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(Photo: Bobby Doherty/New York Magazine)
Until very recently, if you wanted a taxi, there was one way to
get it: Go outside and stick your hand in the air. The business of
the yellow cab had—from a passenger standpoint, at least—
changed markedly little since 1937, when the medallion system
came into use. Since then, the city has required that cabs have
permits bolted to their sheet metal, and the majority of those
medallions are in the hands of big taxi fleets. The business is so
tightly regulated that these companies can seem state-owned,
except for the fact that they make a lot of money. (One of the
great art collections of the mid-20th century was assembled by
taxi magnate Robert Scull.) The city has added a few medallions
over the years, but not many; their essentially fixed quantity has
driven prices past $1 million apiece, making their owners
disinclined to risk. The fleets’ only significant change to the
business model has been to shift their drivers from staff to
hired-gun status, thus eliminating their benefits, some of which
were later regained through unionization. A generation ago,
drivers drove eight-hour shifts and earned passable middle-class
wages. Today, after driving 12 hours and paying for gas and the
odd parking ticket, a full-time fleet driver earns a bare-bones
income—on the order of $35,000 per year. Neither passenger
nor driver nor cabbie nor fleet owner fundamentally altered the
exchange: Raise arm, pull over, drive to destination, exchange
cash.
Well, as they teach in business school: If a system has chugged
along, making money without challenge for decades, change
will be dramatic when it does come. So it has gone with the
taxicab business. The smartphone, paired with onboard
electronics, opened a back route into this formerly closed world,
and the yellow taxi suddenly finds itself among many other cars
of unfamiliar colors.
Over the past two and half years, New Yorkers have seen the
arrival of Uber, the San Francisco start-up that allows you to
hail a black car, and certain yellow cabs, from your cell phone.
Its junior arm, UberX, lets drivers use their own vehicles, and
its passengers pay reduced rates. Lower rates, in fact, than
yellow-cab riders: Uber has just dropped its X pricing by 20
percent to undercut the standard taxi rate. Only when its derided
“surge pricing” comes into effect does the figuring get muddled.
(But maybe not much: What are your odds of a street hail when
it’s pouring?) Unsurprisingly, quite a few medallion owners
have been howling about what they call unsustainable price-
cutting. What they have to say about Uber’s stunts, like July
ice-cream giveaways and on-demand kitten delivery, is almost
certainly unprintable.
Uber, last Friday, was joined by Lyft, a competing service that
had been trying to duck New York’s Taxi & Limousine
Commission regulations. Lyft has positioned itself as a more
extreme UberX, letting any automobile owner who can clear a
background check become a driver, picking up jobs at will. In
San Francisco, driver and passenger fist-bump at the moment of
pickup, a gesture intended to promote a cheery familiarity. Lyft
cars are also distinguished by giant furry pink mustaches
bungee-clipped to their radiator grilles. (In New York, this West
Coast whimsy will likely be scaled back to a dashboard item
because of concerns about grime, and also because it looks so
very stupid.) A restraining order from the attorney general
abruptly halted Lyft’s New York launch earlier this summer,
and the company has since agreed to require drivers to have
T&LC licenses, though it’s looking for a workaround that
preserves its “friends driving friends” worldview. A number of
other apps, like Whisk and Hailo and Gett are also carving out
niches for themselves.
In the Uber-and-Lyft paradigm, the driver takes a larger cut of
the car’s income than he or she would get from a yellow-cab
garage, because nobody is making horrific payments on a
medallion. Uber claims that the median gross income of drivers
who work more than 40 hours a week is, incredibly, a bit over
$90,000. The customer experience has been reimagined to be
more like a livery company’s. The cars are plusher than cabs.
They are unpartitioned. The Uber app displays your driver’s
first name while you wait, and users seem to report more Hi,
Jim! How’s traffic today? conversations than they ever had in
cabs. (This may also be owed to a higher percentage of native
English speakers behind the wheel. The Uber driver pool is
noticeably stocked with “Who’s Who in the Cast” faces, people
who might otherwise be baristas or bartenders. More women,
too.) The Lyft fist bump is silly, but it does convey that this is
not a relic of the old New York—where, if your cabbie greeted
you with a fist, it wasn’t to say hi.
As the tech companies have been plotting this soft coup, the
city has—after an extended, contentious back-and-forth with the
old-line taxicab owners—introduced a second fleet of cabs,
painted a precise custom shade of lemon-lime green. They’re
allowed to pick up passengers anywhere outside central
Manhattan, and drop them off anywhere. (Their drivers
reportedly hate going downtown, because that commits them to
a long drive back into their zone without a fare.) Both yellow
and green cabs are all geolocatable, owing to the onboard Taxi
Technology System; every fare can be paid with a remarkably
un-prone-to-breakdown credit-card system. Even the backseat
TVs feel like an innovation, if an irritating one. We are also,
perhaps, about to see the citywide introduction of a purpose-
built cab, the Nissan NV200, a.k.a. the “Taxi of Tomorrow,”
though it’s been fought by both the fleet owners (who want
more vehicle options) and advocates for the disabled (who were
dismayed that it wasn’t wheelchair accessible).
