Productive day at the office
In just eight years since Adam Neumann and Miguel McKelvey opened their first location in New York, WeWork has expanded to 335 offices in 83 cities across two dozen countries.
Some 320,000 global members pay hundreds or thousands of dollars a month to hot-desk or host their teams in private offices, which has enabled the business to achieve global revenues of $1.5bn (£1.2bn) in the 12 months to September 2018.
A $4.4bn investment by SoftBank last year valued the company at $20bn. But in November it was announced that the Japanese multinational will pay an additional $3bn in 2019 at $110 a share, which would value WeWork at $42bn, making it the second most valuable start-up in the US behind Uber.
Commentators, however, question the sustainability of its growth, after the firm said that its net losses in the nine months to September had almost quadrupled from the previous year to $1.2bn.
Others add that it is overly exposed to an economic downturn, when small company residents would go bust or return to working from home.
atmosphere and residents. “Coworking is brilliant because of the people who work in them, so make sure that they’re right for you.”
Kofman’s tip is to keep asking whether a space is really working for your enterprise. “You’ll want to start doing things on your own terms as you grow,” he says.
A business should not find itself co-working beyond 40 employees – not least because a rented office will probably be cheaper, he adds.
Until that milestone, all the founders recommend co-working.
“There are so many lessons to be learnt from the way that other people run their companies,” says Piriankov.
Bunkham adds: “Running your own business can be lonely, so having others with whom to celebrate, commiserate and bounce ideas off is incredibly useful.”