The concept of coworking spaces took off throughout the world as a business model. However, this concept was pioneered by WeWork. Coworking spaces offer plug and play ready to move office spaces to companies and startups which need an office infrastructure. Startups can directly move into a furnished office space which has all the amenities needed to run their operations.
The beginning of WeWork
WeWork was founded by Adam Neumann and Miguel McKelvey. Prior to the founding of WeWork, Adam Neumann and Miguel McKelvey established an eco friendly coworking space company called GreenDesk in 2008. Upon selling the business, they began WeWork in 2010. The United States Of America was going through an economic crisis at the time, which saw companies and businesses shutting down due to poor economic landscape. The founders realised empty office buildings could be offered as working spaces for freelancers and startups and created a business model to connect them. This led to the opening of the first WeWork lab in SoHo, Manhattan.
Growth of WeWork
WeWork aims to be a startup incubator with the goal of encouraging collaboration amongst members whose business ideas are not fully developed. After the success of their first offices in SoHo, they opened up at four more locations in two years. They focused on creating a community rather than sustainability and this attracted more members. Customers are often referred to as members of WeWork. This led to the Company attracting an investment of $ 17 million from Benchmark, which pushed Wework to grow more. More funding was attracted from the likes of J.P. Morgan Chase and Co., the Goldman Sachs Group and the Wellington Group. WeWork opened their first international office in 2014 in London, U.K. They diversified their revenue stream by offering furnished micro apartments with every utility.
The Company has been plagued with multiple controversies, mainly due to Adam Nuemann’s extravagant lifestyle and indulgences. Neumann courted controversy for smoking marijuana during the entire journey from the United States of America to Israel, prompting the jet provider to cancel his return flight, stranding him in Israel. There were multiple allegations of sexual harassment and lawsuits filed against former executives. WeWork was supposed to file for an IPO but pulled back out, because of the major investor Softbank’s loss of confidence in Adam Neumann. Softbank paid Neumann one billion dollars for him to resign as CEO because they lost confidence in his leadership abilities.
The Company is currently under management restructuring by bringing in people to guide the course towards better governing policies. WeWork paved the way for startups or growing companies to be a part of a community to develop their ideas and grow their businesses. It is also important to note that while the concept itself was revolutionary with many startups adopting the same model, this unicorn failed to capitalize on its success due to poor decisions, bad management and lavish unchecked spending.
Discover Kheyti, The Startup Changing The Lives of Farmers In India
Farming has been an integral part of India’s history and culture for ages. It’s been the foundation of the Indian economy, supporting millions of people with food and jobs. Crops and agriculture hold immense importance in Indian society, not just in terms of money, but also in terms of culture, community, and spirituality.
Farming is a way of life for many people in India, but it can be a difficult and unpredictable business and farmers face a number of challenges, from erratic weather patterns to low market prices for their crops. Kheyti is a social enterprise founded in 2015 by Saumya, Kaushik Kappagantula, and Sathya Raghu. The organisation provides sustainable solutions to small farmers in India, helping them overcome challenges and improve their lives.
Kheyti’s flagship product is the “Greenhouse-in-a-Box,” a low-cost modular greenhouse that allows farmers to grow high-value crops year-round, even in unfavourable weather conditions. operates on a subscription-based model, where farmers can purchase a “Greenhouse-in-a-Box” kit or sign up for crop advisory services on a monthly or annual basis. Kheyti.com also earns revenue by connecting farmers with markets and buyers, taking a small commission on sales. They work to keep the costs low by partnering with local manufacturers to produce their products and leveraging tech to provide personalised crop advisory services at scale.
They also provide crop advisory services to farmers, offering personalised advice on crop selection, planting, and management. In total, The company has helped over 6,000 small farmers increase their incomes by an average of 300%. You call them small farmers, Kheyti calls them Smart farmers!
While there are other companies in India that offer similar solutions to small farmers, Kheyti stands out for its focus on sustainability, innovation, and community involvement. It works closely with farmers to develop tailored solutions that meet their needs while focusing on sustainable farming practices. Through its efforts, Kheyti has improved soil health, reduced water usage, and increased yields of various crops.
Looking ahead, Kheyti plans to expand its reach to more farmers in India and beyond and aims to continue developing new products and services that can help small farmers overcome the challenges they face. With its commitment to sustainability and innovation, The visionaries at Kheyti claim it has the potential to transform the agricultural sector and contribute to a more equitable future for all.
Imagine the joy and hope Kheyti brings to struggling farmers in India. With Kheyti’s help, over 6,000 small farmers have transformed their lives, becoming Smart farmers who handle challenges and succeed. With sustainable solutions, Kheyti is not only revolutionising agriculture but also spreading hope for a brighter future.
