What is a FabLab?

A Fab Lab (fabrication laboratory) is a small scale workshop with the tools to make almost anything. This includes technology-enabled products generally perceived as limited to mass production.
While Fab Labs cannot compete with mass production and its associated economies of scale in fabricating widely distributed products, they have the potential to empower individuals to create smart devices for themselves. These devices can be tailored to local or personal needs in ways that are not practical or economical using mass production.

Find out more here:
MIT - CBA webpage
MIT - CBA Forum
Wikipedia