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Wayne Ting

👤 Person
516 total appearances

Appearances Over Time

Podcast Appearances

The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch
20VC: Lime's CEO on Going from Losing $3 on Every $1 to $90M in EBITDA | How Lime Built the Global Leader in Micromobility When Competitors Went Bust | Losing 90% of Revenues in COVID and The Uber Deal That Saved the Company with Wayne Ting

I probably visited a hundred warehouses and I would just sit in the warehouse and watch what people were doing. I went to the best warehouse and I went to the worst warehouse. And I spent the most amount of time sitting in the worst warehouses and just watching people try and understand why is it that we couldn't make money? Like, what are we doing incorrectly?

The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch
20VC: Lime's CEO on Going from Losing $3 on Every $1 to $90M in EBITDA | How Lime Built the Global Leader in Micromobility When Competitors Went Bust | Losing 90% of Revenues in COVID and The Uber Deal That Saved the Company with Wayne Ting

I probably visited a hundred warehouses and I would just sit in the warehouse and watch what people were doing. I went to the best warehouse and I went to the worst warehouse. And I spent the most amount of time sitting in the worst warehouses and just watching people try and understand why is it that we couldn't make money? Like, what are we doing incorrectly?

The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch
20VC: Lime's CEO on Going from Losing $3 on Every $1 to $90M in EBITDA | How Lime Built the Global Leader in Micromobility When Competitors Went Bust | Losing 90% of Revenues in COVID and The Uber Deal That Saved the Company with Wayne Ting

I probably visited a hundred warehouses and I would just sit in the warehouse and watch what people were doing. I went to the best warehouse and I went to the worst warehouse. And I spent the most amount of time sitting in the worst warehouses and just watching people try and understand why is it that we couldn't make money? Like, what are we doing incorrectly?

The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch
20VC: Lime's CEO on Going from Losing $3 on Every $1 to $90M in EBITDA | How Lime Built the Global Leader in Micromobility When Competitors Went Bust | Losing 90% of Revenues in COVID and The Uber Deal That Saved the Company with Wayne Ting

From an operations perspective, the thing that I think was the biggest difference was the leader of the team, the general manager. We copied Uber's kind of general manager model. We had a distributed decision-making process where each GM in the markets were the CEOs of their market. They could make decisions about where to invest, how to control their costs.

The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch
20VC: Lime's CEO on Going from Losing $3 on Every $1 to $90M in EBITDA | How Lime Built the Global Leader in Micromobility When Competitors Went Bust | Losing 90% of Revenues in COVID and The Uber Deal That Saved the Company with Wayne Ting

From an operations perspective, the thing that I think was the biggest difference was the leader of the team, the general manager. We copied Uber's kind of general manager model. We had a distributed decision-making process where each GM in the markets were the CEOs of their market. They could make decisions about where to invest, how to control their costs.

The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch
20VC: Lime's CEO on Going from Losing $3 on Every $1 to $90M in EBITDA | How Lime Built the Global Leader in Micromobility When Competitors Went Bust | Losing 90% of Revenues in COVID and The Uber Deal That Saved the Company with Wayne Ting

From an operations perspective, the thing that I think was the biggest difference was the leader of the team, the general manager. We copied Uber's kind of general manager model. We had a distributed decision-making process where each GM in the markets were the CEOs of their market. They could make decisions about where to invest, how to control their costs.

The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch
20VC: Lime's CEO on Going from Losing $3 on Every $1 to $90M in EBITDA | How Lime Built the Global Leader in Micromobility When Competitors Went Bust | Losing 90% of Revenues in COVID and The Uber Deal That Saved the Company with Wayne Ting

And the biggest difference was the GM, the best markets, the GM knew all the mechanics by name. They were walking the floors. I remember I went to the worst market, and I sat there for eight hours. I was doing my email, sitting in the middle of the warehouse, and I was just watching what everyone was doing. And eight hours later, I walked out. I was like, I figured it out.

The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch
20VC: Lime's CEO on Going from Losing $3 on Every $1 to $90M in EBITDA | How Lime Built the Global Leader in Micromobility When Competitors Went Bust | Losing 90% of Revenues in COVID and The Uber Deal That Saved the Company with Wayne Ting

And the biggest difference was the GM, the best markets, the GM knew all the mechanics by name. They were walking the floors. I remember I went to the worst market, and I sat there for eight hours. I was doing my email, sitting in the middle of the warehouse, and I was just watching what everyone was doing. And eight hours later, I walked out. I was like, I figured it out.

The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch
20VC: Lime's CEO on Going from Losing $3 on Every $1 to $90M in EBITDA | How Lime Built the Global Leader in Micromobility When Competitors Went Bust | Losing 90% of Revenues in COVID and The Uber Deal That Saved the Company with Wayne Ting

And the biggest difference was the GM, the best markets, the GM knew all the mechanics by name. They were walking the floors. I remember I went to the worst market, and I sat there for eight hours. I was doing my email, sitting in the middle of the warehouse, and I was just watching what everyone was doing. And eight hours later, I walked out. I was like, I figured it out.

The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch
20VC: Lime's CEO on Going from Losing $3 on Every $1 to $90M in EBITDA | How Lime Built the Global Leader in Micromobility When Competitors Went Bust | Losing 90% of Revenues in COVID and The Uber Deal That Saved the Company with Wayne Ting

And I went to the GM of that market. It was in Southern France. I was like, in the eight hours I sat there and you know, I'm here. You never came in one time. You never, you never walked around the floor. And then that guy over there has been fixing the same scooter for eight hours. He doesn't know what he's doing at all. He is just wasting time.

