WeWork Technologies Business Strategy for Singapore Real Estate Market

This report provides a comprehensive analysis of WeWork Technologies' business strategy for entering the Singapore real estate market. It begins with an executive summary, outlining the company's mission, vision, and values, and how these will be applied to achieve success. The report then delves into WeWork's business model, emphasizing the space-as-a-service and platform models, core competencies, and target market. A PEST analysis assesses the political, economic, social, and technological factors influencing the Singapore market. Furthermore, a SWOT, EVR, and Ansoff analysis are conducted to evaluate WeWork's potential success in the new market. The report concludes with a discussion of organizational change management models that can be adopted to facilitate the company's operations in Singapore.

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WeWork Technologies Business Strategy for entering the Singapore Real Estate Market
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WEWORK TECH BUSINESS STRATEGY 2
WeWork Technologies Business Strategy for entering the Singapore Market
Executive Summary
This report gives an evaluation of the business strategy that WeWork Technologies will
use to enter the existing market real estate market in Singapore. This is because the organization
seeks to move beyond the present boundaries of a traditional real estate organization (Cuofano,
2019). First, the mission, vision, and values of the company will be listed and explained how
they could be incorporated to achieve success in the real estate market of Singapore. Secondly,
the business model used, the organization's core competency, and its target market will be
illustrated. Most importantly, the paper will examine how WeWork will put platform and space-
as-a-service business models in use so that its future business operation in Singapore becomes a
success. Also, Competitor and PEST Analysis of Singapore's economy will be deployed to
evaluate the competitors and the macro-economic factors that would boost or hinder WeWork's
business operations in Singapore. Besides, a SWOT, EVR, and Ansoff analysis of WeWork
Technologies will also be carried out to determine the potential success of the company in the
new market. This will be concluded by organizational change management models that can be
adopted to make the company activities a success in Singapore.

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Mission, Vision, and Values of WeWork Technologies
As the company seeks to move into Singapore, the main mission of WeWork is to elevate
the globes consciousness by manufacturing a world where individuals can work to make life easy
for everyone, and not just a matter of living ("Our Mission," 2019). This will be achieved by
building beautiful working spaces in the form of shared office spaces that are integrated with the
form of a community. WeWork also has the vision of providing its clients with better working
days at their workplace for lesser resources (Cuofano, 2019). This vision will aid the
organization to see through the company's long-term goals, and this will be achieved by the aid
of the company mission stated above (Cuofano, 2019). Lastly, WeWork Technologies seeks to
capture the real estate market in Singapore by using the use of its key business values which
include; being inspired by doing what it loves most through its employees, trying new things and
challenging convection rather than keeping failure in mind, being genuine in its mission, brand,
and values, maintaining teamwork in its working principles so that every business process is
carried out in unison and being persistent by getting every responsibility undertaken without
shortcomings ("Our Mission," 2019).
Business Model, Core competency, Target market
Business Model: Space-as-a-Service and Platform Business Models
According to Chesbrough (2010), a business model is defined as a plan that is installed
by an organization for its successful operation, identification of revenue sources, the targeted
customer base, its products, and financing details. To achieve success in Singapore's real estate
market, a platform business model will be the most appropriate to use in Singapore, other than
the use of the space-as-a-service business membership model (Huang, 2019). A platform

