WeWork Company Value: Grateful–
We are grateful for each other, our members, and to be part of this movement. We don’t take success for granted. We’re happy to be alive.
Arrogance is a blinding mistress, buttressing reality from the id’s worst, self-centered tendencies. The fall of WeWork founder/CEO Adam Neumann while swift, was not altogether surprising. Surrounding himself with “yes sirs”, and installing his wife, Rebekah as Chief Brand Officer, they established a company awash in paradoxes. According to the real estate publication, The Real Deal, Rebekah insisted on this wording in the company’s IPO prospectus “we dedicate this to the energy of we — greater than any one of us but inside each of us.” In truth, the “we” she referred to was Rebekah and Adam rendering the WeWork company values a sham. Can WeWork survive their greed?
WeWork Company Value: Together-
We are in this together. This is a team effort. We always look out for one another. We have empathy, we know we are all human, and know we can’t do any of this alone.
Neumann’s avarice and hubris were galling. We learned from the IPO filing details, he purchased buildings financed with loans from WeWork only to lease those buildings back to the company. He took out $1B in loans from the company at ridiculously favorable terms, and set up a multi-class voting structure, that gave his shares much greater voting power, at one point 20:1, vs the one share, one vote a regular person buying WeWork stock would receive. He also charged WeWork close to $6M for the rights to use the word “we” which he had trademarked through a different company. When this last transaction created a stir, he paid the company back. Too bad “i” was already trademarked.
WeWork Company Value: Authentic-
We are genuine to our brand, mission and values. We are not perfect, and we don’t pretend to be. We are always honest and transparent as we can be.
As CMO of NLand Surf in Austin, my team interacted with Neumann on multiple occasions when WeWork became a principal investor in the technology firm we utilized to create our waves. His outsized ego, and “I rule the universe” mentality was toxic. The fallout has given voice to many former and current executives (under the condition of anonymity) excoriating their former boss as a monster.
Is there any “We” left in WeWork?
In 2010, this reimagined real estate company was designed to give entrepreneurs, start-ups, freelancers and larger enterprises, cool workspaces, amenities and community. It currently has 280 locations across 86 cities world-wide and is flanked with competitors, like Regus, Impact Hub, Knotel, and Techspace. Its advantage is scope and brand recognition.
How does the brand rebound?
First apologize. Second, put the “we” back in We. For members, focus on the core business and offer significant value. Entrepreneurs crave flexibility, and scaled resources, right priced in areas like healthcare, professional services, and family services like childcare. Negotiate and offer affordable, vetted options. For employees, rebuild the shattered workforce, by listening, engaging and rewarding on an equal and open playing field.
Future WeWork Company Value: Trust