Tribe Theory has created a space for thinkers, innovators and entrepreneurs to work and stay, and, in the true spirit of forward-thinking entrepreneurship, they accept Bitcoin and Ethereum.
Starting your own business can be expensive. You take some time to see profits and when you do, they most likely go back into the business to cover some sort of expense. Arguably, this venture can be even more difficult if you’re dealing in digital while the most of the rest of the world is still feeling the fiat.
Even so, networking is an important part in growing both your brand and your business. However, if you’re just starting out, every penny counts. Entrepreneurs have thus taken to making use of co-working spaces to save on office space and rent.
Balling on a Budget
Tribe Theory has taken it one step further by combining the price of hostel accommodation with the comfort and living standards of a hotel. Add in a communal working area and you’ve got a place for entrepreneurs to work, stay and network with their fellow guests.
According to CNBC, the price per capsule bed in one of flagship hotel’s shared dorms goes for about $26 per night. The hotel, which was launched in Singapore earlier this month, has some more good news: guests can pay in Bitcoin and Ethereum.
Vikram Bharati, the founder of Tribe Theory, had this to say:
We have a lot of entrepreneurs who are broke but have cryptocurrency, so we’re happy to accept that.
Guests can also enjoy conveniences such as free WiFi, a complimentary breakfast, and a laundry service.
The Struggle Is Real
Hotel rooms in Singapore were going for around $180 a night as of last year. Bharati has said that finding affordable accommodation, especially in this city, is important for these entrepreneurs if they hope to capitalize on the less-developed markets of Southeast Asia.
Because of this, he hopes that the venture hotel will appeal to these innovative, but often cash-strapped, entrepreneurs.
He explained:
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.
Bharati went on to add:
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.
Entrepreneurship Breeds Entrepreneurship
When thinking about developing the venture hotel, Bharati, who used to be a banker at JPMorgan Chase, was inspired by his own experiences while working at REAPRA, a venture capitalist firm, where he traveled to more than 50 countries.
Bharati and his wife, with the support of REAPRA, spent $45k and three months to renovate the hostel, which was previously owned by one of the country’s earliest entrepreneurs, Chow Ah Chey.
Bharati added:
We built everything by hand. We wanted to do that in the spirit of entrepreneurship.
What the Not-Too-Distant Future Holds
Bharati hopes to make the brand global. He said:
Let’s see how this goes, but we would like to build this in most major cities around the world.
Tribe Theory hopes to expand to major business hubs such as Hong Kong, Tokyo, Berlin, and Estonia. By the end of next year, Bharati hopes to have launched hotels in 10 cities across 10 countries.
What do you think of Tribe Theory’s concept? Will the fact that they accept crypto affect their success? Let us know in the comments below!
Images courtesy of Tribe Theory