With the start up sphere growing by the day, many organizations have started providing services to support start ups. There are many options available to start ups today. However, because these concepts are new, there is a lot of confusion about the clear definitions of these various services.
Here, we will consider two start-up environments- coworking spaces and business incubator spaces. Many organizations provide these services to startups to help them with their business. But what’s the difference between the two?
Coworking Spaces
Coworking spaces refer to a huge office space that can be rented out by offices. These come fully furnished with all the technology and other furniture that any business requires. This is desirable when a company is not ready to invest huge capital into office space yet.
Start ups tend to have a small number of staff (sometimes it can just be a single person flying solo!). These offices can therefore easily accommodate multiple start ups together. This gives a lively and fresh and environment to all the players involved and a work culture develops in the office despite each start up having only a few members.
These spaces are versatile and can be used by start ups, freelancers or even bigger established organizations espoused those that don’t specifically require all their employees to be under the same roof. Coworking spaces are easy to provide and works almost the same way as a real dedicated office space.
This business is not risky and there is almost no need to be specific about who they provide these services to. The providing organization just needs to make sure the start ups renting these spaces maintain decorum and contribute to upholding a good environment without inconveniencing the other users of the space.
Incubator Space
Incubator spaces are specifically designed for start ups. Incubator spaces come with office space, legal counsel and even some seed capital. Incubator spaces are more expensive to create and maintain.
The providers of these incubator spaces are more selective as to which start up they provide these spaces to. This is because they do not charge the start ups in cash immediately. Instead, the capitalise on the prospect of this start up one day becoming a big company. Because of this, payment is usually in the form of stocks and equity.
So when a start-up opts for incubator space, they gain more than just office space but at the cost of equity. They gain guidance, capital, and benefits like legal counsel which is very difficult for a small start-up to normally obtain.
Incubator spaces help grow a start-up especially during their initial days. They are referred to as business school sometimes because they function just like that.
Conclusion
Startups can operate anywhere- from a basement to an office space funded by a loan. However, there are some start-up friendly organizations that provide some really good options to help startups operate and grow.
While co-working spaces are simply cheap office spaces that introduce you to a work environment, incubator spaces are more than just office spaces. They nurture your business and provide you with various services that a start up cannot afford yet. Though it comes at a huge price- equity, it could be worth it all.
At the end of the day, both these spaces have their pros and cons. A startup must choose the kind of service they want depending on their needs. The startups need to set their priorities and decide which service can better fulfill their requirements. Get in touch with the experts at Qbicle and avail the services of the best coworking space in Jaipur and scale your business to new heights and possibilities.