Adam Neumann Is Launching a New Coworking Service That Isn't WeWork: 'I Had Time to Reflect' WeWork filed for bankruptcy in the U.S. and Canada in 2023.

By Sherin Shibu Edited by Melissa Malamut

Key Takeaways

  • Adam Neumann cofounded WeWork in 2010 and stepped down as CEO in 2019 after an unsuccessful IPO attempt.
  • According to a Wednesday Bloomberg report, Neumann is now starting a service to rival WeWork: Workflow.

Adam Neumann was once the face of WeWork, a coworking company he co-founded in 2010. When WeWork tried to go public in 2019, its status as the most valuable startup in the U.S., with a $47 billion valuation in January 2019, came under scrutiny from investors who examined the company's losses and lack of a plan for profitability.

WeWork's first attempt to go public failed, and its valuation plummeted to $9 billion in 2021; the company filed for bankruptcy in the U.S. and Canada in 2023 and emerged from it in June.

Though Neumann stepped down from WeWork in September 2019, he's not done with real estate yet. According to Bloomberg, Neumann is starting a service rivaling WeWork: Workflow.

Related: WeWork Co-Founder Adam Neumann Wants to Be Your Landlord, Again

Adam Neumann. Credit: Photo by Shahar Azran/Getty Images

Where WeWork promised coworking spaces with perks like free beer, Workflow has a different, more sophisticated aesthetic.

"I am the kind of person who actually learns more from their mistakes than their successes," Neumann said in an April interview with CNBC. "I had time to reflect."

Workflow falls under Neumann's broader real estate company, Flow, which focuses on luxury housing. Neumann founded the company in 2022; Flow received a $350 million investment from Andreessen Horowitz in August 2022 pushing its valuation above $1 billion. On Thursday, Neumann announced Flow House in Miami, a 466-unit, 40-story condo complex to come next year, with baseline prices for a studio condo beginning at $450,000.

Related: WeWork Founder and Ex-CEO Adam Neumann Calls Bankruptcy Filing 'Challenging to Watch' and 'Disappointing'

Unlike WeWork, which incurred losses by drawing revenue from short-term leases while being bound to long-term ones, Workflow relies on spaces within Flow's residential buildings. So Workflow could have fewer long-term lease expenses that cut into profits.

Neumann also stated in the CNBC interview that "when people like being in a building, they stay. When people stay, it increases occupancy and the value."

Andreessen Horowitz explained its investment in Flow by stating that it met a pressing need in real estate. The venture capital firm also threw its support behind Neumann.

"For Adam, the successes and lessons are plenty and we are excited to go on this journey with him and his colleagues building the future of living," Andreessen Horowitz cofounder and general partner Marc Andreessen wrote on the firm's website.

Related: WeWork Was Once Valued at $47 Billion. Now, the Company Is Issuing a Stark Warning to Investors That It May Not Survive

Sherin Shibu

Entrepreneur Staff

News Reporter

Sherin Shibu is a business news reporter at Entrepreneur.com. She previously worked for PCMag, Business Insider, The Messenger, and ZDNET as a reporter and copyeditor. Her areas of coverage encompass tech, business, strategy, finance, and even space. She is a Columbia University graduate.

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Management

Want a Reputation People Trust? Start With These 4 Simple Habits

Thought provoking and actionable ways to lead your business to earn trust in your industry

Business News

Samsung Is Looking into Making AI Necklaces, Earrings, and Other Wearables: 'All Kinds of Possibilities'

A Samsung executive confirmed this week that the company is working on smart glasses, with plans to expand to other types of wearable devices.

Business Process

How to Implement a Corporate Social Responsibility Program With a Lasting Impact

Corporate Social Responsibility programs are a great way to bring your brand's mission to life and unite employees across the organization around a shared purpose. Drawing from my own experience, here are some tips to launch and sustain CSR programs with lasting impact.

Business News

Olive Garden's Sold Out Pasta-Shaped Pool Noodles Are Selling for Double on Resale Sites

The pool floats shaped like pasta launched earlier this summer and quickly sold out.

Side Hustle

They Started a Side Hustle Producing an 'Obvious' Food Item. It Hit $300,000 Monthly Revenue Fast — On Track for Over $20 Million in 2025.

When Jason Rosenbaum and Hailey Swartz couldn't find the product they wanted to see on grocery store shelves, they took matters into their own hands.