New York based co-working and real estate startup WeWork are reportedly quietly recruiting startups for their new startup incubator/launchpad which will be called Area 51 Paradise ranch.

The startups that will take part of the incubator will be early stage startups that will be handpicked and personally invited by WeWork. The selected startups will be able to utilize WeWork’s state of the art private Tribeca Hudson street workspace, receive mentorship from WeWork’s specialists along with many other benefits.

In exchange WeWork will charge an undisclosed non-equity monthly fee in line with their business model. This is the main factor that distinguishes WeWork’s incubator from others. Most startup incubators offer investments or take equity in exchange for participation.

The company is certainly not short of funds as it was the highest valued startup in the latest estimations from july with a $20 billion valuation. It has a presence in 17 countries with 170 locations across 58 cities.  

Perhaps the biggest benefit of taking part of the incubator will be the access to a wide ranged network of startups where the participating startups will have the chance to connect and develop crucial relationships.

According to reports their will also be funding opportunities from venture capital firms although there is no indication that WeWork themselves have any intention of investing in participating startups.  

WeWork’s main objective in regards to the incubator is unclear at this point although the incubator will certainly enable WeWork to increase the size of its community and network of startups.

WeWork have recently acquired a number of high profile startups such as Meetup.com for $200 million and have also attracted big investments from other organizations including a $4.4 billion investment from Japanese SoftBank.

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