● WeWork launches its first “Global Impact Report”, highlighting data from its global network to showcase the Company’s positive impact on enterprises’ business growth, and driving development of the neighborhood and the innovation economy
● The report focuses on four major areas: job growth, innovation economy, GDP and economic impact to neighborhoods, illustrating WeWork’s positive contributions to the global and local communities
● In Hong Kong, nearly half of the Hong Kong members (46%) are involved in the innovation economy, and 13% of all members are first-time entrepreneurs; a testament to WeWork’s commitment to driving the development of the innovation economy and nurturing entrepreneurship
● The economic activities that WeWork and its members engaged in Hong Kong contributed more than HKD 2.1 billion to the city’s GDP. 82% members of WeWork Hong Kong stated that they did not work in the neighbourhood prior to joining WeWork. After joining WeWork, they bring more activity and spending at local restaurants and shops
(Hong Kong, May 2, 2019) WeWork, today launches its first “WeWork Global Impact Report” with data from 75 cities, including Hong Kong, analyzing how the WeWork community is making positive contributions to the global and local economies. WeWork is bringing positive impact on cities and neighborhoods, supporting businesses of all sizes to drive innovation, and promoting sustainability in the era of change. The report illustrates WeWork’s instrumental role in driving growth and operational efficiency for startups, small-and-medium enterprises (SMEs) and multinational corporations, and its remarkable value to the economy with job creation and substantial contribution to the GDP. The future of work and living led by WeWork is increasingly recognized by creators and enterprises, as it’s committed to supporting innovation of its members especially large enterprises, as well as driving growth of the community and economy both locally and globally.
The “WeWork Global Impact Report” is a joint study conducted by WeWork and HR&A Advisors, an industry-leading economic development consultant and research firm, with four major focuses including the expansion of WeWork member companies, contribution to the global economy, support to the innovation economy, and the positive impact WeWork brings to the neighborhood. Analyzing data in 2018, the report examines the positive values of WeWork to the world including Hong Kong. Globally, WeWork has played a crucial role in facilitating global economic development, including:
● [Increasing Employment and contributing to GDP] The WeWork ecosystem supports an estimated 680,000 job globally and US$122.3 billion in total GDP worldwide;
● [Fuelling members’ business growth and productivity] Globally, 54% of members credit WeWork with accelerating their company’s growth; and 80% of WeWork members globally report increased productivity since joining;
● [Driving development of the innovation economy and startup ecosystem] The “Innovation economy”1 industries are a combination of 58 high-value and high-growth industries such as technology, creative, professional services, and advanced manufacturing. 76% of WeWork members globally are in the innovation economy. This is a strong testament to WeWork’s commitment to driving development of the innovation economy;
● [Bringing new people and economic activity to neighborhoods] 70% of WeWork members globally did not work in the neighborhood prior to joining WeWork, bringing more activity and spending at local restaurants and shops.
The first “WeWork Global Impact Report” indicates WeWork’s crucial role in driving the economic development of the Greater China market including Hong Kong, especially for large enterprises:
● [Driving members’ business growth] In Hong Kong, 65% of WeWork members said WeWork has helped their company accelerate its growth;
● [Accelerating development of the innovation economy and startup ecosystem] Almost half of the WeWork Hong Kong members (46%) are engaged in businesses related to the innovation economy, and almost all of the rest are in other high-value industries such as commercial banking, commercial investment advising, and corporate financial consulting and management etc. Of WeWork members that are entrepreneurs in Hong Kong, 13% are first-time entrepreneurs, proving that WeWork has become the partner of choice for many entrepreneurs, thanks to its global network, products and services, and holistic support. This reinforces WeWork’s efforts in driving development of the innovation economy, as well as incubating entrepreneurship;
● [Bringing new economic activity to neighborhoods] 82% of WeWork members in Hong Kong did not work in the neighborhood prior to joining WeWork, bringing more activity and spending at local restaurants and shops. The data for Beijing and Shanghai are 64% and 80% respectively;
● [Contributing to local and national GDP growth] In Hong Kong, the WeWork economy contributes more than HKD 2.1 billion of GDP in the city, while the data in Beijing and Shanghai are RMB 1.09 billion and RMB 4.97 billion respectively. Apart from that, 13,000 and 30,000 job opportunities were created in Beijing and Shanghai respectively, demonstrating its important role in economic development;
● [Supporting female leadership] WeWork values women’s leadership and empowers women. The company strives to promote gender equality at workplace support more member companies to create a corporate culture that promotes gender diversity. 39% of all senior roles at companies of the WeWork Hong Kong community are held by women, compared to 23% of those roles held by women in the Asia;
● [Promoting sustainable development] 94% WeWork Hong Kong members travel to work by sustainable forms of public transit (walk, bike, public transportations). At the same time, 33% WeWork Hong Kong members who used to drive by themselves to work have switched to using more sustainable forms of transit since joining WeWork.
Alan Ai, General Manager of WeWork Greater China, said, “We understand what millennials are looking for as they join the workforce: they have higher expectations over their workplace and want to find purpose in their work. While the job opportunity should help fully unleash their potential, the millennials are aspired to work alongside like-minded talents and hope to develop a career that can bring positive impact to the community. At WeWork, we are committed to building a flexible, collaborative space by leveraging our global network, so our members can tap into our resources to accelerate their businesses and contribute to the global economy.”
Dr Chung Wai-Keung, Under Secretary for Innovation and Technology of the HKSAR Government, said, “As a leading technology hub in the region, Hong Kong is a cradle of technology and entrepreneurship. We recorded a 146% growth in the number of startups in 5 years and a 301% increase in the staff employed. While the Government is committed to fostering innovation and nurturing tech talents, collaborative spaces like WeWork is an essential part of the I&T ecosystem by offering a working environment favorable to start business, professional support and business network, thereby empowering the entrepreneurs to collaborate with others and attract investors.”
