Thursday, August 22, 2013

Can Silicon Valley co-working go national?

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  • Aug 22, 2013, 11:50am PDT

    Can Silicon Valley co-working go national? NextSpace CEO says yes.


    Economic Development Reporter- Silicon Valley Business Journal
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    With the recent acquisition of Chicago co-working company The Coop, fast-growing Santa Cruz co-working startup NextSpace has officially gone national.
    After the addition of the Chicago outpost, to be re-named NextSpace River North, the company now has nine total locations including Santa Cruz, San Jose, San Francisco, Berkeley and the Los Angeles area.
    NextSpace, which was founded by two former employees of the City of Santa Cruz in 2008, has fueled recent growth with $1.6 million in new funding so far this year. The company anticipates another closing this fall and has its sights set firmly on continued growth, NextSpace Co-Founder and CEO Jeremy Neuner told me.
    Look for NextSpace to begin building out more locations around its first Midwestern venture in regional cities like Milwaukee and Madison, Wisconsin or the Tennessee cities of Nashville and Chatanooga, he said.
    “Our overall strategy for growth is going to be a combination of two things," Neuner told me. "One is continuing to build and grow our own spaces from the ground up. Now that we have sort of flexed this muscle for acquiring, we want to add that, too.”
    He said the company has "no immediate plans" for further acquisitions or location openings. For the duration of 2013, NextSpace will look to grow customer bases at recently-opened locations, then consider further growth in 2014.
    In Chicago, Neuner said NextSpace is retaining the operator of The Coop to help the company better understand the local market. He adds that the neighborhood of the new location has a concentration of startups, but he is not worried by the prospect of taking on a different customer base than tech-centric Silicon Valley.
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    Lauren Hepler covers economic development, sports, and hospitality for the Silicon Valley Business Journal. She can be reached at 408.299.1820

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