# HIBT Lab! WeWork: Miguel McKelvey

- Show: [How I Built This](https://hardwarepodcasts.com/podcast/how-i-built-this)
- Published: 2022-04-21
- Length: 29m
- Page: https://hardwarepodcasts.com/podcast/how-i-built-this/2022-04-21-hibt-lab-wework-miguel-mckelvey

## Summary

Miguel McKelvey, co-founder of WeWork, reflects on the company's rapid expansion following a $4 billion SoftBank investment, explaining how the shift to capturing market share over profitability led to unsustainable losses and a failed IPO. He discusses the cultural impact of Adam Neuman’s leadership, the painful downsizing during the pandemic, and his decision to leave the company in 2020. McKelvey now focuses on supporting excluded entrepreneurs through his financial platform Known and his new company, Naya Studio, which builds physical businesses like the Shoot 360 basketball facility.

## Chapters

- [0:00](https://hardwarepodcasts.com/podcast/how-i-built-this/2022-04-21-hibt-lab-wework-miguel-mckelvey#t=0) Introduction: Miguel McKelvey and WeWork's History
- [2:55](https://hardwarepodcasts.com/podcast/how-i-built-this/2022-04-21-hibt-lab-wework-miguel-mckelvey#t=175) The SoftBank Investment and Strategic Shift
- [6:46](https://hardwarepodcasts.com/podcast/how-i-built-this/2022-04-21-hibt-lab-wework-miguel-mckelvey#t=406) Execution vs. Capital Availability
- [9:38](https://hardwarepodcasts.com/podcast/how-i-built-this/2022-04-21-hibt-lab-wework-miguel-mckelvey#t=578) The $47 Billion Valuation and Failed IPO
- [11:29](https://hardwarepodcasts.com/podcast/how-i-built-this/2022-04-21-hibt-lab-wework-miguel-mckelvey#t=689) Adam Neuman’s Leadership and Exit
- [19:31](https://hardwarepodcasts.com/podcast/how-i-built-this/2022-04-21-hibt-lab-wework-miguel-mckelvey#t=1171) Pandemic Downsizing and Operations
- [25:04](https://hardwarepodcasts.com/podcast/how-i-built-this/2022-04-21-hibt-lab-wework-miguel-mckelvey#t=1504) Known Platform and Naya Studio
- [27:45](https://hardwarepodcasts.com/podcast/how-i-built-this/2022-04-21-hibt-lab-wework-miguel-mckelvey#t=1665) Lessons on Integration and Restorative Justice

## Topics

- [Growth, exits & acquisitions](https://hardwarepodcasts.com/topic/growth-exits-and-acquisitions)
- [Leadership, teams & culture](https://hardwarepodcasts.com/topic/leadership-and-culture)
- [Starting a product company](https://hardwarepodcasts.com/topic/starting-a-company)
- [Policy, trade & tariffs](https://hardwarepodcasts.com/topic/policy-trade-and-tariffs)

## Most relevant to

large enterprises

## Mentioned

- WeWork (company)
- SoftBank (company)
- Meetup (product)
- Known (product)
- Naya Studio (company)
- Shoot 360 (product)
- U.S. Bank (company)

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- [On-Demand Labor, Operations, and Finding a Co-Founder with Veryable CEO Mike Kinder](https://hardwarepodcasts.com/podcast/manufacturing-happy-hour/2021-09-21-on-demand-labor-operations-and-finding-a-co-founder-with-veryable-ceo-mike-kinde) (Manufacturing Happy Hour)
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