Matt Armstrong

$65,000 Pledged Toward Creation of Fredericksburg Coworking Space

by | Dec 13, 2014 | Business, Government

By Susan Larson

Fredericksburg’s Economic Development Authority (EDA) pledged $65,000 toward the creation of a coworking office space downtown.

The pledge followed a presentation by Matt Armstrong, president of FredXchange, the nonprofit group that for the last year has spearheaded a initiative to bring a coworking space to the region.

The Fredericksburg EDA pledged $40,000 for the current fiscal year (2015) and $25,000 in the next fiscal year.  “The EDA’s pledge significantly advances the project,” said Bill Freehling, assistant director for economic development.

FredXchange will raise additional funds to enable the group to look at suitable downtown locations and sign a lease — hopefully later this year, Freehling said.

“Coworking provides an opportunity for entrepreneurs, freelancers and startups to receive the benefits of scale without being at scale,” Armstrong said. “Moreover, the social impact on both the participants and communities can be very compelling.”

Entrepreneurs would pay membership dues to access the coworking space, which would include meeting rooms, Internet connection and office amenities.  “The coworking space would allow startups to collaborate with other businesses, contributing to Fredericksburg’s growing entrepreneurial ecosystem,” Freehling said.

Coworking spaces have become important business centers within communities.  Inc. Magazine recently highlighted “16 Cool Coworking Spaces” across the country.

FredXchange plans to open the coworking space in downtown Fredericksburg, enabling participants to walk from there to coffee shops, restaurants, parks, the train station and other locations.  “The downtown charm of Fredericksburg provides an attractive setting for a coworking facility,” Armstrong said. “We believe the startup community will greatly benefit from this asset.”

“Behind the success of many coworking spaces is a strong public-private partnership,” Armstrong said. “FredXchange is honored by the EDA’s granting of funds to support the establishment of coworking in Fredericksburg. We believe this is the beginning of a long-lasting partnership in building a sustainable entrepreneurial ecosystem in Fredericksburg.”

The EDA receives no taxpayer money, but rather is funded through the fees it collects from private organizations in exchange for being the conduit for those groups’ tax-exempt bond issuances.

Related Stories:
FredXchange: Building a Startup Community in the Fredericksburg Region
Washington Post: Fredericksburg is Undergoing a Renaissance
“startupland” Community Growing in Fredericksburg
“startupland” Debuts in Fredericksburg
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