Uber

Creating disruption on the streets of the world's big cities

Uber is changing the way the world moves, connecting riders to drivers through its technology platform. The potential to "uberfy" almost any type of business is obvious.

Uber was founded in 2009 by two entrepreneurs based in San Francisco, Travis Kalanick and Garrett Camp. Uber Technologies is an app-based transport platform headquartered in San Francisco, USA.

  • Inspiration: The idea for Uber emerged when Garrett Camp had trouble hailing a taxi one evening in Paris. He realized there was a need for a more reliable and efficient way to get around the city.
  • Epiphany: During a tech conference in Paris, the pair had an epiphany: “What if you could request a ride from your phone?” This led to the birth of Uber’s concept.
  • Prototype: Camp began working on a prototype for UberCab as a side project. By summer of 2009, he convinced Kalanick to join as UberCab’s “chief incubator.”
  • Official Launch: UberCab was tested in New York using only three cars and officially launched in San Francisco in May 2010. The company later shortened its name to Uber.

Key to Uber’s strategy has been a disruptive business model that has delivered exponential growth

Uber’s disruptive business model revolutionised modern transportation. Its ride-sharing app allowed users to request rides via their smartphones.

  • The ease and simplicity of the Uber app fueled its popularity, making it the most valuable startup company globally at one point.
  • As Uber expanded into unique regional markets worldwide (from New York to Shanghai), it adapted its business model to comply with regulations and compete locally1.
  • Uber’s strategy involved understanding local dynamics, adjusting pricing models, and collaborating with local partners.

While Uber took some time to become profitable, it now is

  • Investors valued Uber at up to $120 billion before its highly anticipated IPO in 2019.
  • On May 9, 2019, Uber went public, but it made history with the biggest first-day dollar loss in U.S. history.
  • Since then, Uber has worked on becoming profitable, partly through acquisitions of other companies.

In its 2022 annual report, Uber reported:

      • 7.6 billion trips completed.
      • $31.9 billion in revenue.
      • A net loss of $9.1 billion.

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