Business incubators, the latest trend in the real-estate market, provide a shared office space for new businesses or start-ups, supported by business advice and other services.
The concept of business incubators is not new. While in the West, business incubators are very popular, in India, the idea of opting for business incubator space is slowly gaining prominence. Major real estate developers are focusing on developing incubation office spaces, along with other commercial projects and business centres and business parks. Are you starting a new business? Are you looking for a temporary office space for rent at a reasonable rate with regular support, mentoring and networking? If your answer is yes, then a business incubator would definitely work for you.
What is a business incubator office space?
A business incubator is basically designed to provide office space, office equipment, business support resources and services, networking connections, including mentoring services and capital for a start-up or new business. A typical incubator office has a space to accommodate around 15 – 50 small businesses. All these new start-ups work towards the goal of moving from that facility within 2-3 years to a well-setup organization. That is why business incubators help a lot in starting up a new venture. It is basically a shared workspace for new business owners.
Benefits of incubation office space
- Incubators or in simple terminology, instant office space for rent provide a large number of benefits to owners of new or start up businesses.
- The basic advantage is that it has a minimal start-up costs. The rental rates offered in these office spaces are usually low as compared to full-fledged office executive suite. In this way, the business owners can focus more on developing their business rather than focusing on paying the next bill. Rents are usually below-market rates
- Usually such office spaces are located at the business centres and managed by them and provide on-site, business support, training and mentoring.
- In incubation office spaces for rent, there is no requirement of long term lease. The reason being these are available as temporary office spaces for rent.
- Almost all incubators offer 24 hour access to tenants or businesses.
- Such offices have shared meeting and training rooms and other administration facilities, including telephone, secretarial office, and production equipment, the expenses of which are shared with other start up companies. This reduces the overhead and operational costs of everyone.