Wayne Ting

bringing moral dimensions to business judgment calls, we actually shut down debate prematurely. Because if I'm saying, I'm not going to raise prices because I'm doing the right thing, then that assumes the person arguing for raising prices is doing the wrong thing. So it's very dangerous, I think, to put in moral consequences into a regular business decision.

And so I think there are good arguments for why companies may need to raise prices.

And so I think there are good arguments for why companies may need to raise prices.

And so I think there are good arguments for why companies may need to raise prices.

Lime had been around for just over a year. And I think it was probably at the time, 100 plus markets. 100 plus markets. It was just bikes, just scooters. What was it? So Lime had started as an e-bike business. And then sometime in, I think, early 2018, it made a transition to go hard into scooters. So it was, at that point, majority scooters. And it had just made a decision to go global.

Lime had been around for just over a year. And I think it was probably at the time, 100 plus markets. 100 plus markets. It was just bikes, just scooters. What was it? So Lime had started as an e-bike business. And then sometime in, I think, early 2018, it made a transition to go hard into scooters. So it was, at that point, majority scooters. And it had just made a decision to go global.

Lime had been around for just over a year. And I think it was probably at the time, 100 plus markets. 100 plus markets. It was just bikes, just scooters. What was it? So Lime had started as an e-bike business. And then sometime in, I think, early 2018, it made a transition to go hard into scooters. So it was, at that point, majority scooters. And it had just made a decision to go global.

So it was expanding rapidly in Europe at this time.

So it was expanding rapidly in Europe at this time.

So it was expanding rapidly in Europe at this time.

The biggest challenge was that the business was upside down at that point. Digging into the P&L of the business, I think we were losing $3 for every dollar of revenue. And the biggest thing was the hardware. The industry had taken personally used scooters and put it into a commercial space. And so these were not designed for commercial use at the time. This is six years ago.

The biggest challenge was that the business was upside down at that point. Digging into the P&L of the business, I think we were losing $3 for every dollar of revenue. And the biggest thing was the hardware. The industry had taken personally used scooters and put it into a commercial space. And so these were not designed for commercial use at the time. This is six years ago.

The biggest challenge was that the business was upside down at that point. Digging into the P&L of the business, I think we were losing $3 for every dollar of revenue. And the biggest thing was the hardware. The industry had taken personally used scooters and put it into a commercial space. And so these were not designed for commercial use at the time. This is six years ago.

And I think the average scooter only lasted 30 days. The daily decay rate was 3%. So in the course of 30 days, your entire fleet was gone. And you can't run a business that is a hardware, CapEx-intensive business if every 30 days you need to buy a whole new fleet. So the business was completely upside down. And... I thought we didn't have great data either.

And I think the average scooter only lasted 30 days. The daily decay rate was 3%. So in the course of 30 days, your entire fleet was gone. And you can't run a business that is a hardware, CapEx-intensive business if every 30 days you need to buy a whole new fleet. So the business was completely upside down. And... I thought we didn't have great data either.

And I think the average scooter only lasted 30 days. The daily decay rate was 3%. So in the course of 30 days, your entire fleet was gone. And you can't run a business that is a hardware, CapEx-intensive business if every 30 days you need to buy a whole new fleet. So the business was completely upside down. And... I thought we didn't have great data either.

One of the first things I was really keen on doing was we got to establish ground truth. What was even happening? So I remember I was meeting with the head of Europe when I first joined, and he was telling me how profitable he was. And I was like, it doesn't seem like it from what I can see. But the fact that he didn't know if they were profitable or not,

One of the first things I was really keen on doing was we got to establish ground truth. What was even happening? So I remember I was meeting with the head of Europe when I first joined, and he was telling me how profitable he was. And I was like, it doesn't seem like it from what I can see. But the fact that he didn't know if they were profitable or not,

One of the first things I was really keen on doing was we got to establish ground truth. What was even happening? So I remember I was meeting with the head of Europe when I first joined, and he was telling me how profitable he was. And I was like, it doesn't seem like it from what I can see. But the fact that he didn't know if they were profitable or not,

is a failure of the company because we need to give him real accurate data so that he can make the right decision. If he thinks he is printing money when the opposite is true, then we have not set him up for success. So I spent a lot of that first couple of months building out Data.Line, which is an internal tool to give us accurate data across hundreds of operational metrics for every region.