According to Joongang Daily in South Korea, on June 1, 2018, WeWork, founder of collaborative workspaces, launched WeWork Labs accelerator at its three offices in Seoul, and will launch another one at a separate Seoul office in July. This is the first time WeWork has launched an accelerator in Asia. WeWork previously only provided office space and amenities for start-ups, but WeWork Labs can help startups accelerate growth and enhance overseas competitiveness. Unlike other startup incubators and accelerators, WeWork Labs does not aim at acquiring the equity, and will only charge rental fees instead.