This Week in Startups HeadSpin accused of $80M fraud, housing startup irks NIMBYs + Not Boring’s Packy McCormick | E1272
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Aug 26, 2021 
Packy McCormick, founder of the insightful Not Boring newsletter, shares his experience from Breather, a competitor to WeWork, and the challenges faced in shaping a flexible workspace. He dives into the controversial fractional ownership model of the housing startup Pacaso and its backlash from local communities. Packy also sheds light on the evolving crypto landscape, providing a captivating explanation of its future. This engaging discussion reveals the intricate dance between innovation, community impact, and ethical financial practices.
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Unraveling the Fraud
- Lakwani's fraud was uncovered by HeadSpin's board, likely through internal investigation or math.
- Diligence is important, but altered records can deceive even thorough investors.
Pacaso's Potential
- Pacaso's model may actually increase home values by enabling more people to afford second homes.
- NIMBYism is shortsighted, as Pacaso targets luxury homes, not competing with local families.
Breather's Challenges
- Packy McCormick, author of Not Boring, discusses his experience at Breather, a WeWork competitor.
- Breather struggled due to rapid expansion and competition with well-funded rivals.