Welcome to Industry Focus, the podcast that dives into a different sector of the stock market every day.

It's Friday, August 16th, and we are going to work on We Work.

I'm your host, Dylan Lewis Lewis and I've got fellow industry focus

host Nick Saipel with me in the studio. Nick what's going on man? It's great to be

here talking about We Work. This is on the tech show. Is this a tech company?

You know I was a little

confused by this I gotta be honest we have the industry focus slack channel with you

me Jason Moses Shannon Jones and of course the podfather Chris Hill and the news came out about the S1 for We Work and

Jason Moser was saying that this is a tech show.

Yeah, I mean, so why don't we talk a little bit about what this company does and you know we can

see whether that how it ties in with tech and how it doesn't at its core this

company's mission is to elevate the world's consciousness so maybe that doesn't sound like tech that sounds maybe

like a more Wednesday show these days but it was founded in 2010 by Adam

Newman who's the CEO the the controlling shareholder today,

Miguel McElvy and Rebecca Newman, his wife.

But what they actually do is what they call a space

as a service business model.

Most folks are probably familiar with We Work shared office space and they make money

through rent arbitrage. So they rent a property long term and then they will alter that property,

you know, put all the beer taps and all those sorts of things

that people like in their property, and then they will sub-lease it out to other folks,

startups, those sorts of things, and make money that way. They will make more money on those

...