WeWork has rolled out its WeWork Labs offering in Australia for the first time. The startup support program offers companies the tools to flourish through workshops, events, mentoring, and investor introductions.
“We take startups from anywhere and at any level, and it’s not a fixed cohort.” said former startup founder David Smith, who will run the program. “We also don’t take any equity out of the members, so we’re not sitting on the cap table right from the start.”
Startups not only have access to valuable mentorships and events; they will also be able to connect with the global WeWork Labs community. Additionally, founders have a chance to be introduced to venture capital funds for investments and be educated about the different types of investments that exist.
Tom West, cofounder of gamified code education company Magic Carrot, credits Labs for helping him find his cofounders Stuart Ngo and Mike Yan.
“We met as dedicated desk members, and it started with me asking for some help on something in Photoshop (which Mike is the master of) and from there we would stay back and have a few beers on a Friday, at which point we’d start talking about ideas for products we want to build,” said West.
The program has been running in ‘stealth mode’ over the past few months and has launched 12 startups out of its Sydney location.