It all started when the company received a whopping $47 billion valuation to the surprise of numerous investors and analysts.
After the company’s massive financial losses, corporate governance, its claim of being a technology company and business model came under scrutiny, the company scrapped its IPO plans.
Now, it has ousted controversial co-founder Adam Neumann as CEO and is facing a devastating blow to its reputation.
The rest of the coworking industry is now feeling the aftermath of the WeWork saga, with some positioning themselves as a reliable alternative to the coworking company.
Among WeWork’s competitors are IWG-owned Regus and Spaces, Spacious, The Farm and several others.
Accommodating a company’s ability to scale up or down through either the core flex model or the neutral network model can attract a larger variety of clients.
These factors include location, cost effectiveness, scalability, flexibility and a trial period.