Heading into 2020, the biggest lesson for Canadian tech investors comes from the dramatic rise and fall of WeWork.
The company planned to go public this year after closing a round that valued it at US$47 billion. By mid-September, it was hoping for an IPO valuation of just US$10 billion. Then the IPO was shelved, CEO Adam Neumann resigned with a nearly US$1.7-billion payout and the company laid off 2,400 employees.
The entire saga was “a little on the frightening side,” said Boris Wertz, CEO and founder of Version One Ventures, because it marked a stark shift in how investors perceived the tech industry.