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Case 8 Uber Riding the Gig Economy In many wentys, the gig economy has begun to revolutionize hore people consume products and services. Companies such as Airbnb, for example, provide an online marketplace that connects irould be renters with people seeking accommodations and eliminates the middleman in 192 countries porldwide. Companies following "gig" approach are growing in number and popularity, with more appearing every day. The list is huge and includes-just to name a fee which connects drivers with passengers: Truro, chich connects rental cars ieith customers in need of a car and OpenAirplane, RVshare, Sallo, Boatsetter, Parking Panda, Closet Collective, and Grubhub. We are seving a revolution in the sew the marker" funtetions... or are we? Perhaps the best know of the sig companies currently making big waves in the press and in the new economy is Uber. And it all started brane no one would give them Uber's founders) a ride. In 2008, Travis Kalanick and Garrett Camp were in Parts and couldn't get a cab. Their experience led to the development of an extremely comenient, relatively safe. and also rather inexpenshe appenabled online driver sense Founded in 2009 and currently operating in 6 countries and 700+ cities, Kalanick and Camp's simple solution - Uber has become a cultural phenomenou Uber connects customers in need of a ride with de workers who pick them up. The model is simple and extremely streamlined. Ules provides the market and takes a cat of the proceeds. No cashisexchanged between driers and passengers. Uber, whose app-enabled market has changed the way people think about transportation, handles rutsthing Untraditional Financial Models Following in the path of other well-known bwrconomy companies, Uber has continued to generate eye-popplag revenues estimates potes revenues in stod i billion in 2018-its balance sheet startling, but in the Town). Althout these kinds of sales tombers are astonishing particularly for a company that is only 10 years old, they have to be understood in light of the company's massive financial losses during the same period. Uber is estimated to have lost nearly $2 billion in fiscal 2019 cract figures are difficult to calzahte because as a private bold company. Uber is not required to disclose its financials) yet hopes to become profitabide by 2021. It is estimated that Uber spends $1.55 for every dollar in revenue generates Ss, although Uber generates hape annual sales tambers. It also spends a lot of money on drivers pay, incentives and bonuses What Is Uber Really Doing? Uber is spending a substantial amount of money on technology. These imestments, including the recent strategie purchase of Geometrie Intelligence -a start-up cofounded by Scademic researchers formed on making artificial Intelligence (AT) systems that can navigate in the real world-perhaps hint at the company's longer term strategie intent. This intent becomes more apparent when one considers that Uber's investments in Al coincide with the fact that they are currently running feets of self-driving cars. These veluleles are operating on the streets of California and in the city of Pittsbur. Pennsylvania, where Uber is actively and stressively testing its Al assets. The city streets have essentially become laboratory for Uber to road test the machinery of its long-term vision. Given these kinds of lovestments, does their long-term vision also include buman drivers? What's the Long-Term Vision? Although some estimates put the number of arts currently employed by her award of 150.000, the company's recret Investments in Al, navigation technologies, and self- driving cars singest that this particular gig employer may not be in it for the long term, at least as far as opportunities for human drivers are concerned. What do you think the new CEO of Uber, Dara Khosrowshahi,las in mind for the future of Ubery What role do you think he wants this emerging giant in the mass transit market to play moving forward? Do you think that investments in Aland self-driving cars are a good sin for future human employment with Uber? Why or why not? Is Uber the long-term answer for de employees? Case Analysis Questions 1. Discussion Although many argue that the pe economy has opened up opportunities for individuals to be self-employed in ways that complement their lifestyle, the lovestments that gis diant Uber is making suggest a different kind of future for the bettecendoltad substitute. What do think ber has in mind? 2. Discussion What are some of the potential applications for tleets of self-driving vehieles? What role might this kind of infrastructure play in towns and cities in the future? How might Uber nage the kinds of assets to generate a profit? Do you see a way for her to be success while still employing human drivers? How? 3. Problem Solving You've been hired on by Uber's CEO Dana Khosrowshahl as the Chief Financial Officer and asked to address the stie of bage quarterly losses despite massive sales rosenes. The Uber fleet is not likely to be self-delving" for at least another five years, and it is clear whether the current model will be sustainable until then, particularly diven increasing competitive pressures to raise drivers rates from companies such as Lyft. What steps could you take to address these competing pressurs market pressures to raise rates and the need to generate profits 4. Further Research Look into some of the more wellknown gly. companies currently making headlines in the financial press. Are any of these companies generating a profit what factors are at work here? How have these companies organized to become profitable? Are any of these companies moving toward models that remove the human factor that mechanize in the way that it looks like Uber could be seeking to do? How are the financial values of some of these companies being determined? In light of the huge losses experienced by some sig economies, what factors are likely playing a role in these financial evaluations? Are people speculating on an unknown future? Sources: uberestimator.com/cities tecninch.com/2016/12/21/ber losses expected to hit-billion--2016 despite-revenue growth/techcrunch.com/2016/12/05/uber-noquites-rometric intelligence to create an allab/;font.com/feature/2017/09/08/abet self driving are coming back to california tond.htmlig.com/874548/aber asked a lot of pittsburgh for all driving can and offered back very little: "Uber Loss SL Billion. Targets Profitability in 2001. u Carson, Forbes (accessed June 6, 2010), forbes.com/sites/bircaron/2019/11/04/uber 93 earningssente beat lost another billion(+17199063068