While co-working spaces is a different concept altogether, incubators and accelerator are often used as a synonym for each other, but that is not entirely correct. If you are well aware with any of these terms, then you would probably get confused while reading about the other.
Here we are going to talk about the core features of each one of them and then discuss what makes each one of them different.
An incubator or an incubator can be thought of as a key or a push start button to a car, in this example the startup being a car and the incubator being the key. You can start your car without a key but, using a key is much simpler and effective. An incubator would cater to an early stage startup, where a group of people have come up with an idea and are struggling to turn their idea into a real thing. The incubator, in this case, provides the facilities that would provide a boost to the company. An incubator usually has built-in-counsels that provide the mentorship a startup would need. Incubators are the perfect opportunity for pre-revenue businesses. The startups can also learn to manage their business in an incubator. Incubators are very common in Universities like IIT and DTU.
As we mentioned that incubators are for startups who want to turn their ideas into a real business on the other hand Accelerators would come into second place. If Incubators are considered as a 2nd or 3rd-grade school for startups then Accelerators can be considered as high schools for startups. Accelerators be a real help if your startup is developed and the idea has already come to real life, the accelerators can then guide you forward regarding investments or can help you with crowdfunding or seed funding. Just like incubators, accelerators to provide working space to startups. If the startup is good, the investments are made in exchange for some equity shares or premium.
Co-working spaces (also known as Shared office spaces) are just office spaces with high-tech infrastructure. Anyone can rent these office spaces for a single person or for a whole team. Some office spaces have more than just these two categories. In the recent years, the co-working space owners have started marketing their office spaces in such a way, that people are realizing the potential of these workspaces and even finding them better than the conventional office spaces. The co-working spaces are feature packed and have more than just classy infrastructure, Wi-Fi, and coffee.
Usability of these 3 spaces
While you would find all kind of hardworking people in co-working spaces including startups, freelancers, well-established businesses and even MNCs. Accelerators and incubators on the other hand only cater to the startup community. Regardless of the difference between incubators or accelerators, both work in harmony to boost company’s progress. Incubators are good for idea generations, accelerators are good for getting investments and co-working spaces performs as an all-rounder depending on the type of the space.