But to finger him for WeWork’s belly flop misses the structural incentives that shaped his behavior — and those of every other money-losing mega start-up, from Theranos to Uber. If you define his job as responding to those incentives, his performance was pretty good, until it wasn’t.
In the before times, a start-up that reached a certain size — say, $1 billion in revenue — would begin facing pressure from its early investors to get its balance sheet in order for an IPO. Its founders, eager to convert their paper money into real wealth, would have reason to heed them.
“The explicit assumption is if you get enough growth, it doesn’t matter how much you lose,” McNamee says. “That clearly was the way both WeWork and Uber have been run.”
The smallest problem of all has just been identified. 🙂
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