Coworking spaces first emerged as alternative workplaces that reduced fixed costs like rent and utilities. Now, they are undergoing a major evolution to become strategic hubs that foster entrepreneurship and development in communities.
That is a critical development for SMEs, which came under unprecedented pressure during and after COVID-19. The pandemic did not just challenge traditional office-based work models and exacerbate economic uncertainties; it left numerous small and emerging businesses vulnerable, with about 50 percent of SMEs shutting down within five years of starting operations.
Now, the sector is increasingly finding support and the ability to reinvent itself through supportive co-working spaces. One example of this is the Social Development Bank’s Jada30 project, a coworking initiative that is aligned with Saudi Vision 2030. Unlike traditional coworking spaces, which are driven by a real estate investment imperative, Jada30 is an out-and-out enabler of entrepreneurship.
As such, it offers a suite of comprehensive services, including professional advisory services, training, and access to both financial and non-financial products to support the lifecycle of emerging projects. The result of this initiative is a vibrant business community that is both supportive and conducive to sustainable business growth.
Today, Jada30 has expanded to include 11 branches across the Kingdom, with plans to add six more. It currently supports 245 enterprises, providing services to 60,000 beneficiaries. The addition of new branches in Al-Jouf, Makkah, and Dammam earlier this year highlights the initiative’s commitment to fostering an entrepreneurial ecosystem that is both resilient and expansive, enabling people to achieve their full potential and ambition.
Ultimately, the value of Jada30 is that it is not just a coworking space, but a dynamic environment that empowers local entrepreneurs to thrive and succeed. By changing our mindset from viewing coworking spaces as simple real estate investments to platforms of entrepreneurial empowerment, we are significantly contributing to the very economic fabric of the nation.
For our economy to reach its full potential, it is vital that we create the optimal conditions for new businesses to flourish and achieve their aspirations. Through Jada30, we are offering a vibrant alternative model for the Kingdom’s entrepreneurial development. This is an approach we can all get behind.
• The writer is chief executive of the Social Development Bank.