Coworking spaces are all the rage and since 2007 have definitely come of age. According to Forbes Magazine, in 2007, "only 14 documented coworking spaces existed in the United States." With the more than 11,000 spaces currently in the US, and more than 26,000 spaces projected to host 3.8 million people by 2020, we think they are on to something. Driving this trend, millennials entering the workplace seem to be bucking the system every way they can, renting instead of owning homes, and preferring city living to sprawling out in the suburbs, as well as impacting traditional work environments. Starting their own companies rather than climbing the corporate ladder, this emerging workforce resonates with joining coworking spaces for the versatile atmosphere and the value added collaboratory spirit these shared spaces offer.
At Venture X Naples, we welcome people from all industries from startups to established brands, from tech companies to fitness and healthcare groups, to lawyers and freelance writers - anyone who is drawn to our entrepreneurial vibe. This month, at Venture X Naples, our member spotlight shines on someone who's in the right place for his line of work.
Starting out as a software engineer in 2013, Nimmagadda discovered that his interest, well, maybe more than a casual interest, his passion, in fact, was fueled by the world of investing. Specifically, he realized that Value Investing was where he wanted to go. You may know Value Investing from Berkshire Hathaway's chairperson, Warren Buffett, not a bad role model.
Value Investing involves buying stocks/shares of valuable companies at a discount price and holding onto them for a long time. Nimmagadda says that after further exploration and experimentation, "I figured out that within the domain of Value Investing the specific execution style that suits my personality is that of a ‘focus portfolio' with long holding periods." Nimmagadda explained further that in a focused portfolio, investors buy concentrated positions in 3 to 5 companies and hold them for "long periods."
Self-taught, Nimmagadda then began reading in his spare time what turned out to be somewhere around 200 books on the subject of investing and finance in order to make the transition from software engineer to a private investor. Early in 2017, for a couple of reasons he didn't go into, Nimmagadda opened the doors to his new career, working for himself, full time as a private investor.
When we asked Nimmagadda about the most rewarding aspect of his job, he told us at the risk of sounding "folksy or indulging in clichés," that so far, his profession didn't feel like a job, that it had not degraded to that level yet. "When that happens, it's time to switch," Nimmagadda added, "I have that much fun doing what I do."
In Nimmagadda's first year as a private investor, he discovered that while many people who have money to invest, as well as other investors he's come across, very few share his philosophy regarding holding on to investments for longer periods and "giving the ideas time to grow the wealth. You just have to be patient," Nimmagadda said. Think Warren Buffett.
When asked for a business tip Nimmagadda would like to share with others, "It's better to be an independent thinker and go with your gut and be wrong," he said, "than to be superficial or engage in an activity that doesn't leverage your skills and potential and be successful."
On his journey to his goal as a private investor, Nimmagadda, as we know, devoured a good many books. His greatest inspiration? Theodore Dreiser's 1914 tome, The Titan: The Life of John D. Rockefeller, Sr. by Ron Chernow, the sequel to The Financier, The Titan chronicles John D. Rockefeller's life and is the second book in Dreiser's Trilogy of Desire series. In his spare time, Nimmagadda reads books ranging from chess to farming and enjoys watching movies and film biographies.
Nimmagadda shared that he tried tandem skydiving once. This guy loves a challenge. Comforted, "but not that much :-)," by the fact that his instructor had 10,000 jumps under his belt, Nimmagadda said, "It was exhilarating and scary as hell. The parachute was definitely better than the free fall!!"
As a Venture X Naples member since early 2015, "It's been great," Nimmagadda said. "The staff here is an asset. The location is awesome." Nimmagadda enjoys the "Naples Vibe" and his daily walks in Mercato. Located near many popular dining, shopping and entertainment venues, Mercato is the heart of Naples and convenient for Venture X Naples members, when a break is in order. Mercato's features places to impress new clients and eateries to host a working lunch or celebratory dinner.
Venture X Naples' biggest advantage for Nimmagadda centers around, "the excellent cross networking and exposure to ideas and opportunities that Venture X presents. When Nimmagadda needed a website, he found the right person here at Venture X. A startup working out of Venture X Naples presented an interesting investment opportunity for Nimmagadda, as well. Evaluating a small business, with the intention to buy it for free cash flow, Nimmagadda found a knowledgeable team working in that domain at Venture X. "They gave me actionable insights into the inner workings of businesses in that domain," Nimmagadda shared, "I even came across a good private equity opportunity right here and I am pursuing it."
Venture X Naples might be just the motivating environment you need to get your business or startup off the ground without the expense of renting an office space, with long lease commitments. You can't beat working around like-minded professionals, in a well-appointed, comfortable and accommodating environment that naturally fosters collaboration with networking benefits.
Contact Venture X Naples today and join our new business environment community.