During the SXSW Convention, investor Bill Gurley got up on stage to talk about Uber, and how Uber has transformed the landscape for both the millennial generation and conventional taxi services. Gurley is part of Benchmark Capital, and Benchmark Capital is one of the many companies that decided to invest in Uber.
Gurley talked about how Uber has transformed the landscape, being one of the biggest creators of jobs in the San Francisco, CA, area. Gurley said that Uber has over 300,000 drivers all across the world and is growing at a considerably fast rate, adding about 15,000 drivers each month. Uber has managed to grow over 300% in just one year alone, and he thanks the millennial generation for this huge growth opportunity. The millennial generation has strayed away from getting driver’s licenses and has focused more on the trendy Uber services and similar types of transportation to get around. Today, teenagers don’t even care if they get their license or not, and it’s a far cry from even just 10 years ago, where all kids were counting the days until they could take their driving test.
Gurley made a point to say that the company and the investors all underestimated the demand for Uber, which is not a bad thing at all. With technology increasing rapidly, more parents and teenagers are using apps to help them get around and make their lives easier, with even parents encouraging the use of Uber for their children instead of pushing them to get a car of their own. Uber is also nice for adults too, especially if you have had too much to drink, and you might not like using a taxi in the middle of a bad neighborhood.
Uber is great because not only do you get a personal driver to pick you up based on your cell phone’s location, but you also have a rating system incorporated into the app. You can rate the Uber driver and the Uber driver can also rate you as a client. You put your credit card on file through the app, so there is never any need to deal with trying to make sure you have enough cash to get home, and it’s a great thing if you didn’t plan on needing a driver that night.
The immense growth of Uber might be signaling a huge trend for the younger generation, which is start relying on apps and services to get things done, instead of relying on more old-fashion modes of transportation. Gurley did however think that the autonomous cars are something the millennial generation might not be ready to embrace quite yet, adding that it might be a good 10 years before that type of technology starts to become a huge trend. For now, Gurley and all the other investors who backed Uber are ecstatic that people from all walks of life are embracing Uber, both young and old have taken quite a liking to this service. If more people will start using Uber, then you can cut down on accidents caused by drinking and driving or texting and driving, and it can also help cut down on pollution if not as many cars are out on the roadways.