The story of UBER – Everyone’s private driver

19th November 2018 Social Berry

From a simple idea to success story - the story of how Garett Camp once wanted to share a cab in order to lower his costs, to the idea that turned out to become a $ 70 Billion business empire!

Uber was founded by two men, Travis Kalanick & Garrett Camp back in March 2009.

On New Year's Eve, after Camp and his friends spent $800 hiring a private driver, Camp wanted to find a way to reduce the cost of direct transportation.

He realized that sharing the cost with people could make it affordable, and his idea morphed into Uber. Kalanick joined Camp and gave him "full credit for the idea" of Uber. The first prototype was built by Camp and his friends, Oscar Salazar and Conrad Whelan, with Kalanick being brought on as a "mega advisor" to the company.

Following a beta launch in May 2010, Uber's services and mobile app officially launched in 2011, where else but San Francisco!

Originally, the application only allowed users to hail a black luxury car and the price was 1.5 times that of a taxi.

Fast forward to 2018, today Uber is used world wide and almost anyone can become an Uber driver, all you need is a background check from the police, a newer four-door car, and that you pass an interview.

This is actually the same requirements as for taxi drivers.

Nowadays Uber has many many types of services, except the standard UberTAXI, UberX and UberBLACK, here are a few worth mentioning;

UberBIKE; a dockless bicycle-sharing system that allows users to rent electric bicycles via Uber subsidiary Jump Bikes in 9 metropolitan areas in the United States including San Francisco and Washington, D.C. Uber users are also able to rent Lime scooters in 46 cities via the Uber mobile app.

UberBOAT, a water-taxi service, provides speedboats in the summer to/from points on the coast of Croatia. UberBOAT has also offered transport across Biscayne Bay during Miami Art Week and across the Bosporus strait in Istanbul in the summer.

UberPETS, includes pet transport for an additional charge. Must be accompanied by the pet's handler.

UberKIDS, provides a car with a child safety seat for an additional charge.

At the moment Uber’s Elevate team is developing an urban aviation ridesharing product called UberAIR. It will provide short flights using VTOL aircraft. Demonstration flights are projected to start in 2020 in Dallas and Los Angeles. Commercial operations are projected to begin in 2023.

Uber basically covers all types of transportations around the globe so far, so let’s talk numbers;

As of March 2018, Uber's market share in the United States was 73% according to Second Measure, an analytics platform, based on credit card data. Uber internally calculated its market share in the United States to be between 70% and 72%. In March 2018, Uber had 41.8 million users only in the United States.

If you follow the news about Uber, you know that the company, whose stock isn't publicly traded, is worth around $70 billion. But for now, the only publicly available dispassionate prices placed on Uber shares vary widely, with a spread of more than 30 percent between the lowest and highest.

The ride-hailing giant said that the investors want to buy up to $600 million worth of the private company's stock. They're offering $40 per share, giving Uber a valuation that's nearly 30 per cent above the $48 billion set in a January stock sale.

Uber has increased its estimated valuation by $4 billion since February 2018. Toyota invested $500 million in Uber to get in on the self-driving car race, a market estimated to grow to $7 trillion by 2050.

In conclusion, it is not too bad to carry the name of Garett Camp right now. A man who has changed the ride-sharing industry forever. And seem to keep on doing so…

 

By Rebecka Kristiansson, Client Relationship Agent at trade.Berry

 

**The views and opinions expressed in this article are those of the author and do not necessarily reflect the official policies or position of trade.Berry.

This content is intended for educational purposes only, and shouldn’t be considered investment advice.

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