With expansion sometimes comes a rebrand and the coworking model pioneered by We Work has evolved into something larger.
The coworking startup WeWork is rebranding itself ahead of plans to further expand its business beyond commercial office workspaces.
The new name is apparently related to the ambitions of CEO Adam Neumann to expand the company "to encompass all aspects of people's lives, in both physical and digital worlds," according to Fast Company.
As of now, Neumann's company provides commercial spaces, in almost 100 cities in more than 25 countries, for businesses to rent out and employees to use as office space. But under the new We Company brand, the startup will consist of three business units.
Beyond the existing WeWork entity, the new model includes the spin-offs WeLive and WeGrow. WeLive runs community-oriented coliving "hacker houses" in New York and Arlington, Virginia. WeGrow is more education-focused. WeGrow opened its first school last fall, an elementary school with a focus on entrepreneurship that operates out of a WeWork space in New York City.
Businesses should take from this rebrand, understanding that knowing when to evolve your brand is about timing and inches. Small moves that evolve into bigger moves should denote when it is time to evolve your name o match your growth.
The rebrand is part of the company's goal to push beyond providing desk space and into creating residential and educational units as well.
The announcement comes after news that SoftBank, the company's biggest investor, reneged on plans to invest an additional $16 billion and would instead invest just $1 billion in new capital, with another $1 billion going to shareholders and additional $1.5 billion arriving in 2020.