Strategic Entrepreneurship Through Coworking: The Case of R Space

Kirk Komick had co-owned the Rochester Hotel and Leland House boutique lodging properties in Durango, Colorado for 25 years. The Rochester Hotel consistently maintained the top spot in guest ratings on TripAdvisor.com and Komick was known for his active role in supporting the community. He was faced with a decision when the location next door to his hotel properties were available for rent. After doing some research, Komick decided to open R Space, a coworking facility that would provide a resource to both his hotel guests who were traveling for business, and to the local community and its budding entrepreneurs. After two years, R Space had achieved little financial success, though Komick perceived it as a success, both in its ability to preserve his increasing profit from the hotels and in its contribution as a resource to the community. Was it worth the continued investment? Or should he consider other options for the space?