Uber is undoubtably of the hottest companies at the moment. The New York Times has it pegged as being potentially one of the fastest growing companies in the world, while other critics are watching dumbfounded as their reach continues to grow daily, with no signs of stopping. Their recently leaked financials, suggests that the 3-year old company is valued at around $3.5 billion. And it only moved out of San Francisco two years ago.
With presence in over 58 cities in over 20 countries on six continents, Uber’s growth is unprecedented, demonstrating the power of a truly scalable, repeatable business model. Uber acts as a lead generator for independent drivers, connecting riders with drivers in the vicinity through a real-time app that shows users precisely where their requested cab is waiting, and provides a source of communication between the driver and rider via the app’s messaging functions. It is a completely cashless service, given that the fare gets charged straight to the client’s credit card. And you can choose between a standard cab, a black town car or an SUV, depending on who you have to impress that evening. The result? More rides for drivers, less wait time for both parties, and a far more efficient, seamless experience for the rider. Although Uber claims that they do not replace dispatch services and thus leave the traditional taxi industry intact, it is clear that drivers will prefer a service which gives them greater independence and respects their experience as drivers as much as the customers’. Uber: how a simple idea can completely disrupt a global industry.