As Crain’s noted last week, Medallion Financial, the only
publicly traded taxi business with a large number of medallions,
has seen its stock slide by a third in the past year. And no
wonder: People have wanted better ways to hail a cab for a long
time, certainly since GPS came along. (Food for thought: If one
of the fleet owners—or the city itself—had created its own app,
might it have pulled in the funding that Uber has?) The taxi
interests contributed more than a quarter-million dollars to Bill
de Blasio’s mayoral campaign, looking for pull. As public
advocate, he’d come out against the Taxi of Tomorrow plan. Yet
for all their contributions, the fleets got—well, less than they
expected. Lyft has been approved, the Taxi of Tomorrow seems
likely to arrive (in some form), and more green cabs are
coming. There’s even talk of legitimizing more of the dollar
vans that ferry outer-borough residents to and from subway
termini. The monopoly has been broken.
So far, Uber appears to be pinching traditional car services—
Carmel, Dial 7, and the like—hardest. (They have apps, too, but
Uber’s is the one you’ve heard of.) The big question is about
the prices for medallions, because so much of the yellow-cab
business depends on their future value. Solo operators, who own
42 percent of the medallions, may be the most vulnerable. The
fleets are big businesses, many of which bought their
medallions decades ago for peanuts. They’ll be okay. But
consider a guy in Elmhurst who is leveraged out the window to
pay for his medallion, and leases his car at night to other
drivers just to cover the payments. Eventually, it will be his
kid’s tuition, his Florida condo, his IRA—unless he’s
underwater, with a medallion that cost him $700,000 but is
worth much less.
And it’s hard to see how those prices won’t slip. Medallions,
after all, are part of a top-down system formed to fight the
abuses and dangers of the old crooked New York: rattletrap
cars, overclocked meters, bribed inspectors. Its heavy regulation
in turn empowered the taxi lobby and (somewhat) the drivers
union. That system may be a pain to deal with, but in its
defense, it provided predictability and security. The loosey-
goosey libertarian alternative, conceived in the clean Northern
California air, calls upon the market to provide checks and
balances. A poorly served passenger can, instead of turning to a
city agency for recourse, switch allegiances or sue. When a
smartphone-hailed car cruises up your Brooklyn block, it brings
with it a little of Rand Paul’s America, fronted with a pink
mustache.
Taxi Talk
(Photo: Courtesy of the drivers)
JuniorUber SUVAge: 36
Experience: 5 months
Previous job: New-media CEO
Income: $370 per day
“Riders want to talk on a higher intellectual level. I read the
papers, follow the stocks. I also offer free Wi-Fi and Netflix on
the TV screens. All these other drivers were asking me, ‘How
do you get such high ratings?’ So now I’m co-hosting weekly
Uber seminars.”
ArkadiyLiveryAge: 58
Experience: 16 years
Previous job: Air-conditioner cleaner
Income: $100 per day
“Black-car businesses have built their reputations over many
years and have a solid customer base. People can feel more
comfortable in a car service they can use consistently that’s
familiar. Uber hasn’t built that kind of reputation with their
customers yet.”
JawaidYellow cabAge: 45
Experience: 23 years
Previous job: Baker
Income: $120 per day
“I won’t participate in those apps like Uber and Hailo. I like
focusing on the road. Too many electronics in the cab leads to
accidents.”
SethYellow cabAge: 54
Experience: 30 years
Previous job: English teacher
Income: $100–$150 per day
“When I started driving, I couldn’t control the doors, which
would have come in handy back in the ’80s. But now the cabs
have those TVs. When a tourist turns up the TV, I turn up my
jazz radio, out of spite.”
PedroLyftAge: 50
Experience: Two weeks (in New Jersey)
Previous job: NYPD officer
Income: $82 per day
“I work part-time as an accountant. When Lyft launches I’m
going to do it on off-hours. I interviewed at their office, and
they observed how I engaged with other people. Can you put on
a smile and laugh? Then I fixed my third brake light, and my
pink mustache came in the mail.”
Women!
With Uber’s job openings and fewer late shifts, a male-
dominated industry is suddenly a little less so.
(Photo: Bobby Doherty/New York Magazine)
1. Sugey “Raquel” RamosAge: 38
Experience: One year with Uber.
Income: $1,200 per week.
“People are shocked that I’m a girl and I know my way around,
but they love that I drive a nice car—I’m the only Uber driver
in the city with a Land Rover. I pick up a lot of schoolkids on
the Upper East Side and the Upper West Side; their parents trust
them to ride with me by themselves.”
