Many startup businesses or freelancers prefer to work at the co-working space. The reason is, some of them need a space to do work without having to pay hefty of rental.
Besides, co-working space is one of the best places to work because everything is provided. The only thing you have to bring is your laptop and maybe a couple of notebooks and stationery.
The curiosity of wanting to know more about co-working space has led me to interview WORQ, one of the co-working space in Kuala Lumpur. Here, they share to me what is WORQ, the culture in the company, and most important their hope in Malaysians co-working space culture.
Even though the interview was done through email, still it was lovely to know the idea, and all the hope and dreams they have for WORQ. Here is the short interview between me and WORQ!
What is WORQ Co-working Space?
This story began in 2016, at a coffee shop in Empire Mall, Subang, when Andrew said to Steph, “I want to disrupt the real estate market, but I want to do it profitably.” Hence, WORQ started with that mission in mind, starting with “coworking” as it’s first product.
Even though the idea of renting and re-renting spaces have been done by service offices and landlords such as REITs for a long time, they decided to do something unprecedented in the world of the real estate provider – to make the success of the space renters their life’s mission. As part of their goal to disrupt the real estate market, they set out on a novel action plan to establish WORQ as a hyper-localized community creation business.
By thinking on behalf of entrepreneurs and building a rich ecosystem, they were able to power a custom-built community that services specific localized communities all throughout Malaysia.
As societies transform towards the future digital economy, the impact of what they bring to the market is huge. Stephanie and Andrew strongly believe that providing people with a supercharged work life is extremely important to anyone who needs to make a living.
Who is the Founder?
Stephanie Ping
Steph is co-founder & CEO of WORQ, where she developed the initial idea and leads the company. She was previously Head of Business Development and Investor Relations at AXIS REIT.
She was instrumental in growing the REIT from RM1b to RM2b in 3.5 years – providing 27% shareholder returns per annum at its peak. This was the highest return achieved at the REIT to-date and within the industry.
The average yield on the properties that she acquired was 14-16%, compared to the property industry average of 5%. Stephanie graduated in the top 5% of her department at Stanford University with a BA in Economics and MS in Management Science and Engineering.
She hopes to create a similar entrepreneurship community for Asia inspired by the one she experienced at Stanford. Steph also has an uncanny ability to introduce significant others who are made for each other, sometimes with success, sometimes not.
Andrew Yeow
Andrew is co-founder & CFO of WORQ, where he heads operations, marketing and finance. He was previously a Fund Manager at CIMB-Principal.
He rose from an Associate to Fund Manager within 3 years and was tasked to manage funds worth RM30mil. Andrew’s internal portfolio significantly outperformed the overall fund’s returns in a tough economic environment.
As a banking analyst, 70% of his stock calls were ahead of market consensus, which helped optimize capital allocation for his clients. Andrew graduated from the University of Michigan with a degree in Financial Engineering. He is famously known for having the most pinchable cheeks in KL.
What is the idea behind WORQ?
To build a self-sustaining community and support system for businesses in the long run, is the big idea behind WORQ. Offices can be set up anywhere, but the benefits of co-existing with other businesses under one roof are too many to list.
Productivity, culture, flexibility and most importantly the well-being and happiness of the occupiers have been proven to improve when they work out of coworking spaces.
WORQ’s mission is simple, we want to change the way people work together – for the better. We are creating the largest and most productive coworking community by taking care of all workplace needs and facilitating a deeper connection.
Every inch of space we design, and every community event curated has this in mind.
How would you envision this business in the future?
It is on the uprise and will continue to be. More and more businesses are seeing the benefits of working from co-working spaces; not just to save cost but to co-exist and work together but separately with other businesses.
WORQ has a clear business model, thus its success has been evident. The business model is designed to meet the gap of office space needs between developers and customers.
The strategy works to take away the headache of setting up an office space, from construction, PMO, interior design to managing offices’ internet, printing, cleaning & even laundry.
This is further enforced with the establishment of business communities and a physical space for people to connect, under the same roof they’re working out of.
As WORQ leverages on tech, platforms to assist connections and build relationships at one’s ease will also build a stronger network of businesses supporting each other.
What makes WORQ different from other coworking spaces in Malaysia?
Our tight-knit community would be our selling point. We’re everything community and we intend to create a self-sustaining business community in the long run.
When members sign up with us, the first thing they have access to is our resource list and all the other businesses and partnerships we have. This itself is so valuable for a startup.
WORQ’s heart is for the community in our space, and that is that. Everything else is tailored to enhance that experience from our design of the space, facilities (think sleeping pods), locations and the events planned.
It goes beyond the aesthetics and mundane, but really, what is functional and optimal for business and person to thrive in today’s fast-paced environment.
We truly believe in the power of networking while embracing diversity, and ultimately, the impact of a genuine and lasting human connection.
Who is the target market of WORQ coworking space?
Startups, SMEs & freelancers, but mainly those in the tech scene as WORQ has a Digital Hub status from MDEC. Also, our target market varies according to our outlet’s locality. Businesses operating in those areas automatically become our immediate target market.
What kind of coworking space can people expect from WORQ?
WORQ supports innovation and creativity that helps businesses grow, thus partnerships with various parties to spread awareness and knowledge on the developments in the tech, economic, financial and other scenes affecting business & personal growth has been established.
Other than a conducive space to work in, equipped with perks like a napping pod, games room & 24-7 stocked pantry, a business community to be a part of is the best thing WORQ can offer its members.
What kind of exposure an entrepreneur gain through working in WORQ?
Truth be told, there are many benefits if one would deep-dive into this, however the ultimate benefit would be the community and support system that a co-working space would provide.
Co-working spaces force a seemingly unnatural environment for the traditional company – in here, various companies, start-ups, freelancers, entrepreneurs and the likes of them, are put together in a collective space.
While space ranges from the hot-desking to private suites layout, it is almost inevitable to meet someone or something new every other day. Our members have testified that their businesses have grown through the relationships built with other members in the space, and this even involves team growth from a 2-man to 6-man team within a year!
It does not stop there because with all these new connections, also comes the diversity of each individual and their expertise. This is where space provides the avenue for members to leverage and collaborate with each other based on shared insights, creativity and even wild ideas.
And as such, space really does bring a myriad of people together, forming a diverse community which eventually grows into a support system. After all, everyone is out to make a mark in this world through what they’re good at.
And what better way to do this than at the co-working space where it truly fosters relationships, allows for collaboration and growth as a person, company and community.
How the existence of WORQ can help to shape the coworking space culture among the startup business owners in Malaysia?
WORQ is one of the pioneers in the coworking space scene. Although this scene has seen a boom in the last year, WORQ will remain competitive, promoting the benefits of coworking for the experience of belonging to a business community where help is given and taken under-one-roof!
Is there any plan to open another WORQ coworking space branch in the future?
We have been actively expanding. WORQ just recently launched its 3rd outlet in the KL Gateway Mall 3 months ago. We’re now working on expanding to the city center, 2020 will be a big year for us!
Last Word about WORQ
If you are looking for a great co-working space, you should definitely give WORQ a try! You might be completely productive throughout the entire time there. You might even meet an interesting invidiual whom you would want to partner up with for your future business endeavors.
Do you want to know more about WORQ? Make sure to visit their website, Instagram, Facebook, LinkedIn to know more about them!
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