There are a lot of risks and costs associated with moving your company. When it comes to expanding or relocating, you need a solution that is right for your company’s unique needs.
Setting up a distributed team has never been easier – it is a low-risk option for companies of all sizes looking to access a communities key business assets. Whether you want access to talent, cost advantages, or a special ecosystem, setting up a distributed team is a low-risk approach.
A major step to consider when evaluating the location of your distributed team is assessing the size and type of work/office space needed.
Specifically, you need to answer a number of questions:
- What timeline do I have for expansion?
- What is the optimal size of my new team?
- How much space do I need to start with?
- What kind of culture do I want my new office to embody?
It is important to find a space that best suits your team, culture and needs.
Waterloo has recently seen an influx of North American companies setting up distributed teams as a means to access our business assets and collaborative ecosystem. TD Bank, Insticator and Faire have all found recent success in Waterloo thanks to this model of expansion.
A few examples of these types of spaces available in Waterloo include:
Flexible Landing: For a company looking to test the waters of their new location, a flexible landing offers the easy to decide which space is right for you. Whether it be a collaborative co-working space or an innovation lab, flexibility is essential to your company.
- Co-working space: There are many benefits to choosing a co-working space. You get the flexibility of scaling at your own pace, while having your team work alongside other like-minded individuals in the ecosystem. Examples include:
- Innovation Lab: These spaces are great if your company has an idea that they want to explore outside of their corporate headquarters. Communitech’s Innovation Alley offers a dynamic space where companies work collaboratively and launch game-changing idea.
Expansion: If you’re looking to expand and scale a larger team, there are other options available. Whether you’re looking for research or builder’s space – Waterloo has an option to suit your team.
- Research Facility: A space to leverage research institutes and researchers to help advance your companies technology and research.
- Hardware Accelerator: For hardware and manufacturing companies looking to create or innovate their product line(s).
- Tech Hub: For companies looking to expand in a new location it is important to identify the existing ecosystem – having a collaborative community of like minded companies and individuals can help supercharge innovation.
Is your company considering relocating or expanding?
How have other companies found success in Waterloo? Check out our blog posts about company expansions:
Read our Q&A with Insticator Founder and CEO Zack Dugow, to find out why these chose to expand their New York City based company to Waterloo.
Read our blog with TD Bank on their innovation lab in Waterloo.
Read our blog about why Faire chose to create a distributed team in Waterloo and Silicon Valley.
Want more specific information about the Waterloo ecosystem and how it can help your business grow? Contact our team today.