurately cite many of the benefits of Coworking, from work-life balance, to community, networking, and more. It states that the large number of entrepreneurs turning to Coworking, find that it is a natural communication base to create relationships with like minded individuals who can help grow their business.
The need for technological advances in shared workspaces became evident quickly. And they’ve developed way beyond printing, internet, mobile apps, etc to artificial intelligence and the IoT. WeWork, which has been one of the leaders in these advances, is now valued at ~$20B.
And according to the Forbes article, the next step ahead for Coworking spaces is blockchain technology. What exactly is blockchain? Basically, blockchain allows digital information to be encrypted, it can be distributed but not copied. Blockchain is a list of ‘blocks’ linked together by cryptography. It is at the core of the cryptocurrency revolution.
Anyways, back to Coworking. According to the article, ‘Blockchain-based tools have the ability to enhance coworking-operator processes such as procurement, membership agreements and digital visibility through a more secure, efficient and less costly system.’
Blockchain is already influencing our industry in a major way. Companies such as LifeTask, use this technology to enhance recruiting. They’ve created a decentralized competence platform for the digital job market. The article goes in depth into several other examples of how blockchain and Coworking are working together.
Knotel Acquires 42Floors
The second Forbes Coworking article published last week dives into Knotel’s acquisition of CRE search engine 42Floors. Knotel has quickly become a WeWork competitor, specializing in workspace for corporations. We’ve discussed the rise of corporate Coworking in the past, and Knotel is a leader in that trend.
According to Knotel, the acquisition of 42Floors gives them access to data on 10 billion square feet of office space. This will also enhance their plans for a blockchain platform, which they’re calling Baya.
Knotel had just completed the purchase of German Coworking giant Ahoy! Berlin, and just a few months before that, the company introduced KnotelCoin, billed as a Bitcoin for real estate. Baya is now going to become the name of that platform.
Knotel has reached $100M in funding since its inception in 2016, and they claim to be growing at a rate of 2x faster than any of their competitors. And while WeWork does have a corporate focus as well, with Facebook, IBM, and others among their client base, it appears Knotel technology is as advanced if not more so, than anyone in the industry.
Expansion within Knotel spaces is what has driven many growing firms into their locations. The Forbes article cites a company named CoverWallet. They started in a WeWork location, grew to over 25 employees and moved into Knotel. They now have exploded to over 100 employees and have taken over an entire floor of the Knotel location they occupy.
Knotel also offers Knotel Gather, basically a space for members to host guests in a coffee shop type environment. They also operate Experience by Knotel, a showroom in the NoHo district of NYC. They use Experience as basically a physical demo site for prospective clients.
To find out more about how the Yardi Kube platform is the management software of choice for the most successful shared spaces, please click the link below.