Just months after WeWork’s massive failure to go public, its main competitor in China is looking to carry out its rival’s defeat to the surprise of many analysts and investors.
Despite having a very similar business model, Ucommune has succeeded in something that WeWork struggled with tech.
One of WeWork’s biggest criticisms was its self-proclamation of being a tech company in order to inflate its valuation.
In reality, WeWork was mostly a real estate company.
Ucommune’s offices encapsulate something out of a sci-fi film facial recognition, Bluetooth door locks, IoT tables and a user-friendly mobile app.
The company encourages in-house innovation and acquires companies with a promising future.
For every $1 of income Ucommune makes, it loses $.64 compared to WeWork’s $.59.