Uber’s mission statement is to ignite opportunity by setting the world in motion.
Let’s see what it means!
Uber business model has become one of the most mentioned in the business world, as it managed to change the way mobility works. While Uber still represents a small percentage of the global mobility market, it is still an incredible case to look at.
When you build a new industry, market, and a whole new business model, you need to tweak it over and over to find a balance, which aligns value creation, with value capturing. As of now, Uber hasn’t found its balance yet, as the company is still unprofitable.
A Moonshot thinking approach
Our mission is to ignite opportunity by setting the world in motion.
The ambition of Uber’s business strategy emphasized first on creating a whole new market (ridesharing). And then to take over the mobility market itself.
As pointed out in its financial prospectus Uber “just got started” with only 2% of the population in the 63 countries where it operates the company looks to expand further.
Several factors drove the Uber phenomenon. In the letter to shareholders in 2019, CEO Dara Khosrowsha pointed out how Uber got there and where’s going next!
Source: Uber Financial Prospectus
The foundation of the Uber platform moves around a few key elements:
- Massive network: consists of tens of millions of Drivers, consumers, restaurants, shippers, carriers, and dockless e-bikes and e-scooters, as well as underlying data, technology, and shared infrastructure
- Leading technology: proprietary marketplace, routing, and payments technologies
- Operational excellence: extensive market-specific knowledge to rapidly launch and scale products in cities
- And product expertise: contextual, intuitive interface, continually evolve features and functionality
That’s how Uber brings people from point A to point B, which is the unit of the Uber business model.
Based on its mission Uber formulated eight cultural norms:
- We do the right thing. Period.
- We build globally, we live locally.
- We are customer obsessed.
- We celebrate differences.
- We act like owners.
- We persevere.
- We value ideas over hierarchy.
- We make big bold bets.
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Resources for your business:
- What Is a Business Model? 30 Successful Types of Business Models You Need to Know
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