If you’ve been living under a rock for the last five years, you’ve probably never heard of the car-riding service Uber. But most likely you have an exact idea of what uber is.
It all started when soon to be founders Travis Kalanick and Garrett Camp were struggling to find a cab for a tech convention in Paris. Frustrated with the process, the two got together and June 2009 Uber was born. The app gave the ability for users to contact limo drivers or professional drivers from their smart phone. Each user having their account linked credit card or paypal account made the driving process easy as can be.
The idea grew quickly and became a huge success among the cities. By 2011 the company had raised $49 million in ventures allowing the company to even grow at a alarming rate. High interest values allowed the company to expand internationally of the course of a year. One of the main reasons of what makes Uber so unique is it’s surge pricing algorithm. I as demand goes up users are notified that pricing is increased until demand dies down.
Although, with Uber’s success there was some issues with taxi drivers and city regulators trying to fight uber. Stating that their practices were illegal and violating city taxi laws. Strategic planning with law officials have allowed the ride-sharing company to be a major success in just about all cities it has opened it’s doors to.
Innovative methods for allowing users to have a more valued experience is why back in June Uber was valued at $18.2 billion dollars. It will be exciting to see where there headed in the near future.