Tasha Young’s Post

Upon the news that WeWork, once valued at $47 billion, has filed for bankruptcy, I'm reflecting on 5 (of many!) lessons I learned during my four years working there: 1) Your twenties are the perfect time to work for a company that gives you more than work experience. After working restaurant jobs, I started at Wework when I was 25 and it expanded my network in NYC in ways that I still benefit from now. From coworkers, to members, to member dogs, my personal life blossomed as soon as I joined the company. 2) A strong brand is like a magnet. From the company’s name, the interior design of the spaces, the merchandise available at each location and everyone’s favorite - the fruit water! - WeWork offered a sensory experience that made it unforgettable to anyone who walked in the door. 3) In a fast-paced, fast-growing startup, you have to advocate for what you want for yourself. There will be times when you get lucky and someone pays special attention to you. But for the most part, once you know what you want, you have to name it, and keep naming it, until you get there. It’s a great skill to hone early on. 4) Sometimes, you have to know when to leave the party. Looking back, I stayed as long as I did because I held onto the idea that my experience might become as exciting, engaging, and positive as it was in the beginning. As the company culture started to dilute, I hung on, but ultimately it was a big relief to move on. 5) When a company is growing just for the sake of growing, you have to wonder why. WeWork’s growth was out of control. Was this fun? For a while yes. But by the time the company brought in new leadership to tighten the ship, we were dealing with a dumpster fire (or hundreds of them). There’s something to be said for a slow burn. #wework #tgim #coworkingspace #lessonslearned #realestateexpert

As a long time WeWork employee - headlines like this are infuriating. Why is WeWork still around? BECAUSE ITS A GREAT PRODUCT. I get that WeWork is an obvious punching bag, but it’s lazy to write stories like this. WeWork has always filled a need that people have - beautiful spaces which allow for both collaborative work and a quiet space to get stuff done on your own. Outside of that - the WeWork community teams are amazing. They’re there for whatever WeWork members need. I’ve heard countless stories about community teams going way above and beyond for their members. You don’t get that anywhere else. Yes management was a mess early on and yes more recent management didn’t truly get what made WeWork special, but the reality is a terrible market is why WeWork is likely to file for bankruptcy soon. The product and team behind WeWork has always been fantastic. Don’t let anyone else tell you otherwise. #wework

7 years ago I joined WeWork as my first job, not knowing what I want. Now I am the master of my life as a creator, photographer, DJ, boxer, web3 builder. I went from self-doubt to confidence, hesitation to action, uncertainty to certainty. Things I learned from WeWork: - NEVER tie yourself to a person, place, company, organization, or project. - ALWAYS commit to a mission, a calling, a purpose. - Trust your gut; it’s your inner voice honed by experiences unseen. - Stay humble and curious; every person you meet has a lesson to teach. - Consistency isn’t just progress, it’s the heartbeat of ambition. - Networking is crafting your own circle of growth. - Quality is your hallmark; let it speak for you. - Embrace feedback like a north star to guide your journey. But hold your principle. - Mastering time is mastering opportunity. - Each setback is a narrative of resilience, waiting to be told. - Authenticity is the currency of a personal brand; invest it well. - Never stop learning; knowledge is the tool that sharpens all others. I wouldn’t be who I am today without WeWork & the pivotal moments it has shaped me. Know what you want, and do what you love. Be the change you want to see.

The recent WeWork bankruptcy has left everyone in awe. Despite its expected downfall, the co-working pioneer, known for emerging on the other side whenever failure seemed inevitable, has shocked many. DGIM Partner Isaac Marcushamer has been following the case closely and shared his insights on what this means for the co-working industry, as well as the next steps in the reorganization. To read the articles, click the following link: www.linktr.ee/dgimlaw

