Reston, Va.-based Refraction, a collaborative co-working office provider that aims to attract entrepreneurs, startups, non-profits and other mature tech companies, has relaunched after renovating their space and expanding in size.
By taking up the real estate left by their former neighbors in the Reston Town Center, Refraction will be going from 11,000 square feet to 23,000 square feet, says co-founder Rachael Stott. The move comes as the rising co-working brand is experiencing increased demand for memberships and equally, hopes to grow the size of its community of tenants, said Stott.
"The space itself is purpose built to spark innovation and we have taken it upon ourselves to understand the culture that supports innovation and to help our community fold it into the fabric of their businesses," Stott told DC Inno.
The newly renovated Refraction now offers a dedicated event space, 25 private meeting rooms and the capacity to accept more than 200 members. These companies who are members range in size from 60 people to just a few remote workers and first time entrepreneurs.
Founded in 2014 by Stott and Canvas CEO James Quigley, Refraction acts as a startup breeding ground of sorts in an area of Northern Virginia that has seen an increased amount of capital invested in local companies over the last several years.
Ultimately, the rebooted Refraction will grow from about 115 members, today, to more than 250, already pre-registered, when doors open on May 12.
Stott explained that the types of companies that call Refraction home are different from the typical organizations that work out of co-working space providers like WeWork. Refraction member companies, she described, are usually founded by older entrepreneurs and as such, come with different attributes that match their market maturity.
In addition, central to Refraction's identity is the idea of "collaboration" and thus peer mentorship, which is built through a curation process that selectively accepts companies after a rigorous application process. In short, the idea behind this exclusivity stems from the fact that Refraction truly hopes to become a diverse co-working hub that is home to more than just small startup teams. This diversity, Stott believes, is good for the development of both members and the local tech scene.
Importantly, while a majority of the area's co-working spaces are based near D.C., there are now firms like Refraction, Brickyard and MakeOffices that are catering to a somewhat different class of suburban entrepreneur.
For reference, Canvas was an early sponsor and early tenant in Refraction. Stott declined to explain how the two organizations are related beyond that, saying "we're a private company ... we have separate books."
With the recent acquisitions of two large, Northern Virginia-based companies in Opower (bought by Oracle) and Cvent (bought by Vista Equity Partners), Refraction hopes it can act as a landing spot for former employees who may be interested in starting new businesses. Keeping this talent engaged in the local business community through a readily available workplace is one way to do it.
Stott said that Refraction's "special sauce"—or what differentiates it from others in an increasingly competitive landscape—is its curation process and the market research resources it provides to tenants. In essence, Refraction members can leverage an in-house research team to compile and organize business intelligence reports, which may be helpful during the course of building a company.
Prices for membership at Refraction start at $100 per month and can reach as much as $2750 for a whole team. Individual desk space can also be reserved for $330 per month. Overall, the reboot also means that membership prices will increase by about 10 percent from where they were previously, said Stott.
Get an inside look at Refraction's new HQ:
