Compact and Versatile

Generally compact and versatile refers to swiss army knives and perhaps cars
like this Renault concept vehicle:

Zoe ZE Concept

Then there is the compact and versatile "Stand Up" furniture by korean designer phillip don. This type of flexible use is key for the vast majority of folks, but far too many people have adopted the "specificity" approach to such things. Either they get a piece of furniture because a space is specified by convention and not because of how the individual intends to use the space - or they find a piece that meets one of their needs and don't wait or invest the time/money to maximize the usage. Although an ideal to have such flexibility and dedication to crafting ones space - i think when you can you should at least try. Enjoy "Stand Up" and similar pieces below.

stand up collection

via DesignBoom.

These pieces are reminiscent of work of former classmates of mine from last Winter