Lessons Learned from the WeWork Crash: A Cautionary Tale for Employees and Investors As I reflect on the WeWork saga, it's hard not to feel a pang of sadness for the employees who were caught in the crossfire. The promise of wealth, the anticipation of an IPO soaring to unprecedented heights only to come crashing down, leaving many with nothing but shattered dreams We've seen this narrative before: the exuberance, the lofty valuations, the fervent belief that success is inevitable. But as history has shown us, optimism alone cannot sustain a business. In the case of WeWork, there's plenty of blame to go around Adam's unchecked ambition, Masa's inflated valuations, the zeitgeist of the times. But ultimately, it's the employees who bear the brunt of the fallout Thousands invested their time, their energy, their talent, in the hopes of a brighter future. And yet, when the dust settled, their equity evaporated, leaving them with little to show for their dedication So what can we learn from this cautionary tale? For employees, it's a reminder to tread carefully when betting on the promise of riches. Equity is not a guarantee, it's a gamble, subject to the whims of the market and the decisions of those in power For investors, it's a sobering reminder to look beyond the hype and evaluate companies based on solid fundamentals, not just lofty aspirations And for all of us, it's a call to action to build businesses that prioritize sustainability over spectacle, value creation over vanity metrics In the end, the WeWork crash serves as a stark reminder that success is never guaranteed, and the road to riches is fraught with peril. But through prudent decision-making, thoughtful leadership, and a commitment to integrity, we can navigate these challenges and build a brighter future for all Thoughts?

Adam Neumann bids 500mil on Wework… and I think it’s a good move: If Adam wins the bid and does 3 things I believe he could make Wework into a very profitable company: 1. Keep all profitable locations 2. Stabilize & grow the break even locations 3. Renegotiate or cancel locations that are not profitable Then rebuild. You could see a Phoenix be reborn. A controversial opinion but one that I believe is valid. Neumann knows the company better than anyone else… although it has evolved since he was ousted- he understands the vision of the company. I would hope after being ousted and a 5 year sebatical he has had time to think through the issues that evolved while running wework - rapid expansion and bad lease terms, bad work environment, countless organizational issues and a bloated payroll. If he actually has had time to learn from his mistakes and can gain control of Wework once again - he could potentially pull it out from bankruptcy. Due to the situation Wework is in they have an opportunity to break or renogotiate their long term commitments such as their extended leases in locations that aren’t profitable. This could drastically change their balance sheet. Do you think Adam Neumann is the right man to take over once again?

2 years ago we got a cease and desist letter from WeWork. Our small startup was about to go to court against a behemoth with a $10B+ valuation. This was in the glory days before WeWork filed Chapter 11 bankruptcy in the US. The story begins where all innovation starts, and that's identifying a pain point in your day-to-day life. The busy WeWork locations have limited capacity, and you often have to book desks two weeks in advance. Every day, people would be stuck downstairs in the lobby and end up getting kicked out because they had no desk booked (even though they were paying members!). I found myself stuck in this situation many times, having forgotten to proactively book a desk ahead of time. After this happened for the 5th time, I was determined to solve the problem and find a solution. We figured that desk bookings could be automated ahead of time and done on auto-pilot, saving 1-2 hours per week. After teaming up with a buddy, we decided to create a SaaS platform called "WeWant" that automates your desk bookings. We reversed-engineered the WeWork API and created a browser simulator that automatically books desks for your whole team four weeks ahead of time. No more desk dilemmas or being left in the lurch. A true set-and-forget solution, with office access every day and no problems. After 3 months of building, we launched and began promoting the product. WeWant business cards were left all over the office with one question "Forgot to book (again)?" and a URL to the site. MRR started increasing, and the snowball was building momentum. Growth was looking promising and we had high hopes of creating a lucrative micro business. However, everything stopped in an instant... Staff soon caught wind and escalated the matter to the WeWork legal team. After getting a cease and desist letter, we were forced to shut down the site 🤦♂️ Despite the abrupt end, our journey with WeWant was a testament to innovation born from real-life pain points. Behemoths often shut down anything challenging the status quo rather than embracing positive change. Should we resurrect WeWant for round 2?

