Get All Access for $5/mo

This Company Took a Huge Risk When It Opened Its $30 Million Collaborative Space When it opened its door, community space New Lab wasn't filled to capacity.

By Andrea Huspeni

Opinions expressed by Entrepreneur contributors are their own.

Build it and they will come. This is what New Lab hoped would happen after it cost more than $30 million to design its community space.

Based in Brooklyn, N.Y., the collaborative office space opened its doors in late 2016 and was not nearly filled to capacity. This could kill a business but New Lab managed to overcome this challenge and flourish.

Related: 10 Simple Ways to Build a Collaborative, Successful Work Environment

Check out our video where New Lab's chief innovation officer Mari Kussman explain how the risk paid off.
Andrea Huspeni

Articles Editor

Andrea Huspeni is the articles editor at Entrepreneur.com. 

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Editor's Pick

Most Popular

See all
Fundraising

Working Remote? These Are the Biggest Dos and Don'ts of Video Conferencing

As more and more businesses go remote, these are ways to be more effective and efficient on conference calls.

By Bryan Lovgren
Growing a Business

The Best Way to Run a Business Meeting

All too often, meetings run longer than they should and fail to keep attendees engaged. Here's how to run a meeting the right way.

By Jacqueline Whitmore
Starting a Business

How to Find the Right Programmers: A Brief Guideline for Startup Founders

For startup founders under a plethora of challenges like timing, investors and changing market demand, it is extremely hard to hire programmers who can deliver.

By Vasily Voropaev
Business Ideas

63 Small Business Ideas to Start in 2024

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2024.

By Eve Gumpel
Growing a Business

You Need an Advisory Team More Than Ever. Here's Why — and How to Run One Effectively.

The right advice, particularly in a company's early stages, can be an existential matter: how to surround yourself with the right minds.

By Kalon Gutierrez
Growing a Business

You'll Never Satisfy Your Customers — or Grow Your Business — Without Doing These 3 Things

Customer feedback can be used to drive sustainable growth. Here are three approaches to how you can move past measurement to drive improvement and ultimately grow your business.

By Phil Prosser