WeWork IPO Shows It's the Most Magical Unicorn

Post by nicodjimenez » Thu, Aug 15, 2019, 2:37 AM UTC

tomhoward wrote: post #69

I have a bit of knowledge of the co-working industry. I’m good friends with the founder of the first and long-dominant tech/creative co-working space in my Australian city, and I served on its advisory board in the past couple years, through what turned out to be a distressed sale of the business to its landlord, after it became insolvent and unsalvageable. There are several fundamental flaws with the concept that ma…

Post by judge2020 » Thu, Aug 15, 2019, 2:53 AM UTC

qsymmachus wrote: post #38

WeWork's business model makes more sense when you realize it's probably just a scheme for transferring VC money directly into Adam Neumann's pocket. He owns a number of the buildings that WeWork is leasing: https://www.bizjournals.com/sanjose/news/2019/01/16/wework-c...

Post by Ididntdothis » Thu, Aug 15, 2019, 3:16 AM UTC

School-Cotton wrote: post #103

TazeTSchnitzel wrote: post #41

I feel like something must be seriously wrong with capitalism if it can keep creating these startups and funnelling endless hundreds of milions into them so they can accumulate debt, lose money, and achieve absolutely nothing of value.

Even if that’s true, why should it bother you that money is being extracted from rich VCs and distributed to other rich people in the worst case, and working- and middle-class employees and customers in the best case?

Post by jamiepenney » Thu, Aug 15, 2019, 3:24 AM UTC

BIKESHOPagency wrote: post #108

tomhoward wrote: post #69

I have a bit of knowledge of the co-working industry. I’m good friends with the founder of the first and long-dominant tech/creative co-working space in my Australian city, and I served on its advisory board in the past couple years, through what turned out to be a distressed sale of the business to its landlord, after it became insolvent and unsalvageable. There are several fundamental flaws with the concept that ma…

I realize I'm probably a bit of a unicorn, but I've coworked in the same co-working office for over 8 years. The businesses in the office have changed and there has been some turn over in those years but 50% of us have stayed! Those of us who have stayed the past 8 years have cycled between self employed, and employed full-time, often years at a time for one company. We live in a small town in Colorado that has never…

Post by discodave » Thu, Aug 15, 2019, 3:52 AM UTC

School-Cotton wrote: post #102

loceng wrote: post #68

Earlier quoted context omitted.

I wonder what happened to the concept of the garage startup that Silicon Valley's foundation is famous for? Too much money from profits and not enough people or ideas to invest in? Paying for an office space is an extremely inefficient use of resources, especially when plenty of cafe space - or just, you know, your living room, kitchen - or garage - are useful even for teams of 20+ because will be rare to need everyo…

Maybe it could work for founders, but as an employee I would absolutely not sign on to a company whose space is a garage. First of all, it signals precariousness and non-seriousness. Second, I can get a job at any number of companies in more comfortable settings, so why shouldn’t I? Maybe part of the difference is related to supply and demand: potential employees have other opportunities, so why should they make sacr…