I know the world has been affected by COVID.
I know most people are working from home rather than offices.
But … but … look at these results from WeWork:
I’ve written a lot about WeWork in the past.
I even worked with one of the founders in their early days at Wieden.
And there was even an occasion where they were talking to us at R/GA.
In every one of those encounters, I never understood why they referred to themselves as a tech company. Actually let me rephrase that. I did understand why they wanted to be seen as a tech company as it would mean their valuation would probably be even more ridiculous … but the way they talked about themselves in the early days – and the thing they were doing to make it real – meant they could still be something very powerful and influential if they’d just stuck with their path.
But they didn’t, which is why with Q1 results like that, it would appear their version of being a tech company was to be like Microsoft Vista.
Big hype.
But a terrible, terrible, terrible experience.
Which all goes to show that many in the investment community don’t make decisions on identifying new opportunities, but on being scared of being left behind.
Like most brand planning.