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This tony neighborhood was once a forested area where wolves prowled around. So say the old residents who lived there at least 40 years ago. While nobody can pinpoint how Koramangala evolved over the decades, they remember the Forum Mall singularly catapulting it into the limelight. Citizens from all corners of the city would spend the entire day shopping here.
The start of the startup story
When the IT revolution hit the city, Koramangala was where enterprising techies set up small offices to bag the cream of the global deals outsourced to them. Almost every narrow lane and street in Koramangala’s 8th, 5th, 6th and 7th Blocks had tech wizards working their magic on the info highway. Koramangala had officially become the ‘startup hub’ of the city and the State and continues its great run in the international tech space.
The 8th Block, where the wide Hosur Road passes through towards Electronics City, has some of the most spectacular glass and chrome edifices housing premier tech and engineering conglomerates such as Bosch, HP, IBM, Accel, including our own homegrown brands like Flipkart and Ola. As you go along the Koramangala 100 feet Road towards the Koramangala-Indiranagar Intermediate Ring Road you will be flanked by gleaming tech campuses housing top software tech giants.
Leading developers like HM Constructions http://www.hmconstructions.com have been a significant part of the success stories of many a tech company by giving them prime office spaces in strategic locations. HM Vibha Towers on Hosur Road in Koramangala 8th Block is an unmissable landmark building housing top IT firms as well as a popular retail format in the Star Bazaar.
Rise of co-working offices
The concept of co-working burst onto Bengaluru’s innovative work culture with a bang. It was eagerly welcomed by young and enterprising entrepreneurs who could not afford to set up their own brick-and-mortar offices.
Offering everything from high-speed Wi-Fi and cafeteria to leisure zones, these vibrant and colourful workspaces are a welcome break from the regular offices with their closed cabin culture. With hot desks, dedicated meeting rooms, terrace food courts, and host of modern amenities including a stage for live gigs and karaoke contests, co-working companies know exactly what the modern company requires for their employees, as well as budding businesspersons with bootstrapped dreams.
Co-working is an umbrella term to define various types of workspaces like bespoke offices, managed offices, and niche spaces. Co-working players work in different operational models like revenue share, straight leasing, etc. The primary source of revenue for any co-working space provider is the variety of membership plans that are offered ranging from a day pass to monthly memberships. Co-working spaces take away the hassles of setup and maintenance and are more cost-effective for start-ups. Young entrepreneurs usually end up saving 25-30 percent compared to renting out their own space. No monthly contracts, no large deposits, no CAPEX (capital expenditure) and complete flexibility in scaling their space usage up or down so that they can spend on building their businesses rather than locking it in avoidable places. Co-working offices offer better networking opportunities and the atmosphere of a co-working space where young entrepreneurs can interact with like-minded individuals, share learnings and experiences that will help propel their growth. Besides the infrastructure and networking opportunities, there are additional business support services that entrepreneurs need to help build their business.
Koramangala’s 8th and 5th Blocks are choc a bloc with co-working spaces which score high among the youthful business community. Even in this domain, HM Vibha Towers scores high by offering over 32,000 sq ft of premium office space that can be designed as an expansive co-working area.
With so much action brewing in this prestigious neighbourhood, it is little wonder then that Koramangala is indeed the Silicon Valley of IT City Bengaluru.
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