How this entrepreneur transforms the coworking space into a community

Coworking is not a new concept, but having been dominated by major players such as WeWork and Regus, the shared workspace sector is being reshaped by more flexible and service-oriented operators, creating an environment that appeals to a new generation of nomadic entrepreneurs. That was entrepreneur Steven Cohen's vision when he launched Nomadworks in 2018.

The space, at the corner of Broadway and 30th Street, was previously occupied by Grind, a flexible office company. It had underperformed and made losses, so when Cohen arrived in the US from the UK in 2017, he set out to save, rebuild and rebrand it. “I envisioned a workspace niche that catered to mobile and digital entrepreneurs, an audience that I felt was underserved and would be in high demand for the right offering,” he says. .

Former CEO and Founder of Blue Inc, Cohen enjoyed a successful career in retail for 20 years, and his philosophy has always been to deliver exceptional customer experience and differentiation.

He says, "Coming to the US, I felt I could apply the brand service skills and differentiation to a new area. I particularly liked the flexible office model because, in 2018 , I felt there was going to be a move towards flexible office environments in the shorter term, where companies were no longer committing to 10 or 20 years."

The company was acquired and renamed Nomadworks; the name reflects its location in the nomadic neighborhood of Manhattan, but more importantly, its target of belonging in the digital age.

“We welcome people with a nomadic spirit. a physical address but want a New York address on their website or business card.

As well as facilitating a range of business services, Nomadworks is a base for conventions and events that Cohen says members cherish. "It's kind of a white glove service that's more organized than the We Works of this world which has hundreds of places where you don't know who you'll talk to overnight."

In creating the Nomadworks brand, Cohen focused on hospitality, the environment, which is all around the 35,000 square feet of space, and work-life balance. Members have access to a range of amenities, including a rooftop terrace, hair salon, yoga classes, showers, bike storage, massage room, meditation room, happy hours on Thursdays and regular events, the extras that Cohen describes as 'tacky'.

“People who use a flexible workspace want more than just a desk, Wi-Fi and cleaning services,” he says. "They want a community and a place that makes them want to stay as a member of Nomadworks."

Nomadworks caters to new entrepreneurial ventures and hosts an incubator program, Nomad Seed Camp, to help them take the next step in their growth. "In the Nomad neighborhood, 40% to 50% of our members have tech companies in the new economy, and they work closely with each other," says Cohen. "Our space and facilities provide them with the perfect environment."

Like the rest of the flexible office space industry, everything changed for the company when the pandemic hit in April 2020. Cohen planned to open two additional locations, but was forced to shelve those plans and spent the next 18 months perfecting the concept, improving the virtual experience, and just surviving.

He says, "We've seen some of our biggest competitors, including We Works, and a number of midsize players struggle. We've seen them leave space, and in the process, we've saw an opportunity for Nomadworks to grow and develop a post-pandemic flexible workspace 2.0 model."

Despite the challenges, the pandemic has effectively leveled the playing field by creating an affordable supply of space. Cohen realized that there were large companies with idle real estate floors in different cities, not looking for someone to rent the space but to have the area managed for them to lessen their headache. operational. He says, "We could take a fee to run and fill the space and use the Nomadworks brand to help give purpose to their surplus...