T he future lies in aggregation of time and space. There were times when properties were bought and companies raised grand edifices to house their offices with paraphernalia. Then came renting and leasing. But even that is passé. With nearly two decades of the new millennium behind us today, the new technology is urging compaction of time and space. The era of sharing space for designated slots of time is here.
Work, time and space have a new equation today. Distance-destroying technology and reliable communication network has lent new contours to work what with components manufactured at multiple centres brought to central assemblies from where the final product could be dispatched by online retailers. Services are being aggregated with even greater ease to optimise use of men, material and time. If Ola and Uber are doing it to taxies, Dunzo is redefining the logistics within cities. Nestaway has made it possible for accommodations to be shared without much hassle by people from divergent cultures.
‘Sharing economy’ is here to stay for some time, now that people care less about owning places from where they work. With computers and other electronic devices having reduced offices to laptops, backpacks and cellphones, location is virtual, not real. People now tend to — or may be forced to — recognise businesses with brands and the trust they have built into it. Physical access is no longer a necessity.
Cost factor
Says Amarendra Sahu, Co-founder and CEO of Nestaway, the ‘sharing economy’ is fundamentally based upon same product or resources being utilised by multiple people, which brings down the cost by replacing the individual ownership. Rahul Agrawal, Founder and CEO, Workspace, feels that in today’s fast-paced environment, companies can neither think of employing long-term workforce, nor can lock in their capital in office infrastructure. “The trend can already be seen in offices, resorts, homes and cabs where aggregation is in evidence. Crowd-funding is slowly catching up and awaits certain financial norms to be straightened. They all point to where the future is leading us.”
Amenities
Sahu and Agrawal were at a panel discussion synchronising with the commissioning of ‘Workspace’, a 1,000-seat co-working facility, near M.G. Road in Bengaluru. By far the city’s largest such facility, ‘Workspace’ offers 65,000 sq. ft of office space in the central business district studded with all modern amenities such as café, canteen, gym, executive lounge, space for yoga, crèche, meeting rooms and storages.
Agrawal says sharing economy also stems from the startup culture where emphasis is on keeping the expenditure on infrastructure minimal and providing flexibility of space. Sahu points out that Nestaway started in January 2015 and could achieve a turnover of Rs. 325 cr. at the end of 2017 by leveraging excess capacities in accommodation by use of advanced communication technology. Ramakant Sharma, Co-founder, ‘Livespace’, points out that technology has reduced transaction costs which are becoming real time due to smartphones and cloud. Now people need to remember the platform where services of a specific kind are available rather than names of persons who did that. “These platforms connect demand and supply and enable people to leverage capacity, be it cabs or homes or anything of use,” he outlines.
Neha Bagaria, CEO of ‘JobsForHer’, finds the ‘shared economy’ advantageous for women-from-home, part-time and freelancers and professionals in the field of writing, graphic design, IT sales, and data analysis.
Sahu foresees limitless scope for ‘shared economy’ as companies are increasingly seen as arbitrators in governing relationships between sellers and buyers fostering need for collaboration. Brookings Institution describes it as a global phenomenon which will become a $335 billion industry by 2025.
