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.
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This story is from the September 2023 edition of Business Today Sri Lanka.
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