Insights from Great Work Presentation

Sep 11, 2024

Notes on Great Work Presentation by Nikita Yu

Introduction

  • Presenter: Nikita Yu, Chief Fitness Officer of Great Work
  • Founded in 2017
  • Origin of idea: Difficulty in finding affordable workspaces addressing startup needs.
  • Needs identified:
    • Internet
    • Good work desks
    • Presentable office
    • Meeting spaces
    • Conference rooms
    • Pantry

Business Model

  • Great Work stands out from other co-working spaces by offering more than just workspace.
  • Unique features include:
    • Napping houses
    • Shower facilities
    • Bike stations
    • Fully stocked pantry
  • Event spaces conducive for collaboration.

Mission Statement

  • Create a community for people to:
    • Create
    • Collaborate
    • Connect businesses for growth and profitability.

Locations

  • Currently operating two branches in Quezon City:
    • Quezon Avenue
    • Scout Rallios
  • Each branch tailored to a specific industry:
    • First branch: Formal setup (BPOs, consultancies)
    • Second branch: Creative sector (freelancers, marketing agencies)

Challenges and Learning

  • Initial challenge: Educating the market about co-working spaces in Quezon City.
  • Took 3-4 months to gain traction.
  • Importance of maintaining a good community and listening to client needs.

Financial Overview

  • Great Work has been operational for two years and is currently earning.
  • Initial rough patch due to market education on co-working concepts.
  • Steady growth after establishing community and client care.

Market Insights

  • Co-working spaces are becoming more popular but need ongoing education and awareness.
  • Need to target various demographics, including millennials and older generations starting new ventures.
  • Opportunity exists due to different business generations wanting to upgrade their environment.

Key Takeaways for Success

  • Understand your consumer's preferences and needs.
  • Provide value beyond physical space to differentiate from competitors.
  • Stay ahead of trends and keep educating the market regarding co-working benefits.

Questions from Nikita to Mentors

  • To Miko: How to maintain market share in a competitive environment?
  • To Myrna: Key points for women in business and how to inspire others.

Mentor Insights

  • Myrna:
    • Know yourself and your market.
    • Have a clear vision and direction.
  • Miko:
    • Stick to fundamentals of the business.
    • Ensure a conducive work environment and onboard the right people.