How I Built This with Guy Raz HIBT Lab! WeWork: Miguel McKelvey
Apr 21, 2022
Miguel McKelvey, co-founder of WeWork, shares a candid look back at the company's meteoric rise and subsequent fall from the $47 billion valuation. He discusses leadership dynamics with co-founder Adam Neumann and the challenges they faced during aggressive expansion. McKelvey reflects on personal growth after leaving WeWork, emphasizing his journey through therapy and new social ventures aimed at supporting entrepreneurs of color. His insights reveal the complexities of building a billion-dollar business and the lessons learned from failure.
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Shifting Focus at WeWork
- Miguel McKelvey felt fully committed to WeWork, seeing it as a lifelong endeavor.
- After a large investment round, the company's focus shifted from community building to aggressive market share acquisition.
Growth Over Profit
- SoftBank’s investment led WeWork to prioritize rapid expansion and market dominance over profitability.
- This strategy, common among startups, aimed to deter competition.
Diversification Challenges
- WeWork's expansion into WeLive, WeGrow, and acquisitions like Meetup seemed promising but proved challenging to integrate.
- While not financially detrimental, these ventures distracted from the core business model.