Masayoshi Son, the founder of SoftBank, the majority shareholder of WeWork and one of its prolific backers convinced of its business model and growth potential, was quoted as saying that WeWork would be the “next Alibaba”. Towards that dream, he injected heaps of money into the startup. However, more than a decade after the promising startup made its debut and more than five years after Son’s entry, the company is yet to find the treasure in the cave despite receiving the “magic words” from investors who believed in its founder and team to make good on their promises.
The Fallacy of the Charismatic Leader
What is with startups and their founders who aid the wave of corporate revolution, new business models, and new thinking with excellent articulation, crowned and celebrated as models of hard work only to be dethroned and relegated to pariahs in the startup culture dustbin? The media elevated Elizabeth Holmes and Sam Bankman-Fried of FTX at their zenith and followed them with the same fervor as they fell from grace. These young innovators were dubbed the next Steve Jobs, the dropouts on their journey to make it big. Significant investors were throwing their weight behind them and elevating their star power. They were CEOs and founders in turtlenecks, attending speaking sessions with politicians in casuals, shorts, t-shirts, and sneakers.
This story is from the September 2023 edition of Business Today Sri Lanka.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the September 2023 edition of Business Today Sri Lanka.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber? Sign In
Breaking Barriers: Peoples Leasing & Finance PLC and Hayleys Solar Collaborate
People’s Leasing & Finance PLC (PLC) and Hayleys Solar have entered into an agreement through a Memorandum of Understanding (MoU).
NSB Continued to Prove its Resilience within an Economic Shudder
NSB demonstrated its mettle by recording a Profit after Tax (PAT) of 7.2 billion rupees for the fiscal year ended December 31, 2023.
Pan Asia Bank Posts Steady Performance in 1Q 2024
Pan Asia Banking Corporation reported a steady performance reflecting improved macro economic conditions as the Bank reported its financial performance during 1Q 2024, which showed judicious portfolio management and prudency in dealing with possible fallout on its asset quality in challenging times.
AWS Beats Azure to Top Global Cloud Computing Market Chart with a 31 percent Share
The cloud computing market attracts users worldwide, and the battle for dominance among top providers is a constant narrative.
Ban Ki-moon Appreciates Growing Close Partnership between GGGI and Sri Lanka
During a meeting between Sri Lankan Prime Minister Dinesh Gunawardena and the Chairman of the Global Green Growth Institute (GGGI), Ban Ki-moon, the former expressed his gratitude for the close partnership that exists between Sri Lanka and GGGI.
Korea Provides Support to Several Sectors
Ambassador of Republic of Korea, Miyon Lee met with Prime Minister Dinesh Gunawardena to discuss follow up actions on the decisions taken at the discussions held during the Prime Minister’s visit to Korea.
Many Benefits to a Number of Sectors in Sri Lanka as a result of PM Dinesh Gunawardena's visit to Korea
During a meeting, the Governor of Gyeongsangbuk-du Province of the People’s Republic of South Korea, Lee Cheol Woo, met with Sri Lankan Prime Minister Dinesh Gunawardena.
The Good Cashmere Standard Boosts its Sustainability Credentials with Focus on Animal Welfare and Transparency
By revising the standard’s criteria and embarking on a new collaboration with TextileGenesis, A Lectra Company, the Aid by Trade Foundation (AbTF) is boosting the credentials of The Good Cashmere Standard (GCS) as an independent seal for sustainably produced and traceable cashmere fibers from Inner Mongolia.
The Central Bank of Sri Lanka Releases its inaugural Annual Economic Review and Financial Statements and Operations of the Central Bank for the Year 2023
The inaugural publication under Section 80 of the Central Bank of Sri Lanka Act, No. 16 of 2023 (CBA),namely, the Annual Economic Review 2023, and the inaugural publication under Section 99 of the CBA, namely, Financial Statements and Operations of the Central Bank 2023, were presented to Ranil Wickremesinghe, the President and Minister of Finance, Economic Stabilization and National Policies, by Dr. P Nandalal Weerasinghe, the Governor of the Central Bank of Sri Lanka.
President Ranil Wickremesinghe at the Opening of ITC Batnadina Hotel
President Ranil Wickremesinghe expressed his dedication to fostering an economic landscape in the nation that would prevent future struggles among its citizens.