New Entrepreneur-only Hotel Will Accept Cryptocurrency
In Singapore, a new generation of accommodation is being put to the test. Tribal Theory is introducing a new concept of hotel where the whole concept is to provide a sleeping space complete with access to an entrepreneurial environment of a co-working space.
Basically, Tribal theory is offering entrepreneurs who have a low budget to spend the night the possibility of meeting with other entrepreneurs while finding the right accommodation. That’s the idea behind Tribe Theory, a new “venture hotel” that specifically targets entrepreneurs and start-ups. And what’s best is that to get into the spirit of innovation, Tribe Theory, lets its guests pay with cryptocurrency.
Tribe Theory is carving out a new size of budget business accommodation by joining the charming climate of a hotel with the entrepreneurial atmosphere of a co-working space. According to CNBC, Tribe Theory hotel was officially launched this month. Beds are available from 35 Singapore dollars (around $26) per night and guests are welcome to pay in Bitcoin or Ethereum’s ETH.
Vikram Bharati, Tribe Theory’s proud owner and founder said:
“We have a lot of entrepreneurs who are broke but have cryptocurrency, so we’re happy to accept that”.
Vikram hopes that this innovative concept can attract entrepreneurs, who travel to some of the world’s largest business centers, but typically don’t have the money to stay in a hotel. Notably, Tribe Theory is itself is the work of entrepreneurship. Vikram explains that his experience travelling across 50 countries, alongside his work in investments at venture capitalist firm REAPRA, gave him the know-how to start his own venture.
“We built everything by hand. We wanted to do that in the spirit of entrepreneurship.”
The entrepreneur goes on explain that he started the business with the help of his wife and backing from REAPRA, his previous firm. After gathering the needed funds, Vikram took three months to launch this initiative, and spent about 60,000 Singapore dollars (around $45,000) renovating the place.
Tribal Theory is a Hotel concept that specifically targets entrepreneurs and start-ups. The hotel features a co-working space on the top floor, alongside basic amenities such as free wifi, laundry service, complementary breakfast, and newspapers. Moreover, the place is made up of shared dorm rooms. The rooms have capsule beds and all the place is also scattered with inspirational quotes to get a creative atmosphere flowing. The venue has a great location as it was once owned by one of Singapore’s earliest entrepreneurs and sits around the corner from the city’s former millionaire’s club.
Tribal Theory is now testing various business strategies, and Vikram believes that his venture will naturally reach its target market and eventually expand. Next year, Vikram aims to launch four more Tribe Theory hotels in major business centers: Hong Kong, Tokyo, Berlin and Estonia. And by the end of 2019, Tribal Theory is already targeting 10 cities across 10 countries.
“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. 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.”
Hotels in Singapore cost an average of around $180 per night last year. Tribal Theory is offering a place to stay among entrepreneurs for less than half, and even better, customers can pay with bitcoin. If everything goes well, the concept will likely spread and soon we should be seeing Tribal Theory expand to major business centers.