BHIVE Workspace is a PropTech company focussed on commercial real estate. Startup Reporter recently conducted an interaction with BHIVe’s CEO, and Co- founder, Mr. Shesh Rao Paplikar
You started the company as a student. What challenges did you see coming along the way?
I had this entrepreneurial mindset right from the beginning despite coming from a family of academics and started my first venture during my engineering days. I was deeply inspired by Late Dhirubhai Ambani which led me to begin my entrepreneurial journey in the form of a dealership for phones. A global telecom major was in the process of launching low-cost mobile phones across the country and was looking for dealer partners. I got quite excited with the opportunity and picked up one of their dealerships for a key region in Mysuru and at one stage, I was one of their biggest dealers. While It wasn’t a pure bred start-up idea, I did it to get a taste of entrepreneurship
I raised money from family and friends to set up the business but it eventually failed as the telecom giant failed to launch its product in the market and I had to lay off a lot of people which was quite difficult. You’re also under a lot of influence from parents when you’re young, which adds to the pressure of performing.
And while the first journey turned out to be a financial loss, it taught me great nuances of entrepreneurship which has shaped me up as a better entrepreneur. I learnt how to build a company and also to handle its emotional impact on me. They always say that what doesn’t kill you, only makes you stronger and I can say that the venture almost killed my ambitions with a huge loss of Rs 1.5 lakh-2 lakh at that time as a student. So I started my career with a loss and while the investments seemed like a huge money when I started, I realised I can pay back when I started working. However, the fact of failure is very hard to digest for anyone.
These situations made me much stronger and guided me towards gaining a few years of work experience to start my second innings.
How do you think location in Bengaluru impacts Fintech in pulling out a good number of investors or retails?
Location is the cornerstone of real estate business as investing in the right property at the right location is the recipe for success. Commercial real estate requires a nuanced understanding of the space- what are the patterns? Where does the demand exist? What is it that the tenant is looking for?. To build a successful business around this, it’s essential to understand customer requirements and seamlessly marry it with the business offerings and objectives.
Over the past years, we have acquired an expertise in the market using our knowledge, analytics and experience and there is a huge market left to be tapped.
How do you think the brand value of BHIVE workspaces hyped up? What were the major methods you took into consideration?
Since the time we started BHIVE in 2014, we were clearly focused on building a brand which is customer focused, is known for its creativity and innovation in the market and brings a fresh perspective to business.
We were trying out various unconventional ways of making a mark and showcasing our various properties through parties came across as an interesting way. This idea stemmed from the thought that the best way to market real estate to occupiers is to give them a first hand experience of the site, which sits in their subconscious mind.
In over two years, we conducted approximately 500 events across our shared workspace properties in the city leading a lot of people to think of us as an event company and it is still helping us till today.
This innovative idea of throwing parties germinated during my days in New York which has a strong party culture and I exchanged ideas with a lot of creative people during my stay. That had a strong impact on me and Bengaluru was just warming up to the idea of “work hard, party harder” at that point in time, which made it an opportune time for us to launch and establish our venture.
Who were the early employees in the BHIVE workspace? How did the propagation of a core team took place back then?
We paid special attention to building the face of the company and after the first 20 employees, we roped in 10 global experts to lead various aspects of the business, eventually helping us establish Bengaluru’s preferred shared workspaces provider. We hired Yulia Aslamova as Marketing Head, Maria from Poland as design head and several others to build a strong foundation for the brand. These expats hiring was during a time when our revenue was not even 1/10th of what it is today monthly.
The company’s diverse workforce with employees from Europe, USA and Canada, helped create an enjoyable work culture while bringing in the best practices from across the globe.
What are your views on customer experience? How has the customer experience of your business been?
Customer Experience is in the DNA of BHIVE and forms the core of our business. We are focused on providing a differentiated customer experience by offering a wide array of services. From shared workspaces at state-of-the-art properties to play and entertainment options, all under one roof has been a key factor in making BHIVE the preferred destination for individuals, startups and large companies.
As there are several players in the market offering shared workspaces at attractive rates, one has to realise that only a good customer experience will help you stand out in the crowd and bring repeat customers to your doorstep.
What advice would you like to give to the budding Fintech entities after creating a legacy in the Fintech World in the past eight years?
“Entrepreneurship is not a sprint, rather a marathon” is the mantra I’ve lived by, which has helped me achieve success despite so many roadblocks. This journey is full of thorns and you may not hit success in the first year, second or the third year but it is when your real character comes out where you do everything possible to succeed under pressure.
This is a key mistake which most initial stage founders make when things go South is they tend to shut their business instead of pivoting to the closest alternative. My suggestion to all the budding start-up founders would be to build the business on strong fundamentals and not lose hope when you face a crisis as staying on is the only key to a successful business anywhere in the world.
Check out their website at : BHIVE Workspace
