Hacker space, incubator, accelerator, challenge – the list goes on. The jargon around start-up spaces along could halt the pondering entrepreneur from actually getting any work done. One issue is that there isn’t a clear definition of each category, but there are some qualities that are generally accepted. So without further ado, here’s our guide to various types of office options for start-ups.
Don’t be scared off by the word “hacker.’’ A hacker space is usually a nonprofit or open source studio or lab where people can meet to work together on a project. Generally they have common interests in areas like technology, science, or digital art. Community collaboration is highlighted for finding solutions to everyday problems.
Also referred to as: Makerspace, hackspace, or a hacklab.
Apply to an accelerator if you already have a developed start-up that could benefit from a couple months in a mentorship program. You very likely will have to give up some company shares in return for funding. The aim is to grow the company quickly with many resources.
Also referred to as: Seed accelerator
Accelerator and incubator are often used interchangeably, but that’s not exactly accurate. An incubator takes more time and shares in an idea than an accelerator, but an external management team could come in to manage the company as opposed to the mentorship of an accelerator.
Coworking space could be a collection of start-ups and venture capital firms in one building or multiple companies in single office space, where each could rent a desk or room. The hope is that being closer together would inspire more collaboration.
Also referred to as: Shared space