Good lord. Everyone on the MTC should be embarrassed for themselves. Its a totally useless entity that should have been disbanded ages ago: if someone wants to pay someone else for a ride its nobody's business but the two parties involved. What a waste of tax dollars and time.
I don't know if this has been posted already, but a second or third time couldn't hurt.
Does this mean anything at this point? I thought the MTC already said Uber could operate as long as drivers submit to fingerprinting, which Uber already accepts in other cities.
I don't think there's any question that the taxi business as we know it will be dead within 5 years. What it will look like then is anybody's guess.
My only question is how on earth can Uber be valued at $50 billions dollars? Do people really think they can survive long-term without being overrun by copycat services that are even cheaper?
The next 5 years in the personal transportation business is gonna be brutal.
They're valued at $50 billion because Silicon Valley is overheating, and so is the Nasdaq.
That said, the idea is a viable business model; will take time to change the old rhetoric. MTC is a perfect example of the archaic St Louis establishment. Totally emblematic of the ridiculousness that hampers this city.
^ +1. I also think it will be difficult for competitors to supplant Uber on price.... Uber essentially is becoming National Taxi Co. with Wal-Mart pricing.
Actually I wouldn't doubt some competition arises from more of a Costco that directly associates Uber with Wal-Mart practices and provides its own drivers with better working conditions, etc. Another big thing that will impact how all this develops is how courts ultimately rule on the employee versus independent contractor issue as this could change the financial calculations and make it more difficult for start-ups to go national.... in that sense Uber also is at an advantage since it already has national scale.
^ at least for now.... I just don't see how it can supplant Uber as the top dog though absent some really brilliant strategy (or huge missteps by Uber, like starting a Convicted Murderers for Hire Program).
Uber will destroy the taxi industry, then some serial killer drivers will make headlines that'll kill the ride-share industry, then we'll have to walk everywhere.
framer wrote:My only question is how on earth can Uber be valued at $50 billions dollars? Do people really think they can survive long-term without being overrun by copycat services that are even cheaper?
I feel like people asked this same question about Facebook before they went public.
Or several other companies ever in the history of companies that eventually had an IPO. I was working at Stifel during Googles IPO. Several people couldn't believe it was happening, especially so close to the dot com bust.
We are due for a market correction and several "valuations" made by VC are becoming a little "optimistic". Coupled with the fact that several NASDAQ components lack the fundamentals to justify their share price: Twitter and Yelp are two popular examples.
Not surprising, but Uber has announced they are starting a delivery service in Houston. Another intriguing thing about the companies future is how autonomous driving may impact things years into the future.... I believe either Lyft or Uber has a research facility in Pittsburgh's strip district.
Anyway, proper valuations for a company like Uber is beyond my grasp, but I don't think there is any doubt that whomever comes out on top in this whole tech-directed mobility war/race indeed will be worth billions. Uber seems well-positioned in several respects, but I personally feel there will be a massive new company created by a merger of Google and Uber and called Goober that will take home the prize. Take it to the bank. folks.
