You’ve heard of co-working spaces, but how would you like to share your sleeping space with other entrepreneurs?
That’s the idea behind Tribe Theory, a new “venture hotel” that specifically targets entrepreneurs and start-ups.
Made up of capsule beds in shared dorm rooms, Tribe Theory carves out a new category of budget business accommodation by combining the communal atmosphere of a hostel with the standards of a hotel and the entrepreneurial environment of a co-working space.
Beds in Tribe Theory’s flagship Singapore hotel, which officially launched this month, are available from 35 Singapore dollars (around $26) per night. Guests are also welcome to pay in Bitcoin and Ethereum.
“We have a lot of entrepreneurs who are broke but have cryptocurrency, so we’re happy to accept that,” Tribe Theory founder Vikram Bharati told CNBC Make It.
The hotel features a co-working space on the top floor, alongside basic amenities such as free wifi, complimentary breakfast and newspapers, and a laundry service. It is also scattered with inspirational quotes to get your creative juices flowing.
Bharati said he hoped the concept would appeal to the next generation of entrepreneurs, who travel to some of the world’s largest business centers but typically don’t have the money to stay in a hotel.
That is especially relevant for entrepreneurs accessing less developed markets in Southeast Asia, who tap on cities like Singapore to access networks and capital. Hotels in Singapore cost an average of around $180 per night last year.
“What we’re trying to do is create a community. So, not just provide an affordable capsule, but also create a place where people can engage with other entrepreneurs from around the world,” said Vikram.
“The value is that someone from Kazakhstan can meet someone from London and collaborate on business together, which really is very hard to do in co-living spaces or hotels.”
Bharati said the team is testing strategies and he believes they will naturally reach their target market as brand awareness grows.
Tribe Theory is itself steeped in entrepreneurship. The brainchild of ex-JP Morgan banker Bharati, the idea was born out of his experience travelling across 50 countries and his work in early stage investments at venture capitalist firm REAPRA.
With the help of his wife and backing from REAPRA, Bharati took the hotel from concept to launch in just three months and spent just 60,000 Singapore dollars (around $45,000) renovating the shophouse hostel. The venue was once owned by one of Singapore’s earliest entrepreneurs harking back to colonial times — Chow Ah Chey — and sits around the corner from the city’s former millionaire’s club.
“We built everything by hand,” said Bharati. “We wanted to do that in the spirit of entrepreneurship.”
Bharati is aiming to launch four more Tribe Theory locations in major business centers over the coming year: Hong Kong, Tokyo, Berlin and Estonia. Estonia is currently trying to position itself as a hub for entrepreneurship and plans to introduce a digital nomad visa next year.
By the end of 2019, Bharati is targeting 10 cities across 10 countries.
“Let’s see how this goes, but we would like to build this in most major cities around the world,” he said.
Originally seen on CNBC.