This Wednesday, WeWork (also known as The We Company if you want to make it official) filed their initial paperwork to go public.
They set their valuation at an astounding $47 billion dollars, and they’re claiming that their justification behind this is that they are a tech company.
The S-1 filing that WeWork submitted states:
“Technology is at the foundation of our global platform. Our purpose-built technology and operational expertise has allowed us to scale our core WeWork space-as-a-service offering quickly, while improving the quality of our solutions and decreasing the cost to find, build, fill and run our spaces.”
“We have approximately 1,000 engineers, product designers and machine learning scientists that are dedicated to building, integrating and automating the complex systems we use to operate our business. As a result, we are able to deliver a premium experience to our members at a lower price relative to traditional alternatives.”
It’s an interesting argument indeed, considering a few factors. WeWork really is a real estate company. WeWork leases offices spaces.
WeWork’s biggest direct competitor is a company called IWG, and they call themselves a real estate company. WeWork’s $47 billion dollar valuation is 10 times the valuation of IWG.
If you further look at their S-1 filing, it seems WeWork is trying pretty hard to convince us all that they are a tech company.
They say they utilize machine learning to forecast the type of demand they could have on new buildings. They point out the fact that they employ software and scanning tech to automate their construction and design processes.
It’s definitely quite a big stretch for WeWork to call themselves a tech company, and it kind of means that anyone can be a tech company now if they simply say they are.
Bre is a female millennial go getter residing in New York. One part entrepreneur, one part geek, she obtained her degree in Textile/Surface Design from The Fashion Institute of Technology.
She has held some exciting roles in both fashion as a designer working for brands like Victoria’s Secret and Henri Bendel, as well as in ad tech working for publishers like Ziff Davis.
Today she operates her own luxury label Bre Avery, along with Chip Chick Media which reaches millions of women each month.
Bre is passionate about teaching women how to build a business and be an entrepreneur, in addition to keeping her readers informed of the latest technology trends and exciting products to improve their lifestyles.
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