In June 2010, the iHub opened its doors on Nairobi’s Ngong Road as the first co-working space in the city. While the transaction was billed as a landmark acquisition, the exit of the founders also points to waning popularity in co-working spaces that has been accelerated by the outbreak of Covid-19. WeWork’s story, however, speaks more about financial mismanagement and a distorted valuation system in startups and less about the efficacy of co-working spaces as a business model. He says the pandemic is an opportunity for co-working spaces to re-invent themselves and their role in the startup community. “Co-working spaces need to go back to the practical offerings that made them attractive to their tenants in the first place,” Kabogo says.

Source: Standard Digital September 30, 2020 21:00 UTC