WeWork isn’t a tech company; it’s a soap opera • Hacker News Board

Re: WeWork isn’t a tech company; it’s a soap opera

#61

Post by ghaff » Thu, Aug 15, 2019, 5:42 PM UTC

Chlorus wrote: post #56

ghaff wrote: post #43

Earlier quoted context omitted.

What is a "proper service" in this case? Many company networks routinely allow access using fairly straightforward and rarely rotated passwords. Of course, access to actual company resources like email require 2FA etc. But as others note, the main purpose of having a password at all is to stop casual passersby from leeching off your network.

> What is a "proper service" in this case? Something like one of the 802.11 Enterprise modes that don't use a PSK and actually check against a user DB before handing out a session.

So now there’s significant complexity to getting on the network. Seems like a poor choice for a co-working space. And, as I say, plenty of large companies with competent IT departments don’t seem to think that’s necessarily.

And how about when you’re having a meeting with outside people who need to get onto a network?

Re: WeWork isn’t a tech company; it’s a soap opera

#62

Post by duxup » Thu, Aug 15, 2019, 5:43 PM UTC

I'm not very knowledgeable about WeWork... but what exactly do they bring to the table that wasn't being done before business wise? They just seem to have office space like any other company that might.

Presumably the properties they bought or lease or whatever were somewhat profitable before ... but now WeWork owns them and ... doesn't make money?

That seems, bad.

I'm skeptical of say Uber's long term sustainability but at least with their app and business model they were doing something different that maybe could eventually pan out (ok it won't... but there's something there). But WeWork just seems like office space leasing ... on top of office space leasing, except they lose money...

Re: WeWork isn’t a tech company; it’s a soap opera

#63

Post by Gpetrium » Thu, Aug 15, 2019, 5:44 PM UTC

tedivm wrote: post #7

For the number of engineers they have you'd think they'd have figured out how to build a decent wifi network with some actual security in it. Instead every WeWork has the same password for the wifi (literally a variant on `P@ssw0rd`) and it is super easy to spy on other people's connections. The hilarious thing is they actually built a secure wifi network for their staff, so they clearly recognize the need. They also…

As the provider of the overall service/experience, the major issue that their clients should have is that they might not be actively letting renters/users know of the risks and advising on the steps that can/should be taken if their Wireless network is intended for privacy sensitive material (e-mail login, credit card, etc).

Re: WeWork isn’t a tech company; it’s a soap opera

#64

Post by logfromblammo » Thu, Aug 15, 2019, 5:45 PM UTC

readams wrote: post #37

logfromblammo wrote: post #11

Article author was confused by the org charts and diagrams, but it looked to me like the founders are setting the public company up to be machine for transferring investor money to themselves while maintaining voting control and without delivering any additional value. Can someone better versed in finance explain to me how this is not a blatant flimflam to grab the IPO cash?

The structure of the company is mostly about making sure that Adam Neuman can minimize his tax burden while maximizing his compensation. It's not really about stealing the IPO cash, but on the other hand nobody is better positioned to take advantage of the value generated by the company than Adam Neuman, and you can be sure, based on the history, that the governance of the company will be driven by primarily what is…

I don't really see a significant difference between "stealing the IPO cash" and restructuring multiple business entities such that the company's new valuation is predicated on increasing revenues, yet those additional revenues will actually be siphoned off via increased expenses to more closely held companies, rather than reinvested into the public entity, or distributed to its shareholders.

Who is dumb enough to fall for this nonsense?

I get that a lot of public companies make shady sweetheart/nepotism deals with private companies part-owned by their executives and board members, or friends and family of same, but why would you willingly be principal for an untrustworthy agent?

Re: WeWork isn’t a tech company; it’s a soap opera

#65

Post by Gpetrium » Thu, Aug 15, 2019, 5:45 PM UTC

paxys wrote: post #30

tedivm wrote: post #7

For the number of engineers they have you'd think they'd have figured out how to build a decent wifi network with some actual security in it. Instead every WeWork has the same password for the wifi (literally a variant on `P@ssw0rd`) and it is super easy to spy on other people's connections. The hilarious thing is they actually built a secure wifi network for their staff, so they clearly recognize the need. They also…

How do you spy on other people's connections at a WeWork?

