Ever wondered what the difference between an incubator, accelerator, and a co-working space is? Fear not, as TechSandBox is here to answer your questions! Often, these terms are used interchangeably; however, there is a difference. If you are an entrepreneur looking to further your company’s success, read on to understand which choice is best for you.
Firstly, an incubator assists in the development of startup companies by providing useful mentors and resources in order to accelerate their success. Some workspace is usually available, along with educational opportunities. Entrepreneurs with ideas come in and grow their companies. Companies can stay for extended periods of time. Some incubators do the science-side instead of business-side and can have really specialized equipment for, for example, biotech. There thousands of business incubators in the US (See NBIA.org).
Secondly, an accelerator can be seen as a business program that helps an entrepreneur by using mentorship, educational content, and networking opportunities to grow the success of companies quickly over a very short time period. This is usually a fixed program, and businesses must apply in order to be chosen. The companies typically exchange part of their equity to the accelerator in exchange for investment money and resources.
Thirdly, a co-working space is a communal working environment. This differs from a regular company as all the entrepreneurs are not all from the same organization. With a co-working space, there is informal networking in a professional environment, as workshops and events are not usually organized. This is beneficial for those looking to work independently without guidance but are interested in meeting others with a similar mindset sans the high cost of typical executive office centers. Co-working spaces usually charge small monthly rental fees.
All in all, these three ideas can be used to grow your company. Thoroughly research each further in order to determine which is best for your business. For those of you in the MetroWest area, TechSandBox offers a co-working-incubator combination environment with a makerspace included. Check us out here.
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