WeWork’s long-rumored IPO was announced this week by way of one of the most talked-about S-1s in recent history. The We Company, the parent of WeWork, released an S-1 loaded both with new information about the company’s financials and with some made-for-Twitter language. (“We dedicate this to the power of We — greater than any one of us, but inside each of us” is in the document’s opening.)
Among the more relevant financial revelations:
WeWork is growing fast. Between 2017 and 2018, revenue doubled to an astounding $1.7 billion.
But its base profit is thin. Of that $1.7 billion made in 2018, WeWork spent $1.5 billion just on operating its locations.
And it’s hemorrhaging money. In the first 6 months of 2019 alone, WeWork lost nearly $690 million.
Whatever the financial implications of The We Company’s S-1, the company reports a rapidly growing worldwide customer base of 537,000 members. WeWork might have some questionable economics and dramatic language, but co-working, as a trend, clearly isn’t some flash in the pan.
And while WeWork may be a giant in the co-working space, it is far from the only player. While there are other co-working franchises competing directly with WeWork, such as IWG (a flexible workspace provider founded in 1989 as Regus), there are also many other niches within the broader co-working market:
Community-specific co-working spaces.The Wing, which WeWork is an investor in, is a network of co-working and community spaces designed for women.
Co-living companies. Companies like Quarters, Roam, Outsite, and The We Company’s WeLive combine the concept of co-working spaces with shared living spaces
Co-working apps.Deskpass and LiquidSpace give co-workers access to a variety of spaces, while Yardi Kube and Cobot make it easy for business owners to manage a co-working space.
And with more and more companies hiring for remote work, flexible working spaces are only going to become more necessary, making co-working spaces both a vital service and an exciting market. WeWork’s future might be a topic of debate, but co-working is very much here to stay. [Image: WeWork Cofounder Miguel McKelvey]
14 startups hiring for part-time remote work
Part-time remote jobs can seem too good to be true. As a job-seeker, you might think the only part-time remote jobs you’ll find are cheap gigs (think "marketing" jobs that pay you to plug a product in comment sections) or short-term contracts so the company can shirk benefits and pay under-market rates.
In reality, there are plenty of part-time remote jobs that pay well and offer interesting challenges.
We put together a list of companies that need part-time support, but don’t have the work volume to justify a full-time position. Roles include everything from engineering to marketing to operations.