Session Notes

Defining Success in Collaborative Spaces

The first question posed to our panelists was fundamental: What does success look like for your organization? While each leader had a unique perspective, their answers underscored common themes of impact, sustainability, and inclusivity.

• Craig Baute (DenSwap) emphasized the importance of balancing community-building with financial sustainability. While his goal was to create spaces that cater to remote workers and entrepreneurs, maintaining a solid return on investment (ROI) was equally crucial.
• Daniela Santangelo (Freeway PHX) shared that success in Phoenix means ensuring equitable access to resources and fostering collaboration among diverse entrepreneurial groups.
• Leressie Ashley (Denver Economic Development & Opportunity - DEDO) highlighted three key metrics: top-line revenue, outside capital raised, and the number of jobs created. These benchmarks demonstrate the tangible economic impact of her work.
• Sonia Cacique (Pearland Innovation Hub) emphasized creating impact by nurturing startup and the local entrepreneurial community with accessible resources, tools, and support.

Funding Strategies: What Works and What Doesn’t?

Securing sustainable funding is a top concern for economic developers and entrepreneurs alike. The panelists shared their varied approaches, shedding light on different funding structures and their pros and cons.

• Bootstrapping & Customer-Led Growth: Craig built his business through customer acquisition rather than external funding. This lean approach ensured that every dollar spent directly addressed a market need.
• Public-Private Partnerships & Grants: Daniela’s organization has successfully leveraged non-profit support, government grants, and sponsorships to build a thriving ecosystem for startups.
• Government & Economic Development Funding: Sonia Cacique’s organization benefits from economic development funding, supplemented by in-kind support from local coworking spaces and businesses.
• Partnerships as a Revenue Stream: Jenny Poon emphasized the power of strategic partnerships with banks and law firms, which often support collaborative spaces due to their vested interest in growing small businesses.

Justifying Funding for Non-Revenue Generating Spaces

A key challenge for government agencies and ecosystem builders is justifying investment in coworking and incubation spaces that may not generate direct revenue. Here are some recommendations our panelists shared:

• Building Sustainable Models: Jenny pointed out that while reaching a financial break-even point is important, securing additional funding streams (such as sponsorships and partnerships) allows these spaces to achieve long-term sustainability.
• Aligning with Stakeholder Interests: Daniela emphasized that forming strong relationships with aligned stakeholders—those who share a vision for community growth—can unlock funding opportunities.
• Leveraging Property Partnerships: Craig shared that securing reduced rental costs through city partnerships or property owner agreements can significantly lower operating expenses.

The Key to Engagement: Creating a Space People Want to Be In

Building a space doesn’t automatically mean people will show up. The panelists discussed proven strategies to drive engagement and ensure sustained utilization of coworking spaces and programs.

• Know Your Community’s Needs: Sonia stressed the importance of direct communication and tailoring events and services to what the community truly values.
• Market Research Before Launch: Craig highlighted the significance of understanding your audience before opening a space. Designing spaces based on real market demand ensures long-term success.
• Creating Meaningful Experiences: Jenny noted that coworking spaces thrive when they focus on bringing people together in groups. Building community is just as important as offering physical space.

Budgeting for a Successful Collaborative Space

For economic developers considering launching an incubator or coworking space, understanding budgeting requirements is key.

• Benchmarking & Cost Analysis: Craig advised that before launching, municipalities should benchmark against similar spaces to understand realistic costs and funding requirements.
• Demonstrating Economic Impact: Leressie suggested that showing clear ROI—such as job creation, business growth, and increased economic activity—makes a stronger case for public funding.
• Enhancing Existing Programs: Instead of starting from scratch, governments can integrate coworking initiatives into pre-existing business support programs to optimize resources.

Tools, Books & Resources for Building Thriving Ecosystems

The panelists also shared tools and resources that have been instrumental in their journey:

• HUUB Impact Planner – A strategic tool for building and scaling community spaces.
• HUUB Workspace Blueprint - Your step-by-step guide to designing a thriving collaborative workspace.
• Startup Communities by Brad Feld - A guide to building supportive entrepreneurial communities.
• Coworking: Building a Community as a Space Catalyst by Cohere Community - A simple & straightforward take on community building.
• The Art of Gathering by Priya Parker – A must-read for those looking to create meaningful community engagement.
• Coworking Podcasts by GCUC Community - Shares inspirations, insights, and best practices for a thriving coworking space.
• We the Possibility by Mitchell Weiss - A book on harnessing entrepreneurship for bigger problems from the government mindset.
• Everything Coworking Podcast – Offers insights from industry leaders on operating successful coworking spaces.
• The Rainforest Blueprint by Victor Hwang – A guide to fostering innovation ecosystems.

Final Thoughts & Next Steps

As the session wrapped up, panelists shared their best advice for those looking to build or support collaborative spaces:

• Be bold and disruptive – Daniela encouraged innovators to challenge traditional models and create intentional, high-impact spaces.
• Prioritize relevance and adaptability – Jenny stressed the importance of continuously evolving to meet the needs of the community.
• Foster a continuous feedback loop – Leressie highlighted the value of listening, learning, and iterating based on community input.

To continue learning and stay updated on future discussions, subscribe to our HUUB newsletter and watch out for our upcoming HUUB Resource Library—packed with blueprints, playbooks, and tools to help you build a thriving ecosystem.