Be mindful that if you get caught, it is likely to be a breach of contract with WeWork and may end up involving the authorities.

Re: WeWork isn’t a tech company; it’s a soap opera

#66

Post by SamWhited » Thu, Aug 15, 2019, 5:46 PM UTC

This is the place where literally every one has the wifi password "P@ssw0rd" (or something similar, I forget) and instead of just connecting an HDMI cable to your laptop in the conference rooms you have to download some spyware that only works on Windows and Mac (despite the fact that their primary client is tech companies, many of whom use Linux or other OS's). Also never try printing, that just doesn't work, and the conference rooms are impossible to book if you're at an even slightly popular location. They also have a crappy website that they claim "builds community" or something, but everyone I've ever worked with just dreaded going on it because it meant wading through advertising and spammy posts from the handful of companies that actually tried to use the forums just to get a little customer support for the wifi or whatever was going wrong that day (and there was always something). I've worked in WeWorks a lot, sadly, but never again if I have any say in the matter. There are plenty of cool one-off coworking spaces that do a much better job. The downside of course is that you can't drop into one in any city, but that's what coffee shops are for.

Re: WeWork isn’t a tech company; it’s a soap opera

#67

Post by SamWhited » Thu, Aug 15, 2019, 5:48 PM UTC

duxup wrote: post #62

I'm not very knowledgeable about WeWork... but what exactly do they bring to the table that wasn't being done before business wise? They just seem to have office space like any other company that might. Presumably the properties they bought or lease or whatever were somewhat profitable before ... but now WeWork owns them and ... doesn't make money? That seems, bad. I'm skeptical of say Uber's long term sustainability…

As far as I can tell the only benefit they provide over other smaller coworking spaces (most of which are a lot better) is that there are a lot of them. You can get a mebership at a WeWork in Austin, then pop into the one in Tokyo to get some work done while you're visiting. That being said, that's probably not worth the expense, terrible technology, or loudness of weworks for most people.

Re: WeWork isn’t a tech company; it’s a soap opera

#68

Post by rhizome » Thu, Aug 15, 2019, 5:48 PM UTC

baxtr wrote: post #45

The Verge simply doesn't get it. WeWork will leverage their real estate assets and come up with an AI-based cryptocurrency to monetize their community base. They will call it "The Country of We." Just wait for it. The time will come.

Put it on the WeChain.

Re: WeWork isn’t a tech company; it’s a soap opera

#69

Post by roland35 » Thu, Aug 15, 2019, 5:50 PM UTC

SamWhited wrote: post #66

This is the place where literally every one has the wifi password "P@ssw0rd" (or something similar, I forget) and instead of just connecting an HDMI cable to your laptop in the conference rooms you have to download some spyware that only works on Windows and Mac (despite the fact that their primary client is tech companies, many of whom use Linux or other OS's). Also never try printing, that just doesn't work, and th…

It seems like their isn't much benefit to brand loyalty here - I would imagine it is easy to simply do a google search for a short term work place in a new city if you need a change of scenery from the coffee shop!

Re: WeWork isn’t a tech company; it’s a soap opera

#70

Post by simplecomplex » Thu, Aug 15, 2019, 5:51 PM UTC

woah wrote: post #19

situational87 wrote: post #8

Earlier quoted context omitted.

It's a logical extension of the ponzi scheme that exists in the venture capital/startup world in tech. The fact that so many startups fail is irrelevant to the early investors in these companies, as long as you get in at or before Series A you have a good exit 90% of the time. Just force some artificial growth and wait for the next round of investors. Everyone who comes later... not so much. Very few good outcomes. S…

Do you have any numbers or anything concrete to back up that argument?

VCs get management fees typically 2% of fund size. VC incentives are misaligned with LPs. Very similar to hedge funds. As long as they keep raising the money keeps flowing and they can delay showing a return. Whether the fund fails is irrelevant. There’s an endless supply of rich LPs like there’s an endless supply of kids with a “startup”.