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Coworking Space <br />When considering business incubators, coworking may not immediately come to mind. However, <br />coworking can provide a valuable business service to a community while requiring relatively little energy <br />and investment from the operator. On the spectrum of business incubators, coworking space is the most <br />hands -off. Coworking space seeks only to provide working space for entrepreneurs and other professionals <br />rather than attempting to intensively develop businesses and individuals. While coworking may evoke a <br />particular image, coworking does not mean any one thing. Most coworking spaces are membership -based <br />and provide communal working space, but those are often the only things that coworking spaces share in <br />common. Coworking space can be shared working space or dedicated offices. It can be catered to particular <br />industries such as professional, light manufacturing, or food production or to particular types of workers such <br />as freelancers, entrepreneurs, or remote workers. Coworking spaces may provide varying levels of service to <br />their members, from simply providing a space to work to providing programming, equipment, sustenance, <br />and other tools. <br />Coworking space has many advantages for both its members and the service provider. Coworking space can <br />be advantageous for entrepreneurs and start-up companies for whom signing a long-term lease of their own <br />is not feasible. Coworking space can also be advantageous for individuals who work from home but seek a <br />more productive or dedicated space, such as freelancers or remote workers. Coworking space provides the <br />opportunity for different professionals to network and collaborate and provides a professional place to host <br />meetings. Depending on the amount of service provided to members, coworking space can also be relatively <br />inexpensive to operate compared to other types of business incubators. A coworking membership is often <br />more expensive per square foot than a private lease, but coworking space usually does not require a long-term <br />commitment like a private lease and also provides the additional benefits outlined above. <br />Despite all these benefits, coworking space can be perceived as trendy and may attract only a particular <br />type of worker. Additionally, coworking does very little to support the success of its members and does not <br />necessarily encourage its members to expand and move on. Nonetheless, coworking is a flexible concept, and <br />coworking space can be tailored to the needs of the area and people it is trying to serve to capitalize on the <br />advantages and reduce the disadvantages. The Commons is an example of a coworking space located in two <br />suburbs outside the Twin Cities. Information on the Commons was derived from an inerview with Peggy <br />Stefan, Co -Owner, an from research on their website: http://www.thecommonswp.com/ <br />Business Incubators and the City of Ramsey 17 <br />