Jed Rothstein’s documentary chronicles the spectacular story of WeWork, the most overvalued startup in history under its founder Adam Neumann, in an eye-opening film about the flip side of venture capital investing.
The film opens with a scene that sets the tone for its central message. An elegant business leader rehearses his speech, struggling to find the right words. This scene serves as a metaphor for the film’s exploration of the construction of image and vision in the business world. From the outset, the film challenges the notion of authenticity and credibility in public perception, particularly in the case of Adam Neumann, the founder of WeWork. It raises questions about the role of storytelling and narrative-building in entrepreneurial success.
The documentary chronicles the rise and fall of WeWork, from its inception in 2010 to its failed attempt to go public in 2019. Through a mix of interviews, archival footage, and reenactments, director Jed Rothstein provides a comprehensive examination of the factors that contributed to the company’s meteoric rise and subsequent downfall. Central to the narrative is the charismatic figure of Adam Neumann, whose vision and leadership propelled WeWork to unprecedented heights.
The film portrays Neumann as a visionary leader who inspired fervent loyalty among his employees. His ability to articulate a compelling vision for the company, coupled with his charisma and marketing savvy, attracted investors and fueled WeWork’s rapid expansion. However, as the film reveals, behind the facade of success lay a company plagued by financial instability and questionable business practices.
The documentary offers a sobering critique of the culture of entrepreneurship and venture capital investing. It highlights the pressure faced by entrepreneurs to justify inflated valuations and deliver exponential growth. In the case of WeWork, this pressure ultimately led to a culture of excess and self-aggrandizement, culminating in the company’s spectacular collapse.
Through the testimonies of former WeWork employees and industry experts, the film exposes the darker side of Neumann’s leadership. What initially appeared as a collective and inclusive vision gradually devolved into a self-serving pursuit of personal gain. Neumann’s grandiose promises of wealth and success for all involved proved to be empty rhetoric, leaving employees and investors disillusioned.
Ultimately, the film serves as a cautionary tale about the pitfalls of unchecked ambition and the dangers of prioritizing fundraising over sustainable business practices. It raises important questions about the ethical responsibilities of entrepreneurs and the role of venture capital in shaping the future of business. As we witness the unraveling of WeWork’s lofty ambitions, we are reminded of the fragile balance between aspiration and reality in the world of entrepreneurship.
“If you tell a 30-something male that he is Jesus Christ, he is inclined to believe you.”
The saying “fake it till you make it” took on a whole new meaning in the case of Adam Neumann, whose deception ultimately led to the collapse of WeWork, leaving employees and investors in the lurch. Director John Walker’s insightful documentary, Assholes: A Theory, explores the detrimental impact of leaders like Neumann on contemporary society, alongside figures such as Mark Zuckerberg and Silvio Berlusconi.
While Neumann bears responsibility for his actions, the film also points a finger at investors who fueled the WeWork bubble by buying into the hype surrounding the company’s supposed profitability. This serves as a stark warning against the reckless behavior of investors chasing the next big thing, irrespective of the underlying fundamentals.
Jed Rothstein’s documentary is essential viewing for aspiring business leaders and entrepreneurs, offering a cautionary tale about the pitfalls of prioritizing profit over other metrics of success. It highlights the need for a shift in mindset within the business community, away from a singular focus on financial gain towards a more holistic approach that considers factors like employee satisfaction, product quality, and social impact.
The film underscores the importance of education in preparing future business leaders to navigate the complexities of running a company, emphasizing the need for a broader definition of success that goes beyond financial metrics. The emerging movement of impact entrepreneurship, which seeks to balance financial, social, and environmental objectives, represents a promising alternative to traditional profit-maximizing models.
In conclusion, WeWork: Or The Making And Breaking Of A $47 Billion Unicorn offers a thought-provoking exploration of a cautionary tale that should serve as a case study for future generations of business leaders. It challenges conventional norms and encourages a reevaluation of what constitutes success in the business world.
