According to an article on SantaCruz.com, Nextspace will act as a "talent scout and mentor for budding entrepreneurs." Key quote:
"NextSpace will identify and coach four to six entrepreneurial concerns each year from the Monterey Bay area. A small but as-yet-undetermined number of those will be selected by Wavepoint for funding ..."
We've posted in the past on the blurring of incubators and coworking facilities. This is another example of that trend.