WeWork Labs – A Comprehensive Guide to WeWork Labs’ Startup Incubators
When you think of coworking spaces, WeWork undoubtedly stands out. Beyond its renowned coworking spaces, WeWork has expanded its horizons with ventures like WeLive, WeGrow, and Rise by We. However, none have gained as much acclaim as WeWork’s original coworking spaces. Taking a leap forward in the coworking realm, WeWork introduced WeWork Labs – a unique initiative tailored for early-stage startups determined to turn their ideas into reality and in need of the support to scale.
WeWork Labs surpass the conventional coworking space concept; they function more as startup accelerators or business incubators with a dedicated focus on nurturing emerging businesses.
This innovative addition to the WeWork ecosystem is steadily gaining traction, already serving as a launchpad for numerous notable startups. It’s not just a workspace; it’s a dynamic environment designed to propel startups toward success. WeWork Labs provide not just workspace but also mentorship, networking opportunities, and resources tailored to accelerate the growth of startups.
What is WeWork Labs?
To grasp the essence of WeWork Labs, it’s crucial to delve into the roots of its parent company. WeWork, an American enterprise, specializes in offering fully furnished and efficiently managed shared office spaces tailored for individuals and small teams. Observing the surge of startups opting for coworking spaces, WeWork identified the need to channel more attention towards supporting and nurturing startups, giving rise to the concept of WeWork Labs.
Established in 2011, WeWork Labs experienced immediate success, with all 30 spots at its inaugural location in the United States occupied on the very first day. As of 2018, the global presence of WeWork Labs unfolds as follows:
- Spanning 8 countries and extending across over 13 cities.
- Boasting a total of 20 locations worldwide, with ongoing expansion.
- Recently introduced in India and Singapore, marking the latest additions to its global network.
- Present in 7 locations within the United States alone.
WeWork Labs transcends the conventional definition of coworking spaces; they emerge as startup labs dedicated to facilitating the success of budding businesses. Functioning as a hybrid of a business incubator and startup accelerator, their approach stands out as uniquely crafted to cater specifically to the dynamic needs of startups.
How WeWork Labs Operates
WeWork Labs operates on a straightforward principle: they seek out startups in their initial phases. This means that anyone with a startup idea can submit an application to join a Lab. The goal is to support individuals aspiring to become entrepreneurs right from the inception of their ideas. The WeWork Labs program is designed to accommodate startups at any stage of development, ranging from the earliest conceptual phases – before hiring the first employee – to the critical processes of idea validation, product launch, and fundraising. The overarching mission of The Labs at WeWork is to provide the necessary assistance for startups to achieve significant growth.
Leading the charge at WeWork Labs is Roee Adler.
Contact: labs@wework.com
Apply Online: https://www.wework.com/labs
WeWork Labs Around the Globe
In the United States, WeWork Labs has established a presence in 7 locations, with a notable concentration in New York City:
- 3 Labs in Manhattan
- 1 Lab in Brooklyn
- 1 Lab each in Washington DC, Dallas, and Seattle.
Canada houses a WeWork Labs in Toronto, while Israel boasts 2 Labs – one in Tel Aviv and the other in Haifa. Seoul, Korea, is home to a total of 4 Labs, and Shanghai, China, features 2 locations. Recent expansions include 1 lab in Gurugram, India, and 1 in Singapore.
As of now, Labs by WeWork hasn’t made its mark in Australia, but there’s anticipation that WeWork Sydney and WeWork Melbourne might consider converting one of their spaces into a lab in the future.
The Labs by WeWork concept is gaining significant popularity, marked by a surge in new locations, indicating a growing global interest in this innovative approach.
The WeWork Labs Pricing Model
Contrary to the common assumption that WeWork might take equity from early-stage startups for their support, the pricing model follows a familiar pattern to typical coworking spaces. While they function akin to accelerators and incubators, WeWork Labs does not claim any equity from startups. They are reshaping the traditional model, ensuring that the focus remains on empowering startups without financial ownership.
What sets WeWork Labs apart is their transparent and reasonable pricing, aligning with the affordability seen in their coworking spaces. For instance, consider the membership cost at 205 Hudson WeWork Labs – a modest $550 per person per month, with rates dropping to $400 at certain locations. This reflects their commitment to providing accessible and cost-effective resources to foster startup growth without imposing financial burdens on founders.
WeWork Labs Resources Explained
Beyond the conventional coworking spaces, Labs by WeWork emerges as a powerhouse of resources dedicated to nurturing startup growth and success. Here’s a glimpse into the diverse resources provided to residents at the labs:
- Educational Network: A standout benefit for startups within WeWork Labs is access to an extensive educational network. This includes courses and valuable insights on essential topics such as perfecting pitches and securing funding.
- Mentorship Program: WeWork has curated a network of mentors available at the labs, ready to guide and advise startups on their journey, ensuring they steer in the right direction.
- Incubators & Accelerators: For startups aspiring to join incubators or accelerators, WeWork Labs offers support in the application process, preparing them for these transformative programs.
WeWork Labs represents a strategic move by the company, showcasing a genuine commitment to supporting startups and cultivating an ecosystem beyond merely leasing coworking spaces. In an era where competitors like CBRE are introducing coworking brands such as Hana, WeWork’s innovative approach positions it at the forefront of encouraging entrepreneurial innovation. The Labs stand as a testament to WeWork’s dedication to fostering groundbreaking innovations that may soon emerge from within their innovative incubation environment.