The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch
20VC: Lime's CEO on Going from Losing $3 on Every $1 to $90M in EBITDA | How Lime Built the Global Leader in Micromobility When Competitors Went Bust | Losing 90% of Revenues in COVID and The Uber Deal That Saved the Company with Wayne Ting

And I went to the GM of that market. It was in Southern France. I was like, in the eight hours I sat there and you know, I'm here. You never came in one time. You never, you never walked around the floor. And then that guy over there has been fixing the same scooter for eight hours. He doesn't know what he's doing at all. He is just wasting time.

The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch
20VC: Lime's CEO on Going from Losing $3 on Every $1 to $90M in EBITDA | How Lime Built the Global Leader in Micromobility When Competitors Went Bust | Losing 90% of Revenues in COVID and The Uber Deal That Saved the Company with Wayne Ting

And I went to the GM of that market. It was in Southern France. I was like, in the eight hours I sat there and you know, I'm here. You never came in one time. You never, you never walked around the floor. And then that guy over there has been fixing the same scooter for eight hours. He doesn't know what he's doing at all. He is just wasting time.

The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch
20VC: Lime's CEO on Going from Losing $3 on Every $1 to $90M in EBITDA | How Lime Built the Global Leader in Micromobility When Competitors Went Bust | Losing 90% of Revenues in COVID and The Uber Deal That Saved the Company with Wayne Ting

And the fact that you haven't walked up to him and asked why he's spending so much time on a single scooter. He's just screwing that one screw and unscrewing that same screw. Great operations requires a hands-on approach. You got to know what's happening to know what is going well, what is going poorly.

The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch
20VC: Lime's CEO on Going from Losing $3 on Every $1 to $90M in EBITDA | How Lime Built the Global Leader in Micromobility When Competitors Went Bust | Losing 90% of Revenues in COVID and The Uber Deal That Saved the Company with Wayne Ting

And the fact that you haven't walked up to him and asked why he's spending so much time on a single scooter. He's just screwing that one screw and unscrewing that same screw. Great operations requires a hands-on approach. You got to know what's happening to know what is going well, what is going poorly.

The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch
20VC: Lime's CEO on Going from Losing $3 on Every $1 to $90M in EBITDA | How Lime Built the Global Leader in Micromobility When Competitors Went Bust | Losing 90% of Revenues in COVID and The Uber Deal That Saved the Company with Wayne Ting

And the fact that you haven't walked up to him and asked why he's spending so much time on a single scooter. He's just screwing that one screw and unscrewing that same screw. Great operations requires a hands-on approach. You got to know what's happening to know what is going well, what is going poorly.

The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch
20VC: Lime's CEO on Going from Losing $3 on Every $1 to $90M in EBITDA | How Lime Built the Global Leader in Micromobility When Competitors Went Bust | Losing 90% of Revenues in COVID and The Uber Deal That Saved the Company with Wayne Ting

And the quality of the leader was the biggest differentiator between a good warehouse and a bad warehouse. Where was the best warehouse? The best warehouse that I visited on that trip, I thought was the DC warehouse. And we had a gentleman who was the general manager at the time who was a military

The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch
20VC: Lime's CEO on Going from Losing $3 on Every $1 to $90M in EBITDA | How Lime Built the Global Leader in Micromobility When Competitors Went Bust | Losing 90% of Revenues in COVID and The Uber Deal That Saved the Company with Wayne Ting

And the quality of the leader was the biggest differentiator between a good warehouse and a bad warehouse. Where was the best warehouse? The best warehouse that I visited on that trip, I thought was the DC warehouse. And we had a gentleman who was the general manager at the time who was a military

The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch
20VC: Lime's CEO on Going from Losing $3 on Every $1 to $90M in EBITDA | How Lime Built the Global Leader in Micromobility When Competitors Went Bust | Losing 90% of Revenues in COVID and The Uber Deal That Saved the Company with Wayne Ting

And the quality of the leader was the biggest differentiator between a good warehouse and a bad warehouse. Where was the best warehouse? The best warehouse that I visited on that trip, I thought was the DC warehouse. And we had a gentleman who was the general manager at the time who was a military

The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch
20VC: Lime's CEO on Going from Losing $3 on Every $1 to $90M in EBITDA | How Lime Built the Global Leader in Micromobility When Competitors Went Bust | Losing 90% of Revenues in COVID and The Uber Deal That Saved the Company with Wayne Ting

veteran and he just had a way of thinking about running the warehouse in the same way that you would think about a military team everybody had a role and the expectations were clear and people are held accountable for results and that made all the difference every but how many scooters you fix in a day was clear we write it on the on the piece on board so it's visible to everybody there is celebration when you did well and there's accountability when you did not

The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch
20VC: Lime's CEO on Going from Losing $3 on Every $1 to $90M in EBITDA | How Lime Built the Global Leader in Micromobility When Competitors Went Bust | Losing 90% of Revenues in COVID and The Uber Deal That Saved the Company with Wayne Ting

veteran and he just had a way of thinking about running the warehouse in the same way that you would think about a military team everybody had a role and the expectations were clear and people are held accountable for results and that made all the difference every but how many scooters you fix in a day was clear we write it on the on the piece on board so it's visible to everybody there is celebration when you did well and there's accountability when you did not