The Difference Between Coworking Space and Business Incubator Space

Often Coworking spaces and business incubator spaces are considered similar and synonymous but they have completely different characteristics between each other. The concept of Coworking has emerged out for the need of collaboration and community networking. The Coworking has evolved around people who preferred to work independently beyond the boundary of traditional office at their homes or personal office. But, in order to avoid isolation or a feeling of being alone, they preferred coffee houses or cafes to spend some time with like-minded independent professionals. These independent professionals were used to be mostly freelancers or telecommuters or mostly researchers and experts. Eventually, these like-minded professionals felt the need of coming together with a shared space where they can work as well as collaborate and contribute with each other. This concept of Coworking over the period rapidly grew as Coworking spaces around the world and you can find plenty of progressive and productive Coworking spaces such as espacecoworking The Hive.

On the other hand, business incubators are promoted, organized and funded by the business organization who have fixed intentions and ambitions of economic development. The business incubators are mostly sponsored for business professionals and ambitious entrepreneurs whose usual goal is to build the growth of their companies in terms or international or global business and trade. However, both Coworking spaces and business incubator spaces serve the same purposes for the growth of small and growing as well as start-up business companies. But Coworking spaces serve more versatile professionalism as you can find experts and professionals from various background and experiences. On the other hand, the business incubator spaces serve exclusively business-related development purposes because the small and start-up business company come across business professionals and expert entrepreneurs in the business incubator spaces.

Another remarkable difference between the Coworking spaces and business incubator spaces is the cost between both the spaces. The cost of Coworking spaces are covered on hourly or weekly or monthly or yearly charges and are normally higher than the business incubator spaces. Sometimes the business incubator spaces are availed free of cost because the costs are covered under sponsorship or they take a percentage of your company. However, the Coworking spaces offer many services such as Wi-Fi internet, printer, fax, cafeteria, pantries. Lounge etc. whereas the business incubators do not provide these services. The business incubator spaces expect specific outcome especially in the cases of start-ups which can be like a commitment to fulfil within a specific period of time such as one to six months whereas in the case of a Coworking space you can get in and get out anytime you wish and can spend any amount of period you wish.

Clare Louise

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