WeWork\u2019s presence in 100 cities across 27 countries can provide an air of familiarity for jet-setting entrepreneurs. But business realities in so many markets are less consistent than the aroma of fresh-brewed coffee. History, culture, technology, and economics shape the climate in which startups operate\u2014and can make certain cities appealing for certain businesses (and maybe not so much for others).
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Globally, WeWork is a powerful economic multiplier\u2014by a minimum of 1.2 in international megacities like Sao Paulo and Seoul, and 2.3 in major U.S. cities like Seattle, according to the company\u2019s first Global Impact Report<\/a>. So we talked to four entrepreneurs and WeWork members from those cities about what it was like founding their companies there. These members\u2014Hana Lee, CEO of vegan-skincare brand Melixir<\/a> in Seoul; Mateus Teixeira, CEO of cryptocurrency gateway Warp Exchange<\/a> in Sao Paulo; Jude Dai, founder of Immersive Square<\/a>; and Zachary Rozga, CEO of the Consumer Engagement Company<\/a>, both in Seattle\u2014recognize the power of WeWork in letting them focus on their businesses. Here they share their best tips, lessons, and strategies for launching a business, no matter what city you\u2019re in. South Korea is to beauty products what Italy has long been to luxury fashion\u2014so for Hana Lee, who worked for another Korean beauty startup for four years before launching Melixir, the decision to found her vegan-skincare line in Seoul was a no-brainer. \u201cIt\u2019s really fast to make cosmetics in Korea,\u201d says Lee, who was able to launch her first product in about six months, versus the typical two or three years. \u201cI can be four times faster than manufacturing in the States, and I can react on trend very quickly.\u201d As new companies like Melixir and established businesses are recognizing how being in Seoul can help their business, they\u2019re boosting the city\u2019s economy. According to the Global Impact Report, the WeWork economy injected $1.2 billion into the local economy last year alone. <\/p>\n\n\n\n Warp Exchange\u2019s Teixeira also thinks that founding his company in the Brazilian financial capital of S\u00e3o Paulo gives him an advantage. \u201cWe are at the very center of everything that\u2019s happening,\u201d he says. \u201cDespite being a crypto gateway, we always have contact with the stock-exchange market, the finance market,\u201d which Teixeira says has proved essential as he scales his business. The trends are on his side: He points out that twice as many people are invested in Bitcoin than in the national stock market. Rozga found that Seattle\u2019s greatest strength might be its large pool of coding talent\u2014and coders\u2019 eagerness to get involved in startups. \u201cI\u2019ve been able to get incredible engineers to help me build our technology product in their nights and weekends,\u201d he says, which might not have happened had he launched elsewhere. \u201cBanking is in the middle of a revolution here,\u201d says Teixeira. \u201cNew legislation that is coming to banks is changing how the market behaves. Currently we have an all-out war for the customer\u201d\u2014in particular, the tens of millions of \u201cunbanked\u201d Brazilians who are putting their money into checking accounts for the first time while searching for the lowest fees. Cryptocurrency, according to Teixeira, is a \u201csolution for many of the problems\u201d facing the Brazilian consumer in this changing environment. \u201cYou can be your own bank if you have your own cryptocurrencies.\u201d Jude Dai\u2019s experience starting Immersive Square\u2014which creates pop-ups and corporate events around augmented reality and other digitally-enhanced experiences\u2014was completely dependent on her own deep involvement in Seattle\u2019s startup ecosystem. She learned about immersive storytelling at a conference, \u201cand that kind of put into my head that this was something I would like to do.\u201d <\/p>\n\n\n\n Before long, she was networking with others in the industry at Meetup events and leaving her day job to work full-time on her self-funded startup. \u201cI\u2019m glad I didn\u2019t do the halfway\u2014doing a daytime job and moonlighting a little bit\u2014because I never would\u2019ve been able to immerse myself sufficiently in the startup world,\u201d she says. Not only did Dai benefit from being at the epicenter of immersive experiences, but being a WeWork member helped her grow her business without eating into her budget. The Global Impact Report assessed a global savings of $24,000 for a member company over basing one\u2019s company in traditional real estate.
<\/p>\n\n\n\nPlay to your city\u2019s strength<\/h2>\n\n\n\n
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<\/p>\n\n\n\nBut also take advantage of its weaknesses<\/h2>\n\n\n\n
<\/p>\n\n\n\nGo all in on your startup community<\/h2>\n\n\n\n
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