The present invention provides a compact speed increasing device which may be mounted upon the way tubes of a powered multi-purpose woodworking tool. The speed increasing device includes a horizontal input shaft (46) for connection to the output spindle (60) of the woodworking tool and a vertically oriented output shaft (94) which includes a spindle (108) for mounting a rotating shaper tool bit (112). The input shaft carries a rotating face plate (76) having an elastomeric sheet (88) attached to one side thereof which is provided for engagement with a drive ring (118) mounted for rotation with the output shaft (94). The elastomeric sheet (88) on the face plate (76) is positioned in contact with the outer periphery of the drive ring (118) such that rotation of the input shaft (46) results in rotation of the ouput shaft (94) and the shaper tool bit (112) attached thereto. The drive ring (118) contacts the elastomeric sheet (88) along a circumference of the face plate (76) which is greater than the outer circumference of the drive ring (118) such that the ouput shaft (94) is caused to rotate at a higher speed than the input shaft (46).