Virtual vs. Brick and Mortar Hubs: What’s your Start-up Choice

Budding entrepreneurs are often attracted to places that offer them better infrastructure, entrepreneurial connections, and resources. Networking events, investor meetups, and demo days provide opportunities to find good advice and investment opportunities. Finding solid connections is one of the initial aims of any entrepreneur, and these valuable connections help them slowly integrate into the ecosystem of the corporate world.

Hub Culture

The idea of start-up hubs is one thing that reduces the worries of an entrepreneur by a bit. Here, you can find all sorts of resources in one place – from necessary connections to valuable information. There are a variety of hubs available depending upon the region you are willing to operate in. There are multiple start-up communities. You may also be able to find a virtual start-up hub.

However, here, a choice comes in deciding which hub will yield better results. Virtual hubs are convenient and can be accessed by an entrepreneur from an area that does not have many entrepreneurial resources. Although, brick-and-mortar hubs grant entrepreneurs the opportunity to meet mentors and investors in person, better grasp information, and present their ideas. It is better to meet your investors in person; this will help you build stronger relationships.

Virtual vs. Brick and Mortar

The basic idea of both kinds of hubs is the same. However, there are clear differences between the two. The number of goals you have already set and the guidance you require can be the major factors in choosing between the two. Suppose you are clear with your business plan and have specific requirements (for example, requiring a professional for accounting tasks such as bookkeeping). In that case, you may be able to go to an online or virtual hub to get a contract that will help you in fulfilling that requirement. However, if an entrepreneur needs more guidance, it is recommended to go to a brick-and-mortar hub to grasp information from experienced entrepreneurs easily.

The two main reasons for entrepreneurs to opt for a virtual hub are:

1. Obstacles like geographic location hinder access to a brick-and-mortar hub.
2. The entrepreneur has a late-stage, well-settled start-up and is looking for contacts to help start operations or growth.

A brick-and-mortar hub has its benefits. Interacting with investors and mentors in person can achieve a lot. Moreover, a physical hub allows the entrepreneur to become a part of a community. Sharing knowledge can help grasp a better understanding of the entrepreneurial world.

Both types of hubs have the same aim, which is to help budding entrepreneurs. Many entrepreneurs believe that the kind of hub they choose does not make a difference. Most believe that their location is the only major factor when it comes to choosing between the two. Most entrepreneurs say that they would prefer to go to a physical hub if they are in a big city with a lot of resources. Meanwhile, if they are in a remote location that is far from a big city, a virtual hub would be where they would access the resources they need.

Some entrepreneurs emphasize the fact that both kinds of hubs have a different impact concerning the start-up’s geographical location. Meanwhile, other entrepreneurs believe both kinds of hubs are important and that the utilization of both is necessary for success in different start-up stages. They also believe that to build a solid company, the entrepreneur must attend a brick-and-mortar hub for guidance and mentorship while using a virtual hub’s services for contacts necessary to achieve goals. Now you are ready to decide on virtual vs. brick and mortar for your start-up needs.