The WeWork community welcomes businesses of all sizes from a wide range of industries. Addressing the evolving needs of startups, SMEs and enterprises, WeWork has launched a number of services, such as customized services for its enterprise members. In addition to highlighting WeWork’s impact on local and global economies, the first “WeWork Global Impact Report” also illustrates the economic ripple effect that the company has generated on startups, SMEs and enterprises:
Startups and SMEs:
● [Supporting startups and entrepreneurs]:
○ 1 in 8 first-time entrepreneurs in the United States are WeWork members. New businesses are 13% more likely to survive after three years if they are WeWork members compared with their peers
○ WeWork Labs is WeWork’s global innovation platform powering the next generation of industry transformation by helping startups and corporations create the future. WeWork Labs is now operating in 32 cities across 15 countries. Recently, WeWork Labs has been launched in mainland China, pushing forward the development of entrepreneurial ecosystem in mainland China and supporting budding entrepreneurs to jumpstart their businesses;
● [Flexible, creative space enhances cost-effectiveness] In major cities, WeWork provides flexible, high-quality spaces at a significant cost savings. Globally, a company of 4 can save 35% on average over traditional commercial real estate.
Currently, the global WeWork community has 400,000+ members in 100 cities across 27 countries. Over one third of the Global Fortune 500 companies choose to be part of the WeWork community.
● [Helping enterprises go global] Through the extensive network and community resources of WeWork, enterprises are gaining an in-depth understanding of the local market as they go global.
○ Approximately 75% of WeWork’s Top 100 Enterprise Member Organizations have joined WeWork in multiple cities. More than 67% of them joined WeWork in more than one country, highlighting the benefit of our global network.
○ On average, the Top 25 largest WeWork Enterprise Member Organisations have WeWork offices in at least 10 cities around the world.
○ 49% of enterprise members agreed that WeWork has played an active role in helping them tap into new markets. WeWork’s global community network also offers more flexibility for large enterprise members in terms of workplace location;
● [Supporting enterprises to recruit top-talents and keep their teams happy] Compared to conventional offices, WeWork’s unique community of creators can significantly enhance creativity, efficiency and satisfaction of employees.
○ 78% of Enterprise members said that WeWork has helped them attract and retain talent.
○ 83% of Enterprise members chose WeWork for its location – where talent lives and wants to be.
“Since establishing our business in Greater China two years ago, WeWork has been offering various products and services, ranging from private offices to customized collaborative space solution Powered by We, to create a vibrant community for local creators and enterprises that drives a humanized way of work and living. We strive to cultivate a community filled with energy to inspire innovation, facilitate connection and foster the growth of members from all walks of life. This differentiates WeWork from other traditional office space,” said Alan Ai, General Manager of WeWork Greater China. “Moving forward, we will continue to focus on enhancing our community services and products that drive the future of work and living, empowering freelancers, startups, SMEs and enterprise members work to make a life, not just a living.”
In addition to the data in the “WeWork Global Impact Report”, the positive feedback of startups and enterprise members at WeWork highlight the contribution of WeWork in facilitating global expansion and growth of enterprises, driving development of the innovation economy, helping enterprises attract and retain talents, as well as supporting on building corporate culture.
WeWork Mass Mutual Tower in Wanchai is home to enterprise member Deloitte Asia Pacific Blockchain Lab (the “Lab”). Dr Paul Sin, the Fintech Partner leading the Lab, said “FinTech such as Blockchain and Open API is not just a technology evolution, but a paradigm shift from competition to collaboration, within and often across ecosystems. WeWork signifies the same trend in physical infrastructure, allowing creators and industry players to collaborate in a harmonious environment. We have enjoyed the creativity engendered in this environment, transformed our image from a traditional consulting firm to a digital one, and most important of all, have lots of fun!”
Klook, the homegrown online travel booking unicorn, is one of WeWork’s enterprise members. To date, over 175 staffs of Klook have joined the WeWork communities in Amsterdam, Bangkok, Barcelona, Boston, Hong Kong, Jakarta, London, Manila, Osaka and Sydney. Eric Gnock Fah, COO and Co-Founder of Klook, said, “WeWork’s global network enables us to flexibly select our workplace, makes it easier for us to recruit talents and build our local team, and deepen our understanding of the local market as we expand overseas. In addition, the WeWork community facilitates collaborations among members of all sectors, and fosters exchange of ideas and inspirations, which are particularly important to an innovation-centric company like us.”
Bowtie, Hong Kong’s first virtual insurer approved by the Hong Kong Insurance Authority, joined WeWork Hong Kong’s community at Two Harbour Square in 2018. With a team of about 60 staff, Fred Ngan, Co-Founder and Co-CEO of Bowtie, sees WeWork community’s culture and security infrastructure as its biggest advantages. Fred said, “the vibrant ambience and startup culture at WeWork not only foster innovation but it also enables us to enjoy work and connect with enterprises and entrepreneurs to explore potentials. In addition, the wide range of member activities brings in knowledge and inspirations, helping us to attract and retain talent. As an insurance company, Bowtie places high value on security and we have been working closely with the WeWork team to ensure that the security level of our workplace meets the standard of the Insurance Authority, including network security, having dedicated offices and private meeting rooms.”
Looking forward, WeWork will continue to cultivate a vibrant community for more creators and enterprises. As WeWork grows its footprint, the company will leverage its strong global network and resources to drive the growth trajectory of the innovation economy and strengthen the economic development of local and global communities.
For more information on the WeWork Global Impact Report, please visit https://impact.wework.com/