Ann: Appendix 4C - quarterly, page-7

Yep, not sure why IWG would be hiring staff if this was not the case. Given this is a network solution I assume that the sales runway is going to be on the longer side. They are not selling paperclips. That is not to say however that the market potential is still not massive. Perhaps they could strip back their sales staff, do not bother with the channel partner model and go sell to door-to-door to generate revenue now. In my opinion this strategy is short sighted and will cripple their revenue potential in the long run.

I hope IWG stick to their path outlined in their presentations. I expect to see a short/medium term burn but the market and long term gain is potentially massive.