![]() Affordable (or sometimes free) office space allows founders to leverage assets like an official mailing address, conference rooms for meetings, and sometimes even shared features such as an impressive lobby or fancy coffee machine.įor coworking spaces, the office space is the main selling point of membership, and lots of effort is made into making the space feel modern and welcoming. Office space is a big expense for businesses that are just starting out. Shared workspaces can be especially helpful for startups. The main reason that people confuse coworking spaces with incubators and accelerators is because they all tend to offer communal office space. These organizations tend to include the following features in various combinations. A coworking space is simply a shared office space that charges its members monthly, although many provide other perks for business development.Accelerators are often associated with venture capitalist groups or other groups of investors and are usually focused on tech companies. An accelerator is designed to help more established businesses scale up quickly.They may be funded through local municipalities or economic development organizations. A business incubator is an organization designed to help nascent businesses develop their products and services as they’re just starting out.However, they can be very different in how they’re structured and in what they offer. You’ve probably heard of these organizations before: business incubators, business accelerators, and co-working spaces.Īlthough all of these types of organizations offer some of the same resources, people commonly confuse them. Their goal is to make it much easier for them to start and grow their businesses. There are several types of organizations that have dedicated themselves to meeting many of these needs for new business owners. Those requirements include guidance from people who have gone before them, a network of people facing similar challenges who can support them, and space to meet with their employees and get their work done. No matter the industry, new businesses have a lot of similar requirements.
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