It was hard not to do a double take scanning headlines this week. WeWork, a provider of shared office space, announced a $10 billion valuation. \u00a0The jaw-dropping figure was revealed after Fidelity Management & Research agreed to invest $400 million in the company.<\/p>\n
Just over a year ago, the company was valued at only $1.5 billion. \u00a0WeWork’s success and explosive growth has been the subject of debate around the water cooler. \u00a0How does a company that simply sublets office space become so successful in such a short period of time? There are a variety of reasons, of course. But, one thing is for sure \u2026 WeWork\u2019s success has a lot to do with WHO is subletting their space and WHY.<\/p>\n
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WeWork rents office space to small companies, start-ups and the rapidly growing segment of independent workers.\u00a0 According to the Wall Street Journal, one-third of the labor market is made up of \u2018contingent\u2019 workers \u2013 freelancers, contractors, and the self-employed.\u00a0 These are the folks that look to WeWork to provide a new kind of work environment. Where the words \u2018self-employed\u2019 or \u2018freelancer\u2019 once evoked disparaging images of someone at home, unmotivated; sitting on the sofa in PJs, today it conveys an entirely new meaning.\u00a0 The social stigma no longer applies.\u00a0 Project-based work is booming as are opportunities for independent workers across diverse industries. These white-collar professionals now represent the fastest growing segment of contingent workers, driving demand for a new, flexible place to do business.<\/p>\n
WeWork offers tenents (called members) a loft-style workspace and experience that emphasizes community. Geared towards the generation that recoils at grey cubicles or a 9 to 5 workday, members work in common areas or glassed offices depending on which flexible, pay-as-you-go membership is selected.\u00a0 The company takes care of the many hassles involved with self-employment. Wifi, printers and office supplies are available. There is even a group health insurance plan.\u00a0 Motivational quotes are scattered throughout the space. Each office location has a community manager in charge of events like Ping Pong, yoga, or life coaching sessions. And, at every location, you will find a free, tapped keg, surrounded by members socializing, networking, exchanging business cards and ideas.<\/p>\n
WeWork goes way beyond providing just the necessities.\u00a0 It offers a community experience for people who are drawn to words like entrepreneurial, authentic, grateful, inspired and tenacious – – the same words WeWork identifies as its core values.\u00a0 And with the rise of freelancers demanding work-life balance and a work environment that supports this philosophy, we are not surprised by WeWork\u2019s allure.<\/p>\n
* <\/strong>The Death of 9-to-5<\/em>, Richard Greenwald<\/p>\n","protected":false},"excerpt":{"rendered":" It was hard not to do a double take scanning headlines this week. WeWork, a provider of shared office space, announced a $10 billion valuation. \u00a0The jaw-dropping figure was revealed after Fidelity Management & Research agreed to invest $400 million in the company. Just over a year ago, the company was valued at only $1.5 […]<\/p>\n","protected":false},"author":2,"featured_media":2253,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[375],"tags":[],"class_list":["post-852","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog-post","topic-business-strategy"],"acf":[],"yoast_head":"\n