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business model is one that achieved value by enabling interactions between individuals,
businesses, and groups by leveraging effects (Cuofano, 2019). Particularly, this will be effective
for clients who worry much about the modern long-term leases that are issued by property
owners to tenants seeking to rent spaces for doing business. First, WeWork must scout buildings
that are in prime areas of business and will transform them in line with the demands of clients
(Huang, 2019). The company will carry out business by offering four key levels of membership;
dedicated desks, hot desks, custom build-outs, and private offices. In the case of single workers,
the cheapest option availed by WeWork will be the hot desk where clients will be compelled to
pick a primary work station where they can show up if they wish, pick any seats available in a
common room and begin working as soon as they settle down (Huang, 2019). Also, clients that
require more stability will be provided with dedicated desks that are leased to individual clients
or businesses only. Various businesses and teams will also be allowed to opt for private offices,
which will be equipped with furniture and will accommodate a dozen of business employees as
these start-ups continue to grow (Huang, 2019). On the other hand, custom build-out will be the
most personalized option provided by WeWork. Custom build-outs are characterized by more
working freedom for individuals that would need to customize their working environment with
features such as CEO suites, labs, and conference rooms (Huang, 2019).
Core Competency of WeWork Technologies
According to Gökkaya & Özbağ (2015), the core competence of an organization
distinguishes it from its competitors in a way that competitive advantage is created in the market
place. In other words, it refers to an organization's set of skills or experience in a business
activity that offers its competitive advantage over other related companies (Gökkaya & Özbağ,
2015). As WeWork strives to enter into the real estate market of Singapore, its four major key

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competencies will be; the culture of the organization, the community space in Singapore, the
company's mobile app that enables it to work digitally as compared to competitors and the
organizational staff. The working culture of the company emphasizes creativity, where various
teams in collaboration with clients to ensure that their desires and needs are met (Huang, 2019).
The organization also boasts of a strong workplace management culture where employees are
challenged in work in new conditions daily because the culture and beliefs of clients vary in
different countries and regions. In this case, the WeWork employees working with clients in
Singapore will be subjected to work conditions that are in line with the cultures and beliefs of
people in Singapore. Also, the community is an imperative core competence tool for the
organization (Huang, 2019). As a result of the platform business model deployed by WeWork,
the organization will aim at providing beautiful rental spaces for individuals in the community by
aiding them to build their community. The business model deployed also encourages continuous
interaction between the community and the organization. In this case, the organization will have
the benefit of providing space-rental services that are in line with the demands of consumers in
Singapore (Huang, 2019). Lastly, the most significant core competence owned by WeWork is the
mobile app that enables real-time digital interaction between clients and the organization. With
the introduction of this mobile app in Singapore, the organization will achieve a milestone as
compared to other organizations in the same industry since customer needs will be received and
delivered digitally (Huang, 2019).
Target Market of WeWork Technologies
WeWork's target market in Singapore will be composed of those striving at renting office
space for carrying out their business activities. The targeted individuals are mainly found in
cities with developed economies and include; start-ups, entrepreneurs, service businesses,

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freelancers, and corporate employees ("WeWork," 2018). WeWork will aid them in expanding
their businesses by providing them with a lower cost per square foot office space, accessibility of
common spaces, withdrawal of annual fees charged by property owners and real estate agents,
and withdrawal of additional expenses such as utility expenses ("WeWork," 2018). Also, the
targeted individuals with be issued with other advantages like the ability to connect with other
individuals or businesses, the flexibility of business growth, and more working energy and
inspiration ("WeWork," 2018).
PEST Analysis of Singapore Real Estate Market
The acronym PEST stands for political, economic, social, and technological factors (Issa,
Chang & Issa (b), 2010). The effect of political factors on businesses and international
organizations is relatively low since the country is known to be one with the least political risks
in the continent ("PESTLE Analysis," 2017). Singapore is a liberal and democratic country with
the least experience of political tensions in the region. Since the country's independence, its
residents enjoy peace and improved living standards as a result of progressive politics ("PESTLE
Analysis," 2017). Secondly, Singapore is characterized by a vibrant economy that has been
rapidly developing in the last few years. This makes it one of the most economically competitive
countries in the globe since it is often strengthened by the motivated workers and the educated
population. Also, the financial and legal business framework aid the economy, as well. Some of
the industries that have flourished in Singapore in the last decade include tourism, technology,
and pharmaceuticals, and this is often attributed to its strategic geographic location ("PESTLE
Analysis," 2017). Therefore, a real estate company that works in a technological platform such as
WeWork has a higher chance of succeeding in Singapore's economy. The economic aspect of the

