A top WeWork executive explains why the company doesn't have the same issues as Airbnb and Uber

WeWork

WeWork has been welcomed, not feared, by local markets, said the company's co-president.

• The new wave of 'sharing economy' companies like Airbnb and Uber has brought about disagreement, protests, and regulation as venture-backed companies disrupt industries like hotels and taxis.
• The We Company - formerly known as WeWork - hasn't had those problems, its co-president told Business Insider in a recent interview.
• Instead, the nearly $50 billion company been 'welcomed with open arms' by mayors, neighborhoods, employees, and employers, co-president Artie Minson said.
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The sharing economy has brought convenience and lower prices to hospitality, transportation, and other consumer sectors. Companies under the sharing economy umbrella, such as Airbnb and Uber, have also spurred protests, and even violence, along with increased government scrutiny of these new ways to do business.

WeWork, by contrast, hasn't had these problems, making it "unique" compared to peers in other industries, co-president Artie Minson told Business Insider in a recent interview.

"We're certainly one of the few sharing economy companies that were welcomed with open arms in all markets," he said. "Mayors like us, neighborhoods like us, frankly employees like us, employers like us, the environment likes us. Those are all qualities that certainly some of the other sharing economy companies are challenged with at times."

Read more: Governments are getting better at regulating the 'sharing economy'

A survey released on Monday - WeWork's first "global impact report" - quantified some of the benefits WeWork said it brings to members and economies alike. WeWork said it contributes $74.8 billion to global GDP, including $31.5 billion in New York alone. About half of its enterprise members, a major growth area for WeWork, said the company has helped them expand to new markets.

The report came the same day as WeWork said it had filed its draft registration to go public. WeWork rebranded as The We Co. in January in an effort to expand beyond commercial office rentals. SoftBank, the Japanese conglomerate, has invested some $10 billion in The We Co., most recently in January, at a valuation said to be about $47 billion.

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WeWork's report follows similar efforts from other sharing economy companies to highlight the positive effects they purport to bring to local businesses and economies.

WeWork, for example, said 70% of members didn't work in the neighborhood prior to joining WeWork, "bringing more activity and spending to local restaurants and shops." Airbnb, meanwhile, said its guests spend 2.1x more than typical visitors, with almost half of that spending in the neighborhoods where they stay.

Uber released a study last summer saying it supported $17 billion of GDP in the US in 2017, among other metrics, while Lyft said spending in local economies increased by $3 billion in 2017 because of the ridesharing company's availability.

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