(Photo: Bobby Doherty/New York Magazine)
2. Jyoti LamaAge: 27
Experience: Three months.
Income: $375 per week.
“There’s a safety net with Uber. You can track the last person in
the car if, God forbid, something were to happen. The yellow-
cab partition isn’t enough to make the driver feel safe—it just
makes the driver feel squished.”
(Photo: Bobby Doherty/New York Magazine)
3. Phulbas ArjuneAge: 55
Experience: Five months.
Income: $1,500 per week.
“In 2008, I lost my job as an office manager. It was difficult for
me to get a job making the same kind of money, especially as a
woman of a certain age. Finally, I tried driving a yellow cab for
a few months, which was so hard, and that’s when I heard about
Uber. My stress level has totally changed. I don’t have to wake
up at four in the morning to get the car and then wait because
there’s no one on the street until 7 a.m. My passengers get out
and say, ‘Can I hug you?’ ”
(Photo: Bobby Doherty/New York Magazine)
4. Shelly MartinAge: 42
Experience: Two years.
“I call myself ‘the Harlem Bombshell.’ I’m an aspiring actress,
so it’s important to have work that allows me to go on
auditions. I need 25 to 40 trips a day to make my earnings
goal—I’ve got to pay for head shots.”
Technology
Thousands of European Cab Drivers Protest Uber, Taxi Apps
Protesters in London, Madrid, Milan Say the Apps Skirt
Regulations
By
Lisa Fleisher
connect
Updated June 11, 2014 3:45 p.m. ET
Cab drivers around the world have operated for years in a
highly regulated industry. Now, taxi apps such
as Uber are edging in, providing several alternate ways for
people to get from points A to B. Lisa Fleisher
explains. Photo: Bloomberg
LONDON—Thousands of European taxi drivers snarled traffic
in cities across the continent, protesting
car-hailing services provided by Uber Technologies Inc. and
others.
French taxi drivers blocked a highway outside Paris, near
Roissy, on Wednesday as they took part in
demonstrations against unlicensed mobile car-hailing services
such as Uber, which have shaken up the
industry. AFP/Getty Images
Drivers in London, Paris, Berlin and Madrid, among others,
have complained that the services aren't
competing on a level playing field. In some cities, Uber allows
users to hail a privately licensed taxi
through a smartphone app or organize a car share, often
bypassing regulated taxi drivers.
In one of the biggest demonstrations, London drivers on
Wednesday brought streets around Trafalgar
Square to a crawl for much of the afternoon, honking their
horns and sporting signs denouncing the
local transportation agency and several online taxi companies.
"I'm protesting because I respect the future of the London taxi
trade," said driver Nick Warren as he
idled near the iconic square. Transport for London, the city's
transportation agency, said 4,000 to 5,000
taxis turned up for the protest. Organizers put the number at
12,000.
Taxi drivers during a protest in London. Drivers say Uber and
others aren't competing on a level playing
field. European Pressphoto Agency
San Francisco-based Uber has defended its practices, and used
the protests to offer users discounts in
various cities. It also rolled out its latest offering in London:
the ability to use the app to hail a licensed
black cab, in exchange for a small commission on the fare.
"This has received a ton of traction and a ton of support from
our riders," said Pierre-Dimitri Gore-Coty,
the company's general manager of Western and Northern
Europe. In London Uber said the number of
app downloads from midnight to noon Wednesday increased
more than nine times
In downtown Madrid, hundreds of drivers left their vehicles at
home and marched through the streets
and blew whistles. At the front of one crowd, people carried a
long banner that read, "For the security of
passengers and the future of taxis: Uber illegal!"
Protesters along the Paseo de la Castellana, a central
thoroughfare in Madrid, surrounded and pounded
on two black sedans thought to be unlicensed taxis, breaking the
front and rear windows of one. Police
moved in to push the protesters back. No injuries were reported.
ANGRY HACKS: Taxi drivers snarled traffic across Europe
Wednesday, including in Berlin, shown, to
protest car-hailing apps such as Uber. Reuters
"It´s unfair competition," said José Antonio Benitez, 46 years
old, who has been driving taxis for 21
years. "The government says they want a free market, but one
that only hurts taxi drivers."
In Italy, the strike was largely concentrated in Milan, where
Uber's service has been operating for more
than a year and has the greatest number of drivers. Taxi drivers
handed out leaflets denouncing Uber
and hung a large banner outside Milan's central train station
saying "Illegality Reigns Sovereign!" and
"Shame!" In Naples, a parade of dozens of taxis protested in the
city's center, blocking traffic for a time.
In Paris, hundreds of cabbies led a series of strikes that led to a
handful of traffic jams and altercations
between taxi drivers and drivers from other services. Some taxi
drivers set out for the prime minister's
office to demand a meeting.
