When was the last time you took a cab?
I mean a real yellow taxicab, with a light on the roof and a fare meter running.
I don’t even own a car, and I haven’t climbed into a cab in years.
That’s not because I never go anywhere. I travel all the time for research.
Instead of taking cabs, I “Uber” everywhere.
You surely know all about Uber by now…
Its technology allows anyone with a smartphone to drive their own personal vehicle like a taxi.
900,000 people drive for Uber today. Passengers took five billion Uber rides last year.
Uber isn’t in the business of owning cars. It doesn’t employ drivers. Instead its “app” connects drivers with people who want a ride.
Uber sets the price of the ride and facilitates the transaction. The driver keeps most of the fare, and Uber takes a 20% cut on average.
“Ubering” is so popular it has become a verb. For now the company is private and doesn’t trade on the stock market. But don’t confuse private with small. Recent estimates value Uber at up to $100 billion.