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For tech startups wondering where to find their new companies, here’s a suggestion: Set up shop next to another tech startup, preferably one that’s not in the same business.
In a working paper, researchers at Harvard University, the Georgia Institute of Technology and the Massachusetts Institute of Technology measured the exchange of ideas between tech startups located near one of the largest technology co-working spaces in the US.
They found that “knowledge spillovers” were high between similar startups operating within 20 meters (22 yards) of each other. Working in such close proximity allowed for socialization, which led to an exchange of ideas about the types of technologies that startups would use as part of their overall technology infrastructure, the researchers said.
Maria P., Principal Researcher and Assistant Professor of Business Administration at Harvard Business School’s Strategy Department.
For their study, researchers chose a location where several new ventures operate side by side in the same building. They focused only on interactions between startups on the same floor. On average, startups in the sample had been working close to each other for about a year.
Researchers say working in close proximity allows people who might not otherwise interact to meet, talk and connect, says Dr. Roche. These interactions have led to an exchange of ideas about the types of technologies that enterprises use to build their applications. This in turn has led to some of these technologies being adopted by nearby startups.
One of the benefits of working closely, says Dr. Roche, is being able to quickly implement ideas that are working well for other companies. If a startup incorporates specialized technologies such as bug tracking, marketing automation, or analytics software, other startups can benefit from this knowledge and quickly adopt it themselves, without having to do all the initial legal work and technology implementation and testing. Function.
This allows them to launch their product faster, says Dr. Roche.
Specifically, researchers found that startups more than 20 meters apart on the same floor were no different than startups on different floors, underscoring the importance of proximity when it comes to sharing ideas.
The study also highlighted the disadvantages of remote work, including the loss of unplanned connections. The ability to gather immediate feedback from someone nearby can be invaluable, especially when working on creative projects, says Dr. Roche.
Ms. Winokur Munk is a writer in West Orange, NJ at reports@wsj.com.
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