The protests spread as far as Rio de Janeiro, as the city readies
for Thursday's first World Cup match. On
Atlantica Avenue, dozens of taxis formed lines and moved
slowly along the Copacabana beachfront,
close to the luxurious Copacabana Palace hotel.
—Deborah Ball in Milan, Ilan Brat in Madrid, Miriam Jordan in
Rio De Janeiro, Friedrich Geiger in
International Business
Text and Ride in India
By MEGHA BAHREE JULY 25, 2014
Photo
A handful of start-ups in India have begun to use technology to
more easily connect auto-
rickshaw drivers with customers — a twist to Uber and Lyft, the
taxi-hailing apps. Credit
Prashanth Vishwanathan for The New York Times
PUNE, India — When Praveen Narayan Dusane first started
driving an auto-rickshaw in this
crowded college town, he had to hustle for every rupee. He
could wait hours at a rickshaw stand
for passengers. He fought with other drivers and haggled with
passengers over the fares.
Typically, he earned just 300 rupees, or roughly $5, during a
12-hour shift.
Now Mr. Dusane simply checks the text messages on his
cellphone for his schedule, with
pickups usually coming every hour or so. Business is so brisk
that he recently bought an
apartment for $33,000 and can afford to send his three school-
age daughters to an English
language school.
“Earlier I had to sometimes wait all day for a ride and even then
it was up to your luck the kind
of fare you got,” said Mr. Dusane. “Now it’s like you can see
the money in front of you.”
It is the advantage of the algorithm.
In a country clogged with congestion, a handful of start-ups are
using technology to more easily
connect auto-rickshaw drivers with customers — an Indian twist
to Uber and Lyft, the ride-
hailing apps.
Photo
When Praveen Narayan Dusane first started driving an auto-
rickshaw in Pune, India, he had to
hustle for every rupee. He could wait hours at a rickshaw stand
for passengers. Now with
Autowale, he simply checks text messages on his cellphone for
his schedule, with pickups
usually coming every hour or so. Credit Prashanth
Vishwanathan for The New York Times
Mr. Dusane’s employer, Autowale, uses a program to map out
potential routes and maximize
pickups. AutoRaja has a dial-an-auto service in Chennai. In
Bangalore, mGaadi offers rickshaw
bookings via its website and app.
The three-wheeled, often black and yellow auto-rickshaws are
ubiquitous in India, where public
buses are rather abysmal, subways are limited and taxis are few
and expensive. People can hail
auto-rickshaws off the streets, but getting one depends on a
combination of negotiating skill and
luck. Most drivers tend to charge a flat, inflated rate, instead of
going by the meter, and often
turn down prospective customers if the distance is too short or
to an area from which they might
not get a fare back.
Autowale is trying to make the process easier by offering
rickshaws on demand. Customers can
request a rickshaw through the company’s app or website, as
well as through the more old-
fashioned method, its call center. Passengers pay a convenience
fee of about 33 cents per ride.
Although Uber came to India last September, the service is
expensive and doesn’t compete in the
same space. As in the United States, Uber, which operates in six
Indian cities including New
Delhi, Mumbai and Bangalore, focuses on the taxi market.
Autowale doesn’t have all the gadgetry of Uber or Lyft. It
doesn’t use GPS, and most drivers
don’t have smartphones, which can be expensive. Instead, the
founders created an algorithm that
predicts an auto-rickshaw’s potential route for the day, and
assigns pickups accordingly. They
serve up the driver’s schedule via basic text messages.
The company promises drivers higher and more predictable
income, along with fewer dead
miles, those without a passenger on board. In return, the
company receives a commission of 10
to 15 percent from the drivers. Autowale, which isn’t profitable
yet, reported revenues of about
$335,000 last year.
It is also looking into insurance for its drivers, which is
relatively rare in India. In late June, one
Autowale driver, Malaya Swami, fractured his arm after a car
backed into his auto-rickshaw. He
is now unable to work for six weeks.
Photo
Mr. Dusane receiving a text message with details of a pickup.
The founders of Autowale created
an algorithm that predicts an auto-rickshaw’s potential route for
the day, and assigns pickups
accordingly. Credit Prashanth Vishwanathan for The New York
Times
Continue reading the main story Continue reading the main
story
Autowale gave him a loan of 5,000 rupees, or about $80, to
cover part of his expenses, and has
offered him work recruiting other drivers so he has a chance to
earn some money while
recovering. The start-up is in talks with insurance companies to
cover all its drivers.
“I like my work,” said Mr. Swami. “I’m waiting for my hand to
get O.K. so I can get back to
driving my auto.”
The first version of Autowale — founded by Janardan Prasad
and Mukesh Jha, friends since
college — was a flop.