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country is attracting more international companies around the globe as compared to any aspect of
this economy ("PESTLE Analysis," 2017).
Thirdly, Singapore resembles any eastern region country from a social perspective. This
society is characterized by traditional family values since the residents of the country are hard
workers and often aim at achieving the desires of materialism. The individual urge of every
resident to achieve social morbidity motivates them to increase national productivity ("PESTLE
Analysis," 2017). Therefore, the company's seeking to establish in Singapore expect higher
returns in terms of profits because of the people's purchasing powers. More people are willing to
do business in the country, thus making the WeWork business model a significant one for
individuals residing in the eastern nation ("PESTLE Analysis," 2017). Lastly, one key reason
behind the increased quality of life in Singapore and the change in people's lifestyles is their
exposure to advanced technology, with the internet playing an imperative role in this
rollercoaster. The internet eased communication and connectivity in the country and the region,
thus lowering the time and cost of doing business in Singapore. Also, social networking in the
country was boosted, thus making this country good for conducting business. The table below
gives a summary of the SWOT analysis of WeWork Technologies as it tries to explore
Singapore's real estate market.
Figure 1: Table showing the summary of PEST Analysis of Singapore
Political Economic Social Technological
Singapore is a liberal
and democratic
country with the least
Singapore is
characterized by a
vibrant economy that
The society is
characterized by
traditional family
Social networking in
the country was
boosted thus making

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experience of
political tensions in
the region
has been rapidly
developing in the last
few years
values since the
residents of the
country are hard
workers and often
aim at achieving the
desires of materialism
this country good for
conducting business
Its residents enjoy the
peace and improved
living standards as a
result of progressive
politic
Its economy is often
strengthened by
motivated workers
and the educated
population.
The individual urge
of every resident to
achieve social
morbidity motivates
them to increase
national productivity.
The economic aspect
of the country is
attracting more
international
companies around the
globe as compared to
any aspect of this
economy.
Porter 5 Forces Analysis

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This is a business model that explains if particular industries can sustain various
profitability levels. The analysis is carried out based on the threats of new entrants that exist in
the industry, the bargaining power of buyers, the bargaining power of suppliers, the threat of
competitors, and the threat of substitute products or services that exist in the industry (Dobbs,
2012). The threat of entrants into the real estate market of Singapore is very high. This is
attributed to the rising technological companies that are coming up today. Such firms are easy to
run, and interaction between customers is easy due to 21st-century connectivity. The bargaining
power of buyers is also high in the economy of Singapore. This is due to the rising demand for
office space and flexible ways of doing business. The bargaining power of suppliers in the real
estate market of Singapore is favorable because of the rising industries willing to supply
resources to industries in first economies (Dobbs, 2012). Lastly, the threat of substitute services
and products provided by competitors such as Regus and JustCo technologies is high. Before
WeWork Technologies can begin to dominate this market, there are already firms that are
dominating the real estate market in Singapore (Dulčić, Gnjidić & Alfirević, 2012).
Competitor Analysis of WeWork Technologies in Singapore's Real Estate Market
The two biggest real estate companies in Singapore are JustCo. And Regus. JustCo.
Technologies are one of the largest co-working company networks in the Asian continent and
have a huge presence in multiple cities across the continent. It uses long and short-term
membership plans for payment services, which offer clients the flexibility that is needed in the
real estate sector. Just like WeWork, JustCo also uses community teams that are well trained that
assists clients with services like security, IT, and customer care. On the other hand, Regus will be
another key competitor in Singapore's real estate market in case it decides to explore it. Regus
also boasts of being the globe's largest company that provides workspace and co-owning space

