Synopsis for creating a Knowledge Ecosystem: A Coworking Space Focused on Interstate Commerce

End Goal: The Iowa City Area is recognized globally as having a culture for lifestyle, innovation and entrepreneurship akin to places such as Austin, TX, Boulder, CO and The Research Triangle.

Rationale: People and ideas gravitate to areas where there is a vibrant energy and common spirit; new economy workers will be increasingly mobile; therefore, cities with the most appealing cultures will show the strongest economic vitality. Most of the attributes common to these well known hubs of entrepreneurial culture already exist in the Iowa City Area, yet we have not developed the culture and reputation to its fullest potential. Our challenge is to become better at pulling these assets, minds and events together in a systematic way to allow this new culture to take hold and flourish.

Culture Building Process: ICAD is working with other area entities and ad hoc groups to increase programming and activities which tap into this potential and begin to generate momentum towards this culture, ideally with some level of public support. A recent example is the Tony Hsieh event at the Englert in early September. Further activities such as this will likely be held under an umbrella brand with several events in the planning stages such as “Jelly’s” or coworking events, a Tech Brew with the Iowa Innovation Council, potentially a BarCamp and other lectures / speakers working up to a culminating first annual TEDx Iowa City event in the fall of 2011.

Culture’s Physical Address: Events and programming are a large part of building the culture; creating a dedicated space for this activity is a significant catalyst for sustaining momentum and linking people and ideas together on a daily basis. Initial discussions between ICAD and the City of Iowa City over the past few years focused on a more traditional incubation model. Our research and that of the consultant hired by the City concur best results would be obtained by creating a coworking facility as opposed to an incubation site. The former provides more flexibility, engagement and participation by a wider circle of stakeholders. Space for incubation may be created in time or identified as the need arises from this culture and the success of the coworking environment at generating new firms.

What an Interstate Commerce CoWorking Facility Looks Like: Modeling from the most successful coworking sites globally, this vision would utilize between 3,000-6,000 square feet to create an inviting space that looks more retail than office (coffee shop not cubicle) in aesthetic. This space would have areas for people to work together independently with conference rooms, potentially a few rentable offices, private areas for phone calls, a reference library, fast wi/fi, copier/printer, lockable storage and a kitchenette. This space will play host to a variety of events and activities meant to bring ideas and people together as well as entities that provide valued services and support to the companies and professionals within.

Examples of other coworking spaces*: http://www.blankspaces.com/interact/commercials.php http://ryanishungry.com/2007/06/27/co-working-independent-workers-unite/ http://coworking.pbworks.com/Make-a-VIDEO Http://thinkspace.com http://citizenspace.us http://foundrycorworking.com (located in Des Moines) http://workatthefactory.com http://conjunctured.com *none of these are specifically catered to interstate commerce

Who this Space is for: The goal of this space is to develop crossover (culture) between the various target demographics that would find benefit in this space. One segment would be new economy workers, the ‘nomads’ who are working in creative fields. Many are freelancers working in coffee shops and home basements yearning for interaction and connection to other humans on a daily basis. Another group is the entrepreneurs, similarly plugging along in isolation without the interest in, or means to rent a small office during their fledgling state. They benefit from synergies and idea sharing with others in similar stages of operations. Existing firms also gain from tapping into the culture and energy such a space would offer; older firms trying to hire young professionals may not always have the right atmosphere for their tastes. With such a space, these employees could work remotely part or all of the time. As well, companies desiring to stay relevant and cutting edge will find value in knowing what is “next” if they are part of such an environment. The only shared theme between these groups is their engagement in interstate commerce and actions which attract new revenue to the area. It is this requisite which makes this space unique and provides the common bond and certain exclusivity for membership. This is a distinction important enough to be restated; membership to this space will be limited to interstate commerce activities. It is a place where people will work and collaborate in an environment which protects their privacy from outside solicitation and non beneficial disruption. While the space may look like a hip coffee shop, it is not a free for all for the general public. Rather, those individuals utilizing the space would pay a daily or monthly membership fee to gain access. Ownership / Management: ICAD concurs with the consultant that such a space should not be owned and operated by the City of Iowa City and its staff. Rather a third party should be identified or created to run the entity, perhaps as a public / private partnership. One of the challenges in our market is a lack of available commercial space at lease rates which would be financially feasible. Next Steps: ICAD is in the process of touring similar spaces across the U.S. and will develop a fully comprehensive feasibility plan by spring of 2011. We will utilize the Jelly events and other opportunities to conduct market research to understand the market viability of this space.