They initially developed a network of 400 auto-rickshaws across
Pune. But they had too many
rickshaws and not enough passengers for the unknown service.
“What had failed was a lack of commitment on both sides,” Mr.
Prasad said. “It was kind of like
dating. You have to commit to try to make it work.”
In the summer of 2011, they revamped their model and started
out with five drivers, promising
them a specific income, even if they didn’t get enough
passengers. To commuters, they promised
an auto-rickshaw if they booked one.
“We said to them, work with us for six months, and we’ll give
you the rides and the fares and
improve your income,” Mr. Prasad said. Within three months
they had 75 drivers in their system
and were executing up to a hundred trips a day.
Photo
Autowale was founded by Janardan Prasad and Mukesh Jha,
center. The company now works
with 850 drivers — including about 250 regulars — and ferries
about 100,000 passengers a year.
Credit Prashanth Vishwanathan for The New York Times
Autowale now works with 850 drivers — including about 250
regulars — and ferries about
100,000 passengers a year. After a successful pilot in
Bangalore, it is planning to introduce
service there, and in three other Indian cities, as soon as it can
raise the money for its expansion.
Autowale has faced its share of growing pains. As the customer
base has increased, there have
been quality concerns.
Satish Chandra, 77, who has been a regular customer since
2012, complains of rude drivers, late
pickups and inadequate responses from the call center. “The
service has deteriorated.”
Mr. Prasad said the company had resolved some of the earlier
problems and was also focused on
driver training. At its office, which doubles as a training space,
Autowale conducts regular
workshops. For example, they had to teach some older drivers
how to read text messages and
how to get a number from a text to call a customer.
“All they knew were two buttons — green to connect and red to
disconnect a call,” Mr. Prasad
said.
Training sessions have also included some basic phrases in
English: “good morning,” “you’re
welcome” or “have a good journey” when dropping off a
passenger at the airport.
One of the main areas of focus has been teaching drivers the
concept of customer retention. For
Autowale drivers, they instruct, the chances of encountering
repeat customers are high. And if
they don’t behave properly, they dilute the brand and their own
incomes.
“The key is to earn with respect and dignity and in a
professional manner,” Mr. Prasad said.
The Count
Why On-Field Success Is a Private Matter
Which Type of University—Public or Private—Benefits
Most From Athletic Success?
By
Kevin Helliker
May 15, 2014 6:52 p.m. ET
It's no secret that generous donations tend to follow Final Four
appearances. After Michigan's
basketball squad made it to the 2013 national championship,
Berkshire Hathaway vice chairman
Charles T. Munger (pictured) pledged a $110 million gift to his
alma mater.
But which type of university—public or private—benefits most
from athletic success?
When Adam G. Walker set about researching that question as
part of his doctoral thesis, he
hypothesized that sports glory would rain more money on public
institutions. Their alumni bases tend
to be much larger than those at private schools, after all. And
private institutions tend to take more
pride in their academic than athletic excellence.
But maybe the University of Chicago ought to think about
rejoining the Big Ten. In the year
following an athletic success—defined as an appearance in
college basketball's Final Four or a Bowl
Championship Series football game—donations to private
schools rose 28% from levels the year
before that triumph. At public institutions, the comparable
figure is about 11%.
Of course, private-school success was a lot less common. Of
129 teams that made either a Final Four
or BCS appearance between 2002 and 2011, Walker found that
only 15 of them represented private
schools.
Combined, public and private donations following a BCS or
Final Four appearance rose 13%, versus
5% at all higher-education institutions during comparable
periods, found Walker, senior associate
athletics director at the University of Memphis.
His dissertation approved, Walker is now submitting an
abbreviated version of it to academic
journals. He believes that his findings could influence the
debate that rages at many private schools
about how heavily to emphasize athletics.
Walker acquired his data from information that universities
voluntarily provide in the annual survey
by the Council for Aid to Education. From 2001 through 2012,
the number of institutions
participating in the survey ranged from 954 to 1,052. Of the 40
basketball teams that participated in
the Final Four in the period studied, and the 91 football teams,
all but two represented institutions
that participated in the survey.
Walker's research confirms something that must be apparent
even to casual fans of college sports:
that the same teams tend to do well year after year. The 129
teams that made a Final Four or BCS
appearance over 10 years represented only 52 schools, though
among private schools success was
better distributed. The 15 private-school teams that he studied
represented 10 institutions.
By region, athletic success brought the highest spike in
donations to schools in the South, followed
by the Midwest, East and the West.
Write to Kevin Helliker at [email protected]
Copyright 2014 Dow Jones & Company, Inc. All Rights
Reserved
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/sfnts
Why Uber Might Well Be Worth $18 Billion
By ANDREW ROSS SORKIN
June 9, 2014 9:09 pmJune 10, 2014 5:32 pm
The Uber smartphone app connects drivers with
passengers.Credit Lucy Nicholson/Reuters
It was described as “nuts,” “insane” and “idiocy.”
