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Executive Column: Coworking chain set to focus ‘glocalization’ in Jakarta
WeWork, a New York-based coworking start-up, entered Southeast Asia two years ago, following the acquisition of its Singapore-based rival Spacemob.
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WeWork cofounder Miguel McKelvey (left) and Southeast Asia managing director Turochas (JP/Norman Harsono)
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eWork, a New York-based coworking start-up, entered Southeast Asia two years ago, following the acquisition of its Singapore-based rival Spacemob. It was Ole Ruch, managing director at WeWork, who introduced Spacemob founder Turochas "T" Fuad to WeWork founders Miguel McKelvey and Adam Neumann in New York and thus, began the strategic expansion into the region. The company, last valued at US$47 billion, began its regional expansion with a handful of offices in Singapore and Jakarta but has since entered Bangkok, Ho Chi Minh City, Kuala Lumpur and Manila. In Jakarta, WeWork owns four upmarket coworking spaces mainly catered to start-ups and multinationals while its local competitor, Go-Rework, also owns four spaces in the city following a merger late last year. During a visit to Jakarta, WeWork regional managing director Turochas Fuad and cofounder Miguel met with The Jakarta Post to talk about the company’s future business strategy. Below is an excerpt of the interview.
How did WeWork come to acquire Spacemob?
We’ve always had a very cohesive vision of what our companies were trying to achieve. Spacemob was trying to raise more money and WeWork was looking into entering Southeast Asia. It’s a win-win.
I [Miguel] met T and had a chance to understand his motivations. He’s an entrepreneur, so there was a risk that he and his team wouldn’t stick around if our motivations were not aligned. That alignment is a big part of any successful integration.
