As a venture, makerspaces are entering the growth phase of the business lifecycle.\u00a0 The world has been introduced to the concept, and many people\/organizations are starting to view it as a viable venture. However, few makerspaces have existed long enough, opened sufficient branches or experienced the market penetration required to be considered established.<\/p>\n
Worldwide, there are less than a thousand makerspaces, with ~40 located in Canada.\u00a0 Many cities in developed countries already have one or two makerspaces, but larger urban areas can support more.\u00a0 In developed countries, where access to resources is low, makerspaces are a means to solve economic problems and encourage education, product development and business development.\u00a0 Few developing nations have makerspaces of any kind, though they provide a means for merchants to make and sell\/use products to support their families\/communities. This means there is room for a lot of market growth.<\/p>\n
Commercial makerspaces have lots of room for product expansion depending on the type of services provided.\u00a0 Beyond supporting education,\u00a0 other revenue generation methods include corporate sponsorships and partnerships, private sponsorships, renting out space,\u00a0 hosting events, and allowing members to sell products or leverage the makerspace network to make money.\u00a0 Successful larger-scale makerspaces can even look at business expansion using company owned models or franchises.\u00a0 In general, the more services, that can be provided, the greater the revenue stream and improved chances for success.<\/p>\n
Like any small business, success depends on a variety of factors such as economy, ![\"\"](\"http:\/\/thumb7.shutterstock.com\/photos\/thumb_large\/172762\/132360461.jpg\")
demographics, competition, marketing, community, staff skills, investment etc. Accounting for\u00a0 population, community, marketing strategy, and expanding partnerships, increases the viability of the business.<\/p>\n
Makerspace will be successful in a population with a high number of entrepreneurs, artists, tinkerers, scientists, engineers, or manufacturers.\u00a0 Growth should focus on locations consisting of large numbers of young to middle aged adults.\u00a0 In large cities, the average large makerspace, such as Techshop can attract 800-1000 members.\u00a0Success for small makerspaces will be contingent on a lack of competition, or locations that have makerspaces with long waiting lists.\u00a0 Xylem, a\u00a0 small makerspace in\u00a0 Sommerville marketed directly to 250 people on a waitlist for space at nearby Artist’s Asylum (a major local makerspace).<\/p>\n
Makerspaces also stand a greater chance of success if they are able to interact with the larger community.\u00a0 In Calgary, AB the local makerspace partnered with the science centre and held a small summer festival on a major downtown walking street, interacting with tourists and business people.\u00a0 Local makers displayed their products, and invited the people to participate in experiments and mini activities for free.<\/p>\n
In other sections, the benefits of corporate partnerships were discussed.\u00a0 Not all partners need to be major companies.\u00a0 Successful makerspaces will look at all the businesses, including small ones within the community, and try to target those with whom a partnership would bring the best benefits, for the type of makerspace.\u00a0\u00a0\u00a0 Trading for equipment use, marketing, packages etc, might provide the necessary contacts, membership, equipment required for spaces and keep costs low, especially when starting out.\u00a0 Several small-scale makerspaces have worked with local small businesses with great success.\u00a0 The City of Haverhill is one such example.\u00a0 It worked with a manufacturing comapny to provide circuit boards\u00a0 and testing services and business park to provide space for a competition that would see teams of engineers and business consultants compete to create the best product.\u00a0 Winners would then have more access to space. The city would improve its economy by continuing to build their manufacturing industry at low cost.<\/p>\n
There are many benefits and challenges to opening commercial makerspaces.\u00a0 These are described in the following SWOT analysis.<\/p>\n