Peter Drucker, considered an influencer in the fields of business and managerial consulting, shrewdly stated long ago: “Because the purpose of business is to create a customer, the business enterprise has two basic functions: marketing and innovation. Marketing and innovation produce results; all the rest are costs.” Businesses which fail to innovate will eventually die.
Without his local library, entrepreneur Nate Masterson says, “I don’t know where I would be.” He attributes the success of his career as a marketer and e-commerce entrepreneur to the resources the library offers.
In 2017, it's projected that more than 1.1 million people went to work, backpacks and big ideas in tow, at 13,800 coworking spaces worldwide, according to the 2017 Global Coworking Survey. To put this in perspective, if every coworking space was owned by the same company, it would have more worldwide locations than Walmart. Coworking memberships have enjoyed steady growth since the idea became a reality. However, as the nature of work evolves and the demand for new technology explodes, we can expect coworking to look differently in 2020 than it does today.
Around 10 years ago coworking spaces began opening up to offer affordable office space solutions to startups and freelancers, but recently much larger tech firms have been jumping in. Over the past year, larger companies are now looking for the benefits of locating in these shared office environments. As a result, big media conglomerates and newly crowned tech giants have been moving employees to coworking and incubator spaces. These spaces are set up so that Fortune 500 tech companies now have better access to innovators, innovations, talent, and reduced real estate costs.