Regional News

The WeWork model gains “space” in the Colombian market

By Silvia Castro Betancourt 0 Comments NEWS, Regional News

This article was written and published in Spanish and has been translated into English via Google Translate. Click here to read the original article.

Argentinian Pato Fuks, CEO of WeWork in Latin America explained to the publication, Dinero, how the company's business model is working in the region.

The collaborative models that allow the use of flexible workspaces, which can range from simple access to the facilities of a building to be located at a table, to have a private office, grow stronger and the American startup WeWork makes an important contribution to the development of this new labor culture.

After its expansion by the United States and Europe, the company plans to continue growing in Latin America and Colombia is emerging as a key market in its development plans; because at this moment, it is the third operation after Brazil and Mexico, despite having launched only in October of last year.

Patricio Fuks, regional manager for Latin America at WeWork, points out that in 2016 when he joined the company he had the mission to sign 5 contracts in a year and open 3 buildings; however, it ended up signing 30 contracts in that period and at this moment they have 20 buildings open in the region and the projection is to end the year with 50. It currently has a presence in 6 countries and 22 cities in the region.

"At that time, the challenge was to make executives in the United States understand that Latin America should go beyond Mexico and Brazil and that is why the process of expansion began in Argentina, Chile, Peru, and Colombia," says Fuks.

WeWork, which works with memberships, plans to close 2018 with 50,000 members in the region and reach 250,000 in 2020. In Colombia, where it has three buildings open and plans to close the year with 6; At this moment, it is home to more than 4,000 members, including independent people, entrepreneurs, and the corporate sector. At a global level, it expects to end the current period with 500,000 members.

Dinero spoke with Patricio Fuks to discuss how collaborative workspaces contribute to the growth of entrepreneurs.

Dinero: How are collaborative spaces working?

Patricio Fuks: These are both physical and virtual spaces that offer the possibility for members to connect, not only with offices and meeting rooms but also with weekly events in the spaces and through a web application. The idea is that through this platform 360 members can network to create a collaborative culture that empowers ideas, projects, and businesses, offering the necessary tools to help take people and companies to the next level in their projects.

Dinero: What does WeWork mean for entrepreneurs?

Patricio Fuks: Means opportunities. It means the opportunity to be able to directly relate to the entire business ecosystem. In our spaces, you can find from freelancers and startups to large corporations that through the development of a collaborative culture, become more productive, more creative and efficient. WeWork is a new way of life that leads you to live happier and more committed to what you do every day.

The way people work and live is changing profoundly. People want to find a purpose in what they do, the Millennials started with this mentality and now they are all following them.

This change in mentality is motivated by a generation that no longer finds meaning in spending its energy on something it does not believe in; now they value the connections, the sense of belonging and seek quality of life during the time they are working.

So the future of work is based on culture, a culture that creates in the strength of collaboration. The future of work is directly linked to companies helping people feel fulfilled and motivated while they work.

To achieve this, at WeWork we are committed to eliminating that existing line between work and life. We want our members to work feeling fulfilled and not just to make a living.

Dinero: What does the Colombian market mean for WeWork?

Patricio Fuks: The Colombian market plays a fundamental role in Latin America for WeWork. At this moment, Bogotá is the 3rd city with more presence after Mexico City and Sao Paulo. It is a region where the entire business ecosystem has been strengthened in recent years and there is a great boom of entrepreneurs and SMEs that are looking from the beginning to connect with the region and the world, and for that, we are here. We want Colombia to become a global protagonist for the innovative ideas and projects that its inhabitants have.

Dinero: How do you define WeWork?

Patricio Fuks: People think of us as only buildings or physical spaces, and in part we are. We find buildings and transform them into incredible spaces where people find all the services, resources and a community that makes them better.

But on the other hand, the core of our business is to connect. Connect people, cultures, and businesses from around the world with the sole purpose of making them feel fulfilled and happier every day while they work. WeWork is connection and opportunities.

This article was written and published in Spanish and has been translated into English via Google Translate. Click here to read the original article.

 

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