When Uber, the limousine and taxi-fetching app company, was
valued on Friday at $18.2 billion,
a collective groan could be heard across the Internet. It is hard
to believe a four-year-old
company that exists on an iPhone could be worth more than
Alcoa, Tiffany or Whole Foods. (It’s
bigger than Hertz Global Holdings and Avis Budget, too.)
Uber’s valuation “should mark a nadir in tech insanity: not only
has the last sane person in the
Valley left and switched out the lights, but someone probably
paid him at least a billion dollars to
do it,” James Ball of The Guardian asserted.
But here’s another way to think about Uber’s whopping
valuation: It is still too low.
At a time when the word Internet is increasingly followed by
the word “bubble,” it may be
heresy to suggest that a darling of Silicon Valley could be
properly valued, much less
undervalued. But in the case of Uber, it may be true.
Think about the basic math. There are a lot of numbers floating
around about the global revenue
for taxis, but here are the basics: In the United States, the taxi
business generates $11 billion
annually, according to IBISWorld.
In big cities like New York and London, The Financial Times
reports that the average person
spends $238 a year on taxis. If you extrapolate that Uber could
one day control a quarter of the
current global taxi market, the investment would turn out to be
a home run. The business is
currently in 128 cities in 37 countries and says it is doubling its
revenue every six months.
(TechCrunch reported Uber’s revenue last year was $213
million on more than $1 billion of
bookings; Uber takes a 20 percent cut of all driver’s receipts.)
If Uber were to take just half of the taxi market in the United
States — and nowhere else — it
would generate more than $1 billion in revenue a year.
But perhaps what’s most interesting about Uber is that it isn’t
just targeting the current taxi
market; it is seeking to expand the market.
In cities where Uber is operating, the business is clearly tapping
new customers — people who
didn’t take taxis or limousines before, or at least not nearly as
frequently. The ease of pressing a
button on your mobile phone and having a car magically appear
can quickly become addictive. (I
know this well; I have the bills to prove it.)
What’s more, Uber doesn’t own the limousines or cars. So far,
its biggest costs are simply
providing the technology that powers the network of cars as
well as marketing and support costs
for drivers, which means it is a very high-margin business.
Because it is still private, we don’t
know the hard numbers.
It’s all anecdotal evidence, but ask an Uber driver what they did
before they started driving and
many will tell you they were unemployed or working part-time
jobs. According to Uber, the
company says “at our current rate, Uber is responsible for
directly creating 20,000 new jobs per
month and powering billions in economic impact in cities
around the world.”
More impressive, these new jobs are not low-wage: In New
York, the company says a driver for
UberX, its lower-tier car service, is making more than $90,000
annually. A yellow cabdriver is
estimated to make about $30,000. This doesn’t mean that all
taxi drivers are persuaded of Uber’s
benefits; Some are seeking a nationwide union, in part because
of competition from Uber.
And then there is the prospect that Uber isn’t really a taxi or
limousine company at all. Some say
it is just the beginning of a much larger global delivery service.
The company’s chief executive,
Travis Kalanick, has talked about Uber as an extensive software
platform for shipping and
logistics. It’s doubtful that Mr. Kalanick will be taking on
FedEx or UPS anytime soon, but in
New York, he’s already introduced a messenger service using
the Uber app.
“Uber is creating a digital mesh — a power grid which goes
within the metropolitan areas,” is
how Shervin Pishevar, an early Uber investor, described the
company last year. “After you have
that power grid running, in everyone’s pockets, there’s lots of
possibility of what you could build
like a platform. Uber is incorporated in the empire-building
phase.”
So far, Uber doesn’t have much competition and it appears that
there is a bit of a winner-takes-all
business model for companies in this category. The company
competes, ostensibly, against rivals
like Lyft and Hailo, but there’s a network effect to these
businesses: The more people download
the app, the more drivers sign up, and it quickly becomes a self-
reinforcing cycle. That is
pushing the competition out because rivals invariably have an
imbalance of customers and cars.
Of course, the prospect of regulation remains a potential cloud
that won’t likely lift for some
time. In London, taxi drivers are protesting the invasion of Uber
drivers and in cities like Paris,
regulators have sought to make it difficult for the business to
gain traction for fear it will upend
the incumbent business.
So far, in New York, oddly enough, Uber’s accession hasn’t had
a huge impact on the value of
medallions. Toward the end of 2013, individual medallions were
averaging more than $1 million,
about double what they were in 2008. In Boston, medallion
prices have gone up, not down.