Suki: This Startup Wants To Transform Healthcare With Its Artificial Intelligence Tool
We live in a rapidly transforming era where humanity is making exponential leaps in technology. Thirty years ago, no one would have believed you could talk to an online voice assistant to create tasks and get things done. Ten years ago, no one would have believed humanity would land robots on Mars. Technology truly has improved the quality of living of every human who owns a smartphone and has access to an internet connection. Voice assistants are slowly replacing manual tasks and making lives easier and efficient. Siri, Alexa, Google Voice Assistant are just some of the widely used artificial intelligence based tools which are employed on a daily basis. Artificial intelligence, which is hailed as the technology of the future is now slowly making its way into much more complex domains like self driving vehicles, quantum computing and also health care.
Suki, a United States of America based startup founded by Punit Soni, developed their own voice assistant which runs on artificial intelligence to simplify healthcare for doctors and other healthcare professionals. In simple terms, Suki is akin to Siri for doctors. While you could order a pizza or schedule an appointment on Siri, doctors could modify, edit and add health records of their patients. Suki is a powerful tool to help doctors with documentation of health records which often take hours of their (doctors) time.
Suki currently focuses on documentation but has the potential to expand its usage to data queries, ordering, prescribing and billing. According to a white paper published by Suki, using its technology increases the time a doctor spends with a patient by 12% by cutting note taking time by 76%. The time which is saved also brings in a financial benefit of $30,000 more in revenue a year on average for doctors.
Suki raised a $ 20 million Series B round from Flare Capital Partners, First Round Capital, and Venrock, doubling its total funding to $ 40 million since its 2017 launch. Suki is also looking to expand its reach in India and has decided to establish Bangalore as their base of operations. India holds a lot of potential for Suki considering the amount of manual work which goes into almost any sector.
It would be interesting to watch how Suki and other similar AI based startups would transform healthcare across the world.
5 Successful Indian Startups Founded By Women
The workplace has undergone massive changes in the last century. At the turn of the Industrial Revolution, any workplace was dominated by men while the women were delegated to run the homes. However, with the advent of the internet and new and exciting technologies, workplaces have undergone a tectonic shift. Women are no longer comfortable staying at home and are instead opting to lead teams and organisations. As every year passes, we get closer to true gender equality, women have proven time and again that they are equally capable to get the job done if not better in some instances. Names like Wolfe Herd (Bumble founder,) Kylie Jenner (Kylie Cosmetics founder,) Masaba Gupta (Masaba clothing label founder) are just some of the names who are known for leading world famous brands with their unique style of leadership.
As the world celebrates International Women’s Day, we bring to you five women founders who run world famous and successful startups.
1) Upasana Taku-MobiKwik
If you are an Indian and are used to doing online shopping, more often than not at the time of payment, you would be directed to a payment gateway. One of these gateways would normally be MobiKwik. The startup is a well known name in the digital payments and digital wallet space. MobiKwik was founded by Upasana Taku in 2009, who prior to founding MobiKwik used to work with PayPal. Today Upasana Taku is also in charge of bank partnerships, business operations, and talent acquisition at MobiKwik.
2) Richa Kar-Zivame
An enthusiastic MBA student, Richa Kar, developed an online lingerie shopping platform in the year 2011. Currently, Zivame is India’s leading online lingerie store with a valuation of more than $ 100 million. The brilliant idea for her own lingerie business came to light when Richa tracked Victoria’s Secret’s sales, who was one of her clients when she was working at SAP. She observed the lingerie sales figures reached peaks overseas but, Indian women were not provided with the similar innerwear. While Richa was studying the Indian lingerie market, she realized the social embarrassment in India surrounding lingerie shopping. Today Richa Kar could be credited with destigmatising the uneasiness surrounding lingerie shopping in India.
3) Falguna Nayar-Nykaa
After a long stint as an investment banker, Falguni Nayar founded Nykaa.com in the year 2013. An online one stop shop for beauty products from Indian and international brands, Nykaa changed the world of online shopping. Who would have ever thought buying makeup online would be so easy? Falguni Nayar proved many critics wrong and created a brand new place for people who love experimenting with styles, designs and colors.
ALSO READ: Zivame: Founding Story
4) Sabina Chopra-Yatra.com
Yatra.com is a popular Indian website for making flight and hotel bookings. Sabina Chopra was instrumental in identifying the potential for travel commerce in India and people moving towards cheaper or easier travel. By the time, people started looking to make bookings, Sabina made sure Yatra.com was already in place. Sabina was the former Head of India Operations of eBookers, which is also an online travel company based in Europe. Along with this, she was also working with Japan Airlines which further adds to her experience in the travel industry.
5) Rashmi Sinha-SlideShare
SlideShare allows people to upload and access their presentations online. While this feature is presently available everywhere, SlideShare was one of the first players in making this happen. Rashmi Sinha was one of the founders of the presentation sharing platform SlideShare. The company became so successful that in 2012, LinkedIn acquired the company for an amount of $100 million.
Let us know in the comments if you know any other wonderful women who have become leaders of their right or have started up and are doing extraordinary things. We at Startup Stories wish a wonderful Women’s Day to all the women in the world who are changemakers.
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- Suki: This Startup Wants To Transform Healthcare With Its Artificial Intelligence Tool
- 5 Successful Indian Startups Founded By Women
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