For nearly nine years, WeWork, the New York City-based co-working startup enjoyed a dream run in the global real estate market. WeWork was founded in by Adam Neumann and Miguel McKelvey as a real estate company that designed and built flexible and affordable shared office spaces, both physical and virtual. Whether a business needed one single office desk or one hundred, WeWork was supposed to provide the ideal real estate solution — which it did for years. What set WeWork apart from other co-working solutions was that WeWork offered the complete package of services required to start and efficiently run a business. WeWork benefitted its customers by helping them cut down on the expenses while streamlining their operations.
WeWork Case Study: A Fall From The Pinnacle Of Success
WeWork’s IPO debacle highlights the failures of modern brand building – Phvntom Inc.
Subscriber Account active since. The filing, called an S-1, was expected. It was a crucial step in what up to that point had been an exquisitely choreographed march toward an initial public offering for the tech world's most highly valued startup. In the early-morning light, thousands of investors and journalists would get their first real peek at the company's financial condition and be able to judge for themselves whether WeWork was really, as its founder claimed, on a path toward galactic dominance and unimaginable profit. Almost immediately, all hell broke loose.
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Our culture is rich with such toppled plutocrats. The puffed-up man-child Charles Foster Kane, a fictional, cinematic version of the grandiose publisher William Randolph Hearst. And, more recently, Elizabeth Holmes, whose Silicon Valley wonder company, Theranos, promised to transform medicine with simple yet supremely telling blood tests that turned out to be bunk.
The former employee said she was discriminated against after she divulged that she was pregnant. The saddest thing about the WeWork case is that the company is being dragged through the mud due to poor internal choices at a time when it should be taking advantage of the market optimism and investor enthusiasm that characterized the first months of its growth. Articulating goals and creating accountability processes, recognizing when there is growth potential and empowering employees based on their talents and creating the kind of collaborative work culture that lends itself to resilience are all skills that managers have to cultivate. Whatever happens with WeWork, whether it manages to rebuild investor confidence and build back the excitement around its business model, it will face serious problems recruiting new talent.