If you’re still scratching your head about Uber’s valuation,
consider the “smart money” that
plowed $1.2 billion into the company before its recent
valuation, only 10 months after it was
valued at only $3.5 billion: Fidelity Investments, BlackRock,
Kleiner Perkins Caufield & Byers,
Google Ventures, Menlo Ventures and Wellington Management
and Summit Partners.
Virtually all of them have made a small fortune on their recent
investments and have turned out
to be long-term, not short-term, investors, who are betting on
the value of Uber rising.
Last month, Semil Shah, the writer and investor, tweeted: “Uber
could most certainly go public
yesterday — but why would they want to? No incentive. $100B
potential company.”
Maybe Uber will turn out to be a bust. It is possible. Or maybe
not. Either way it will be a fun
ride.
ERROR: syntaxerror
OFFENDING COMMAND: --nostringval--
STACK:
0
0
2
Technology
Tech's Fiercest Rivalry: Uber vs. Lyft
The Two Heavily Financed Upstarts Also Aim to Supplant the
Taxi Industry
By
Douglas MacMillan
Aug. 11, 2014 7:45 p.m. ET
The ridesharing battle between Uber and Lyft has taken a fierce
turn with the companies recruiting each other's drivers, offering
refunds on commissions and canceling rides to clog the system.
WSJ's Scott Austin has details on digits. Photo: Getty Images.
Forget Apple vs. Google. The fiercest battle in the tech capital
may well be between two heavily financed upstarts plotting the
demise of the taxi industry—and each other.
Uber Technologies Inc. and Lyft Inc. operate just blocks from
each other in San Francisco, yet their bitter war has spilled into
dozens of cities where they are racing to provide the default app
for summoning a ride within minutes.
Lyft has crafted a friendly image by attaching fuzzy pink
mustaches to its cars and encouraging passengers to greet each
other with fist bumps. Getty Images
The two rivals are undercutting each other's prices, poaching
drivers and co-opting innovations, increasingly blurring the
lines between the two services.
But this is more than two tech darlings duking it out. It's a
battle for a key role in the future of urban transportation. Many
commuters now rely on Uber and Lyft to get around rather than
taking cabs, buses or trains and, in some cases, their own cars.
The loudest opposition to the ride-sharing apps comes from
regulators, taxi drivers and local taxi commissions, which have
moved to ban the companies from operating, offering proof that
a multibillion-dollar transportation industry has entered a phase
of rapid transformation.
Meanwhile, the potential market for these companies may
stretch beyond rides. Investors who bid up the value of Uber to
$18.2 billion in June are betting it can expand into being the
backbone of a logistics and delivery network for various
services—a kind of FedEx for cities.
For now, the battle is lopsided. Uber, led by sharp-tongued
technologist Travis Kalanick, operates in nearly three times as
many markets as Lyft, whose co-founders Logan Green and
John Zimmer have crafted a friendlier image by attaching fuzzy
pink mustaches to cars and encouraging passengers to greet
each other with fist bumps. Uber also has four times as many
employees and five times the amount of funding from investors.
But a market-share lead doesn't assure success. By dreaming up
new ways to move passengers from point A to point B, Lyft and
other ride-sharing startups have created new arenas of
competition.
Uber vs. Lyft
Troubling Tactics Alleged: Lyft alleges that 177 Uber
employees have ordered and then canceled more than 5,000
rides on the Lyft service since last October
The rivalry extends to the recruitment of new drivers, the
lifeblood for the services as they attempt to build the biggest
networks with the the fastest pickup times. A Lyft spokeswoman
said Monday that representatives from Uber have abused its
service in the past several months with the goal of poaching
drivers and slowing down its network. Passengers who identify
themselves as working for Uber frequently order a Lyft and then
ride for only a few blocks, sometimes repeating this process
dozens of times a day, she said.
Many of these representatives may actually be Uber drivers
motivated to get a bounty by referring a new driver. According
to an email Uber sent to drivers in May that was reviewed by
The Wall Street Journal, the company offers $250 for referring
a new driver to its service; $500 for referring a Lyft driver; and
$1,000 for signing up a Lyft "mentor," an experienced Lyft
contractor who helps train new drivers.
A spokeswoman for Uber denied the company is intentionally
ordering Lyft rides to add congestion to its competitor's service,
but confirmed the company does offer recruitment incentives.
"We recently ran a program where thousands of riders recruited
drivers from other platforms, earning hundreds of dollars in
Uber credits for each driver who tries Uber," she said.
Another salvo in their battle occurred last week, when both
companies unveiled similar carpooling services within hours of
each other. The two offerings, Lyft Line and Uber Pool, will
both let passengers ride with strangers and split the bill,
lowering the cost of regular commutes.
Uber operates in nearly three times more markets than Lyft.
Pictured, an UberX driver in Washington, D.C. The Washington
Post/Getty Images
Pooling customers may mean fewer rides and less revenue for
ridesharing companies at first. But over time, the appeal of
cheaper commutes could entice new customers to sign up and
boost usage by existing riders, said Mr. Zimmer, Lyft's
president.
