CoWork Newtown is a business accelerator program, developed and managed by Capstone Collective for the NPBA and with the support of Inner West Council and City of Sydney. The mission of this business is to help grow the capacity of local small to medium sized businesses.
Business failure rates in NSW are the highest they have ever been (see Dunn & Bradstreet Report). They are only matched with the number of new businesses coming into the market. This indicates that while there are many new businesses starting, there are just as many (if not more) failing, which leads to an issue with startup and general SME sustainability.
Sustainable, growing businesses are one of the most important factors of a precincts Economic Development. Thriving businesses create employment, give people a reason to visit the area and add to the local cultural and creative fabric.
CoWork Newtown will assist in this regard by providing a customised program of face to face business mentoring, as well as the option to use the space as an affordable office.
The services provided will include
- Business coaching and advisory services (strategy, marketing, finance, business idea feasibility analysis, business model creation, accounting, legal, etc)
- Physical facilities – A space to work, rooms to meet or hold events and studios for multimedia production
- People connectivity and networking – Mentoring, coaching, virtual communities, entrepreneurs, investors
- Access to finance & capital services – Angels and VC capital, pitching, commercial loans & government grants
- Training services – Workshops, resource library, business topics courses, soft skills seminars, etc
- Brand building services – How to attract new customers and build a reputation
- Marketing for our members – To promote their expertise and create new business opportunities for them
There will be three options for local businesses to engage with us
- Free Workshops and Seminars
- Office space from $99 per month
- Face to face business coaching from $150 per month
The intention is not just to provide an affordable office environment to work in, but to include the essential mentoring services that small businesses need to ensure there sustainability and get past the 2-3 year honeymoon phase.
The space will be opening at 404 King St Newtown in December 2017.