What’s in a Name? The Different Types of Shared Work Spaces

We’ve all heard buzzwords such as incubators, co-working spaces and maker spaces. As the number of people working in the “gig” economy continues to grow, so will the places that support that industry. But what’s the difference in these spaces, and what do they provide not only to the entrepreneurs that use them, but the community as a whole? Over the next few weeks, we will discuss several different types of shared working spaces beginning with an overview of the most popular types.

Incubators – Incubators specialize in growing new and early-stage businesses. They typically provide resources like office space, legal counsel, accounting and other business guidance, possibly even funding opportunities. The types of incubators vary greatly from office/service-oriented businesses to high tech. There are examples of incubators in Franklin, Lynchburg and Norton.

Accelerators – Accelerator programs are more geared towards rapid-growth companies. Most involve a “cohort” of companies that have applied to the accelerator program, and the idea is to “accelerate” the companies to market within a three- to six-month period. Roanoke and Hampton both have great examples.

Coworking space – There are an estimated 10,000 co-working spaces in the United States. The co-working space allows entrepreneurs and “gig economy” workers to join together in a low-cost space instead of working in isolation. These spaces typically offer other services such as networking events, mentoring and learning opportunities, and the opportunity to develop partnerships with other businesses. Richmond and Harrisonburg have really been at the forefront of coworking.

Maker space – A maker space is a collaborative workspace that includes a variety of maker tools such as 3-D printers, laser cutters, letter presses, CNC machines, computers and other equipment. Maker spaces typically charge a monthly fee to members and are created for those who are creating products or who would like to learn how to “make” items. Next time you are in Lexington or Staunton, check out these great examples!

Stay tuned for more in-depth discussion about each type of shared workspace, including best practices, in upcoming posts.

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