Lyft

“In fact, what you'll be able to do is buy, you know, likely a miles plan from us, a monthly subscription to handle all your transportation needs. And over the next few years, some of those trips will be done by human drivers, and others will be done by autonom…”

“Kalanick has since left that group, but before that happened, more than 200,000 riders deleted their Uber accounts, and all of that has led to a spike in business for Lyft.”

“So the rate is calculated based on distance and time, and then Lyft receives a commission off of that 20 to 25% off of the overall rate, the rest goes to the driver, as well as a trust and service fee.”

“We've gone above and beyond on the background checks, which actually still to this day for, ah, limos in, in California are not required. We've done driving record checks with more strict criteria, and we've created an insurance policy that's a million dollars…”

“About a month into launching Lyft, this was in later we received our first of many cease and desist from various different governments and it basically said, you need to stop operating.”

“Maybe the most intense moment was April 24th, 2014, when we launched 24 markets on the same day.”

“It was in the early days. You got to remember, again, one, that this was very, very new and not normal, and you know, I'd say would, was fall, would fall in a regulatory gray area, and so one of the ways that we saw around that was to say to make it optional f…”

“So we sold Zimride to Enterprise Rent-A-Car, and basically the assets, the contracts with the universities, and retained the entire team, and went all in on Lyft.”

“For starters, Trump's travel ban prompted Lyft to make a one million dollar pledge to the ACLU, which is fighting the ban.”

“An autonomous car is not going to drop out of the sky and be able to do a hundred percent of our trips. That's not real. What's real is that over the next couple years, it'll be able to do A few percent of our trips, 10% of our trips, 50% of our trips.”

“No, we, we've said several months ago that, you know, last year there was over 300,000, and you can assume that this year that number has grown quite significantly.”

“Yeah, yeah, Spotify, Warby, Uber, Lyft, Dropbox, Slack really great companies that we're proud of.”

“For internet businesses, payments is actually part of the strategy that matters. It's part of the product experience. And so basically, I think this used to be a fairly tactical vendor decision for the business, where it was just something that needs to be tak…”

“So in Lyft's case, for example, they wanted to not just charge their customers, but they wanted to pay their drivers and there was no product that enabled a really good driver payment experience, and so we've kind of co-evolved with them to enable the best End…”

“Spotify, Warby, Uber, Lyft, Dropbox, Slack really great companies that we're proud of.”

“In fact, what you'll be able to do is buy, you know, likely a miles plan from us, a monthly subscription to handle all your transportation needs.”

“Since we first ran this episode last February, Lyft's valuation has more than doubled to over eleven billion dollars.”

“What's real is that over the next couple years, it'll be able to do A few percent of our trips, 10% of our trips, 50% of our trips.”

“Before we launched it, the working title was Zimride Instant, but while going through, it was actually really a three-week period that the Lyft app, the original Lyft app was built.”

“Yeah, so about a month into launching Lyft, this was in later we received our first of many cease and desist from various different governments and it basically said, you need to stop operating.”

“So we sold Zimride to Enterprise Rent-A-Car, and basically the assets the contracts with the universities, and retained the entire team, and went all in on, on Lyft.”

“And so one of the ways that we saw around that was to say to make it optional for payment in the early days until we had forged through the right regulatory structure.”

“So, every month we do over fifty million rides.”

“We want to offer you transportation as a service. Instead of spending 9000 dollars a year to own and operate your vehicle, we want to sell you, maybe it's a 500 dollars a month subscription plan. Similar to how you buy minutes, you'll buy a thousand miles. And…”

“We told our team, this is not a time to gloat, and we mean that, and we meant that.”

“You know, we started tipping for drivers. We started rental cars that are completely flexible on a weekly basis for drivers.”

“We've chosen to be careful about international launches. We've chosen not to go into food delivery, but we did think having coverage in the United States for every American is a critical factor.”

“Congestion pricing is the best solution. Getting more investment in public transportation is another solution, and those two things can be directly tied together.”

“We woke up one day, it was about four or five years ago, and Uber has raised three billion dollars, and we had a hundred million dollars left in the bank, which is a lot of money, but only a few more months left, and now you have this Crazy competitor who want…”

“For internet businesses, payments is actually part of the strategy that matters. It's part of the product experience. And so basically, I think this used to be a fairly tactical vendor decision for the business, where it was just something that needs to be tak…”

“So in Lyft's case, for example, they wanted to not just charge their customers, but they wanted to pay their drivers and there was no product that enabled a really good driver payment experience, and so we've kind of co-evolved with them to enable the best End…”

“We've seen a lot of essential workers using this way more because there are other options, potentially public transportation are things that they're more concerned about from a health safety perspective. And so we've seen those rides increase.”

“We were down about 75% at the peak in terms of rideshare rides. We, we've now returned to a little under half down which is actually good progress.”

“The majority, something like 80% of our drivers Maybe in California it's 86% of drivers drive less than 20 hours a week.”

“Some of which I think actually In hindsight, we're very healthy for the business, but very difficult to make, especially for people that are all in this tough time where, where, where the job market is difficult.”

“It's still a technology limitation and a cost limitation at this point. And so those haven't changed materially during this time.”

“I think if we were starting over today, I might start with Pink, which we talked about as the subscription, as a way to get people to interact with Lyft. To say, hey, there's a membership service, it's gonna be more affordable than owning a car, and we're gonn…”

“So we have no intention to be another kind of food delivery consumer app. We will not do that, but there's a lot of small and local businesses That are having to pay 30%, 20% of their revenue to be on those platforms.”

“And for City Bike in New York, I believe it was last weekend, we hit our record of over, over a 100,000 rides in one day.”

“Four to one driver support Prop. 22 versus the alternative.”

“We don't want it to be a blocker in the sense that we don't want to get less rides, which would be less income earning opportunities for you and the company. But we have increased the percent of riders that are posting a photo and we're working on more feature…”

“We're lucky that we went public when we did and have, you know, nearly, nearly three billion dollars in the bank.”

“Hopefully lift a ride sharing tool is something that we we're trying to do. But that requires you know, to raise your company to collaborate with us.”

“Yeah, there were, I think it was when I was leaving, like, three percent of the U.S. Workforce had, had earned on Lyft”

“We did something at IPO. We recreated a system for drivers to get equity.”

“How could we Create multiple consumer businesses that are tuned to the modern world of social media, internet, and AI, but that have self-fulfilling, very positive outcomes. So simply, you know, we're creating a platform to help more and more people build thos…”