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(Stay productive, 2019). It allocates workspaces to clients across cities, service stations, airports,
railway stations, and public buildings. Most importantly, it has multiple work environments that
can suit businesses and individuals of all budget and sizes and eliminates the burden that created
by real estate agents and property managers in the real estate sector in Singapore. In this case, the
entry of WeWork into the real estate market of Singapore will be threatened by the presence of
Regus and JustCo since they operate on the same technology platform and carry out the same
nature of business. In this case, the entry strategy in Singapore requires huge investments in
terms of resources and expertise since it will not be easy to drive JustCo and Regus out of their
domestic market.
Future Outlook of WeWork
Having successfully entered the Singapore market, WeWork can now predict the whole
market of the South-east Asia because of the cultural and business environmental factors shared
by countries in the region. In situations where companies are able to successfully venture into a
foreign market, it means that they integrate with the cultures of the market effectively and
understand the dynamics of doing business in such markets. WeWork can be argued to have
understood the culture of the Singapore market since it intends to expand its operations in the
neighborhood after successfully establishing an office at the CBD. Singapore market favors
WeWork because people have shown interest in working with the company for the two years that
it has been in operation in the country. Some people in some markets have social attitudes that
make them believe that they can only consume products or services of local companies.
Value chain and Valuable, Rare, Imitable, Organization (VRIO) Analysis

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In the process of entering the real estate market of Singapore, WeWork must perform
certain business activities to produce valuable space renting and co-owning services as compared
to its competitors (Fernandez-Stark & Gereffi, 2019). For successful business operations in
Singapore, WeWork Technologies must come up with innovative ideas that can be able to add
value to its business dealings to provide JustCo and Regus Technologies with a strong
competitive element. These activities include; issuing flexible pricing platforms, lowering the
cost of rentals as compared to rival companies, carry out business with the culture of the people
of Singapore and engage in ethical business dealing that does not dent the reputation of the
company. Concerning the VRIO analysis, its internal resources are placed into utmost emphasis
(Perry, 2018). The financial resources of WeWork are the most valuable resources that the
company has in its quest to enter the Singapore market. It has a huge financial base, therefore,
making it likely to make it sustainable in the new market. Also, the digital platform used by the
company is a rare one, thus could make it more sustainable in the Singapore market. Besides, the
increasing economic and purchasing power of people in the cities in Singapore could make the
business more sustainable. Lastly, the presence of patents in first class economies such as
Singapore could make the organization thrive because their business dealings are protected by
the law.
Resource Based View
The company has ever focused on cost-cutting measures to maximize profit. Two years
since it started its operations in Singapore, the company can be argued to have considered
different cost cutting strategies for it to be able to penetrate the market effectively. For instance,
the company withdrew its initial public offering and did not disclose the number of employees
currently employed in Singapore. One of the reasons why the company did not disclose the

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number of employees it has in Singapore is because one of the costs that hinder a company from
growing is the labor cost. Although there were difficulties raising funds, the company has a good
corporate reputation and this would make it possible to borrow from the local lenders. However,
this depends on the conditions set by the local lenders and the need for more funding in the
country. Due to the fact that the company withdrew the initial public offering it means that it has
a strong financial base that would not warrant borrowing from the local lenders. In this regard,
availability of credit in Singapore would not play a major role in determining the success of the
expansion strategy in the country.
SWOT and EVR Analysis of WeWork Technologies
SWOT Analysis of WeWork Technologies
SWOT refers to the strengths, weaknesses, opportunities, and threats that a business faces
while undertaking its business activities. As WeWork prepares to enter Singapore's real estate
market, it will have strengths, weaknesses, opportunities, and threats in the process of its
business undertakings in its new market (Helms & Nixon, 2010). One of the most influential
strengths of WeWork Tech as a co-owning and space renting organization is the presence of a
well-developed IT infrastructure which could result in improvement in terms of operational
efficiency and knowledge of the real estate market trends in new markets such as that of
Singapore (Helms & Nixon, 2010). Also, WeWork Technologies has a large product portfolio
and active social networking strategies that make it easy to penetrate a new market. In terms of