The role of coworking spaces in Minneapolis’ innovation economy
The ‘Innovation Economy’—a term suggesting that knowledge, entrepreneurship, innovation, technology and collaboration are the key drivers of economic growth–has rapidly expanded from its cradle in Silicon Valley to other hubs across major U.S. cities where it’s now possible for the startup ecosystem for innovation, entrepreneurship and technology to thrive.
Case in point is flourishing Minneapolis, known as the City of Lakes, which offers a thriving cultural scene, hip restaurants and breweries, year-round outdoor activities and several distinctive districts, attracting residents and workers from all over the world. The Minnesota Department of Employment and Economic Development projected 16,000 technology sector jobs by 2022 in Minnesota, a 15 percent increase from 2017 levels. Specifically, downtown Minneapolis has been experiencing high demand for office space for technology companies alone and is home to a growing number of established and new technology companies. This in turn has had a significant impact on Minneapolis’ economy as employment opportunities explode in this high-demand sector.
Enter coworking spaces which play a vital role in supporting the growth and success of the city’s innovation economy. Coworking spaces, also known as shared office spaces, virtual offices, flexible office space and coworking community spaces, are revolutionized modern-day office spaces that provide knowledge workers, freelancers, virtual workers and entrepreneurial startups with office space on an as-needed basis, including private offices, desks, meeting spaces and event space. Workers of different companies share an office space, allowing cost savings and convenience by using shared infrastructures such as equipment and utilities.
Coworking spaces are an excellent environment for Minneapolis companies to foster creativity and entrepreneurship among knowledge workers and provide the resources and support necessary for startups and entrepreneurs. This modern and revolutionary flexible work environment also helps to attract and retain talent and facilitates the flow of new ideas and technologies.
Other benefits of coworking spaces include:
- Low overhead – The costs associated with today’s modern office space can be prohibitive, especially for a fledgling startup. With turnkey coworking spaces everything is covered so you and your team can work, produce and create without worrying about overhead.
- Collaboration& Community – A coworking environment puts you in close proximity to experts and professionals not in your field with whom you could collaborate and bounce your ideas off of. Utilizing a coworking space will also allow you to collaborate with your co-workers, helping you to develop your business ideas in a community setting.
- Productivity – Staying motivated and productive while working from home, a coffee shop or in a rented space can sometimes be unmotivating. Working in a coworking space makes workers more aware of their workday and increases their focus, productivity and efficiency.
Why consider a coworking space in Minneapolis? As one of the leading economic centers in the U.S., boasting four Fortune 500 companies headquartered there, Minneapolis offers a diverse mix of innovative companies of all sizes leading the future. Hundreds of entrepreneurs and innovators have flocked to Minneapolis and fueled a strong need for coworking spaces. “Flexible work” has solidified itself as the modern model of the office. With all this positive momentum, it’s safe to say that the trend will continue upwards for the coworking industry in Minneapolis.
Workbox offers premium flexible office space in Minneapolis
Workbox, an established member-driven coworking company offering specialized, flexible office space, recently opened its doors in Minneapolis, the company’s 5th location. Located at 801 S. Marquette Avenue, Workbox Downtown Minneapolis offers local entrepreneurs and growth stage businesses the opportunity to be a part of an unparalleled and unique coworking community of growing companies.
Downtown Minneapolis Workbox member Octavia Treadway, Founder and Chief Greatness Officer of Something Great, a change management company that helps clients design effective systems and strategies, says: “Since starting our residence at Workbox in December of 2022, it’s been a significant game changer for our company. Something Great was started out of my home. As our company, programs, and clients grew quickly, the need for a more collaborative and accessible space was needed.”
Treadway touts several Workbox solutions that have added to her company’s small business growth spurt, including a business and mailing address; a safe, clean 24-hour accessible space; Work support team that takes care of all building/office issues; a solution to finding meeting spaces and navigating loud coffee shops; WiFi, coffee and snacks for our team and visitors; and access to networking and training events.
“Finding an office was a part of our business plan,” adds Treadway. “Officing at Workbox has made our office a part of our business strategy.”
Join the Minneapolis coworking community and stay ahead of the trend. Contact Workbox today to book a tour of our new Minneapolis location.