Lyft has been developing a carpooling model for several years
and acquired a team to lead the effort months ago, Mr. Zimmer
said, adding, "I think it's flattering when other companies look
at how we're innovating and want to do similar things."
An Uber spokeswoman said that company has been working on
UberPool for several months and filed patents involving
carpooling late last year.
Regarding the competition, the Uber spokeswoman said: "Uber
was first to market by years, back in 2010 when nobody
believed any of this was possible. We now have competitive
clones on each of the five continents where we operate, and that
competitive spirit is good for consumers and for the
marketplace."
Lisa Gansky, an investor in smaller ride-sharing startup Sidecar,
said that new features can gain popularity so quickly that it
makes sense for Uber and Lyft to match one another in case
something becomes a big hit. Last week, Sidecar also said it has
been testing a carpool feature for several months.
Given all the money Uber has raised, it could afford to buy Lyft
and end the rivalry. The smaller startup was valued at $700
million in a round of funding in April, and Uber just banked
$1.2 billion from investors in June. But Mr. Kalanick has been
dismissive of other startups, instead pursuing a strategy of
building the most popular features in the marketplace.
The most successful clone in ride-sharing is UberX, which Uber
launched in 2012 to pair amateur drivers with passengers. Up
until then, Uber was a high-end car service offering Lincoln
Town Cars and white-glove treatment. But just months after
Lyft launched and began to popularize the concept of ride-
sharing, Uber introduced its own service, becoming in the
process a more affordable transportation network for a wider
variety of customers.
For its part, Lyft has borrowed heavily from Uber. Uber
originated a real-time map showing nearby drivers, and the
design of Lyft's app is similar. In addition, Lyft's "prime time"
prices for peak-demand times are a variation of Uber's surge
pricing.
The startups also compete in lockstep on pricing. Both
companies have squeezed their profit margins to reduce prices
and add more customers. Lyft earlier this year went so far as to
forgo its 20% commission on rides.
On Monday, Lyft said it is reintroducing commissions but will
base them on how many hours its drivers work per week. A
driver who logs 50 hours or more won't have to share any fees
with Lyft, for instance. At the other end, one who drives fewer
than 15 hours will share the full 20%.
The company also said it will begin keeping 20% of "prime
time" pricing, a policy change that could rattle Lyft drivers who
are used to keeping all of those extra fees for themselves.
Mohan Lama, a former yellow cab driver in San Francisco who
now drives for Uber, believes more drivers will stop using Lyft
when the company begins taking commissions again. "The day
Lyft will start commissions, their drivers will stop working," he
said. "Lyft is in a trap."
Courting drivers has also meant offering them an array of
benefits, from insurance to new-car financing. This past March,
Lyft and Uber each announced in the same week they would add
insurance between rides, rather than just covering the time a
passenger is in the car. Those moves helped placate regulators,
who have raised questions about the culpability of ridesharing
startups when accidents occur as drivers are on their way to
pick up passengers.
At times, the fight between Uber and Lyft has gotten nasty. In
March 2013, Mr. Kalanick challenged Mr. Zimmer on Twitter
about Lyft's offer of an insurance policy. The back-and-forth
ended with Mr. Zimmer asking Mr. Kalanick to stop by his
office. The Uber CEO responded by tweeting, "you've got a lot
of catching up to do... #clone."
The ease with which Uber and Lyft can imitate each other's
features highlights the ride-sharing industry's low barriers to
entry, said Thilo Koslowski, an analyst for Gartner Inc. Because
Uber and Lyft don't own cars or employ chauffeurs, they are
essentially matchmakers between drivers and passengers, he
said.
But investors who have poured a total of nearly $2 billion into
the two companies are betting the apps will have staying power.
Millions of people are now used to riding with Uber, and the
app is still one of the most popular programs in Apple's App
Store.
"Organizing demand is remarkably hard and extremely
powerful," said Bill Gurley, a partner at Benchmark and a
member of Uber's board. "Being installed on someone's iPhone
on the home page is a pretty sticky place to be."
Write to Douglas MacMillan at [email protected]
Copyright 2014 Dow Jones & Company, Inc. All Rights
Reserved
Fall 2016: BUSS 330 Managing ChangeKotter’s Eight Steps to
Transforming Your Organization
STEP #
STEP
ANALYSIS
1
Establishing a Sense of Urgency
2
Forming a Powerful Guiding Coalition
3
Creating a Vision
4
Communicating a Vision
5
Empowering colleagues to act on the Vision
6
Planning for and creating short-term Wins
7
Consolidating improvements & Producing still more Change
8
Institutionalizing New Approaches
(Photo Bobby DohertyNew York Magazine)Until very recentl.docx

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