Speaking at MIPIM Proptech New York, Fifth Wall co-founder and managing partner Brad Greiwe said that the unfolding WeWork story demonstrates that tech companies should be aware of the dangers of innovating without boundaries, calling for the sector to collaborate with real estate instead.
Greiwe said of the flexible workspace giant: “The WeWork situation really highlights this – you can’t recklessly innovate your way through [the industry]. You can’t just plough through.
“This is the largest industry on earth. You can’t disrupt your way through it. You have to find ways to work with the industry to innovate.”
VTS co-founder and chief executive Nick Romito added that following the developments surrounding WeWork, the proptech sector should expect to see more consolidation.
“Consolidation isn’t a bad thing,” he said, adding that standalone businesses no longer “make sense”.
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