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New York based WeWork has launched WeWork Labs to provide working space for early-stage start-ups in India.
WeWork, a coworking space provider launched the space for start-ups as a pilot in New York city in January and followed it up with locations in China, Korea, Brazil, Singapore, Mexico, Canada and Israel., WeWork Labs serves as a platform to early-stage start-ups and a growing hub for corporate innovation programmes.
“India has cultivated a vibrant and unique start-up culture that empowers local start-ups to generate ideas we know can succeed on the global stage.“WeWork Labs will help support this thriving ecosystem by connecting Indian entrepreneurs and start-ups with the rest of the world, providing the right programming, mentorships and global network they need to fulfil their destiny” said Roee Adler, SVP, Global Head of WeWork Labs. The company partners with local incubators and accelerators to support start-ups, including failed start-ups, those that need to change their idea and those that have graduated from incubator programmes. It also supports corporate innovation programmes.
The first WeWork Lab space is part of its existing workspace in India, in Gurugram with eight start-ups. It plans to have 10 WeWork Lab locations in Gurugram, Bengaluru and Mumbai by the end of 2019, accommodating 50-150 start-up entrepreneurs each. The Labs will be set up in existing WeWork co-working spaces in India as well as in new locations to cater to micro-markets within the cities.
Start-up entrepreneurs will receive subsidised membership fees of ₹11,000 a month per desk at WeWork Labs and are provided a holistic, no-equity start-up programme. to support them through their entrepreneurial journey. Members are provided with access to weekly community events, discounts on business and lifestyle services, and a global network they can work with through the WeWork Member Network App. Start-up entrepreneurs will get the opportunity to network with potential new clients and investors, be offered courses, lecture series and one-on-one meetings to learn everything from accounting and marketing to hiring and pitching to investors.
WeWork Labs India has assembled an advisory board consisting of entrepreneurs, venture capitalists and corporate leaders to help guide the programme and support future innovators.
The Board includes Anand Ahuja (Bhaane & VegNonVeg), Jitu Virwani (Embassy Group), Raghunandan G (TaxiForSure), Rahul Khanna (Trifecta Capital), Rohit Bhat (Airavat Capital), Sanjay Nath (Blume Ventures), among others.
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