It's clearly becoming clearer why Sandeep Mathrani abruptly left WeWork abruptly earlier in the year. My guess is that there was a conflict between Sandeep and the WeWork Board. As I mentioned months ago, those 40 US closures were not enough to make a difference. And as we know WeWork was heavy in discounting in order to increase occupancy. But WeWork's strategy was always suspect because they were heavily vested with urban core locations in major US cities like #sanfrancisco #Manhattan #chicago #denver #washingtondc #philadelphia and other locations. WeWork's business model was always suspect for those of us who knew the metrics of monetizing space. WeWork ignored the most basic fundamentals of the Flex industry and when the pandemic hit, their business model became vulnerable and completely exposed. Bringing on Sandeep Mathrani was definitely the right move but they never truly acknowledged the troubles of their asset investment group and the implications for their operations. On the flip side of the WeWork debacle is the surge in Regus and what IWG plc is doing in their expansion worldwide. These are the two publicly held companies in the Flex Office Industry are at the opposite ends of the spectrum when it comes to their business models. IWG plc is experiencing explosive growth and higher yields while WeWork continues to struggle. Regus knows the business model metrics and knows how to fill its locations up with paying Members! This period in time is critical to the future of WeWork as they need to restructure once again, but most of all review every location and terminate the bottom 20% of their portfolio, like tomorrow! They also need to restructure their lease obligations and further cut corporate employees. Yes, the company will survive, but leaner and meaner when it comes to deal creation and technology. They also need to re-evaluate the size of each location and what is driving their economics. Many landlords and operators don't understand their metrics for Flex and how it best serves the building and the market they are located in. The evolution of the Future of Work will continue to evolve as companies, landlords and operators figure out how to best satisfy demand for the changing world of work and how to best curate the optimum workplace experience for their employees. #futureofwork #flexibleworkspace #flexoffice #workplacestrategy #workplacesolutions #sustainability #office #officebuildings

🚀 Lessons from WeWork's Rise & Fall 🏢 We've all witnessed the dramatic ups and downs of WeWork, from a soaring valuation to a rescue position with stock trading being halted earlier this week, leaving us to question - "Was it all ex-CEO Adam Neumann's fault?" Let's see... Yes, Neumann made his share of headline-grabbing mistakes, including selling a $60 million private jet and refunding $5.9 million for the use of "We" as a trademark. But the heart of WeWork's issue runs deeper than one man's actions. It highlights a more significant problem affecting the entire business landscape. No, this isn't an isolated case. WeWork's downfall is part of a larger trend - the overvaluation of IPOs. We've seen it with Uber, Endeavor Group Holdings, SmileDirectClub, and Peloton. So, what's the common thread? 🎯 They invested billions using outdated management theories for a concept born in the new millennium. 🌐 We're in the midst of a business renaissance, the fourth industrial revolution, but many companies still rely on old-school thinking, hindering their potential. They pursue ideas without measuring execution readiness and fall short of their potential. 🔥 The Danger of Unchecked Fervor WeWork didn't invent coworking spaces, but its valuation skyrocketed due to unchecked hype. Instead of evaluating their model's readiness at each funding round, they embraced biases, leading to their problems. ❌ Leaders Need to Trust Data WeWork could've prevented its troubles by measuring execution capability, assessing resources, skills, and people needed to succeed. Data, not instincts, should steer the ship. 🚀 Execution Readiness Protects Us from Ourselves Everyone is susceptible to biases, like the Monte Carlo bias, which overvalues past events as future indicators. WeWork's NYC commitment without measuring execution readiness led to its downfall. 🛡️ WeWork Exemplifies a Larger Pattern of Failure WeWork isn't alone. Decision bias is a systemic issue in executive decision-making. Leaders pursue initiatives with potential but lack the capability to execute them.

The fall of WeWork! Wework plans to file for bankruptcy as early as next week- WSJ! WeWork- the co-working space with 777 locations in 39 countries around the world, has witnessed an unexpected downfall in its valuation. 'From a $47 billion private market valuation to a $9 billion IPO via a SPAC in 2021, and now trading at $1.32 a share in after hours, it has marked a jaw-dropping 99% drop from its IPO price.' The company's downfall can be largely attributed to diluting its brand identity. At first, WeWork's flexible office spaces held promise as they offered vibrant workspaces for various teams and professionals. However, their expansion into other sectors, including WeLive and Rise by We, led to a dilution of their brand identity, resulting in a loss of their initial appeal. This growth came with steep expenses, leading to soaring valuations that drifted away from its true financial status. Thousands of people lost billions of dollars in WeWork's IPO. IPOs similar to this are a risky choice. Indian stock market is also experiencing such IPOs. Think twice before investing in such IPOs! #wework #bakruptcy #ipos