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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

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

That visibility is super important. And so when I went back to HQ, my biggest question was, if the insight is that the quality of the general manager, the visibility and accountability was the difference between a good and a bad warehouse, how do we build that into our software? It's not rocket science. We can replicate a lot of the things that a good manager is doing in the software.

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

That visibility is super important. And so when I went back to HQ, my biggest question was, if the insight is that the quality of the general manager, the visibility and accountability was the difference between a good and a bad warehouse, how do we build that into our software? It's not rocket science. We can replicate a lot of the things that a good manager is doing in the software.

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

That visibility is super important. And so when I went back to HQ, my biggest question was, if the insight is that the quality of the general manager, the visibility and accountability was the difference between a good and a bad warehouse, how do we build that into our software? It's not rocket science. We can replicate a lot of the things that a good manager is doing in the software.

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

So everything that a mechanic would do, we would track in the app. So if Harry took out a scooter, we would be like, how long did it take Harry to fix that scooter? How many spare parts did he use? And then what was his productivity for the day? But then also of the three scooters that he fixed, When was the next time it broke? How many days did it take before it broke as a substitute for quality?

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

So everything that a mechanic would do, we would track in the app. So if Harry took out a scooter, we would be like, how long did it take Harry to fix that scooter? How many spare parts did he use? And then what was his productivity for the day? But then also of the three scooters that he fixed, When was the next time it broke? How many days did it take before it broke as a substitute for quality?

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

So everything that a mechanic would do, we would track in the app. So if Harry took out a scooter, we would be like, how long did it take Harry to fix that scooter? How many spare parts did he use? And then what was his productivity for the day? But then also of the three scooters that he fixed, When was the next time it broke? How many days did it take before it broke as a substitute for quality?

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 then through that, we created a point system to rank the best mechanic to the worst mechanic. When you created visibility in the work people did, and then you created this point system, now you can hold folks accountable. So Harry is the best mechanic. If you're doing a good job, You want to be recognized and celebrated like all of us do.

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 then through that, we created a point system to rank the best mechanic to the worst mechanic. When you created visibility in the work people did, and then you created this point system, now you can hold folks accountable. So Harry is the best mechanic. If you're doing a good job, You want to be recognized and celebrated like all of us do.

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 then through that, we created a point system to rank the best mechanic to the worst mechanic. When you created visibility in the work people did, and then you created this point system, now you can hold folks accountable. So Harry is the best mechanic. If you're doing a good job, You want to be recognized and celebrated like all of us do.

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 so when you create visibility in the software that we're using, it made people want to work harder because they want to be recognized for their good work. It also created accountability for the folks who were underperforming, either not fixing any scooters or fixing it 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 so when you create visibility in the software that we're using, it made people want to work harder because they want to be recognized for their good work. It also created accountability for the folks who were underperforming, either not fixing any scooters or fixing it 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 so when you create visibility in the software that we're using, it made people want to work harder because they want to be recognized for their good work. It also created accountability for the folks who were underperforming, either not fixing any scooters or fixing it 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 so by replicating what I saw and observed in the field into the software, we were then able to take the learnings from one market and bring it across the world.

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 so by replicating what I saw and observed in the field into the software, we were then able to take the learnings from one market and bring it across the world.

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 so by replicating what I saw and observed in the field into the software, we were then able to take the learnings from one market and bring it across the world.

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

For sure. So we care a lot about downtime. Downtime is when a scooter is not out in the field generating revenue. It could be down because the battery is dead. It could be down because it's in the warehouse and broken.

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

For sure. So we care a lot about downtime. Downtime is when a scooter is not out in the field generating revenue. It could be down because the battery is dead. It could be down because it's in the warehouse and broken.

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

For sure. So we care a lot about downtime. Downtime is when a scooter is not out in the field generating revenue. It could be down because the battery is dead. It could be down because it's in the warehouse and broken.

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

But downtime is costly to the business because you have an upfront capital expenditure and you want to be generating as much profits as possible, as quickly as possible to pay back for that hardware. So you can now generate incremental profits on top. And so downtime is very, very costly for sure.