Uber’s mission statement is to ignite opportunity by setting the world in motion.
|Mission Statement||“To ignite opportunity by setting the world in motion.”||Uber’s mission is concise, focusing on enabling opportunities and global mobility, reflecting its role as a market disruptor in the transportation industry.|
|Business Model||Uber operates as a two-sided marketplace connecting drivers and riders through a user-friendly platform. It generates revenue by collecting fees from gross bookings.||The platform model simplifies transportation, offering convenience and efficiency to riders while providing income opportunities for drivers.|
|Uber Eats Expansion||Uber has expanded its business model to include Uber Eats, a three-sided marketplace for food delivery connecting restaurants, customers, and delivery drivers.||Diversification into food delivery demonstrates Uber’s adaptability and ability to leverage its existing technology and network.|
|Market Disruption||Uber revolutionized the mobility industry through ridesharing, introducing a new way of transportation. It created a market and expanded its services globally.||Uber’s innovative approach to business disrupted traditional taxi services, reflecting its ability to change market dynamics.|
|Network Effects||Uber leverages network effects, where the platform becomes more valuable as more drivers and riders join. It has established a massive global user network.||Network effects drive Uber’s growth, creating a self-reinforcing cycle of increasing value as the platform attracts more participants.|
|Moonshot Thinking||Uber embraces moonshot thinking, setting ambitious goals that are at least 10 times greater than conventional goals, fostering innovation and bold strategies.||Moonshot thinking encourages creative problem-solving and challenges Uber to push boundaries and achieve extraordinary goals.|
|Core Elements||Uber’s foundation includes a massive network, advanced technology, operational excellence, and deep market knowledge, crucial for its global success.||These core elements empower Uber to deliver reliable and efficient transportation solutions across diverse markets.|
|Cultural Norms||Uber has established eight cultural norms guiding its actions and decisions, emphasizing values like customer obsession, ownership, and boldness.||These norms shape Uber’s corporate culture, driving its commitment to customer-centricity, accountability, and innovation.|
|Market Potential||Uber recognizes significant growth potential, with only 2% of the population in the 63 countries it operates in. It aims to expand further globally.||Uber’s expansion opportunities indicate its intention to capture a more substantial share of the global mobility market.|
|Challenges and Future||Uber has faced challenges related to regulation, competition, and public perception. Its future lies in continuous innovation and expansion into new markets.||Overcoming challenges requires Uber to stay adaptive, customer-focused, and responsive to evolving market dynamics.|
A short analysis of the Uber business model
Uber’s 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.
Uber now has expanded and stretched its business model, via Uber Eats.
A Moonshot thinking approach
This bold mission starts from:
Our mission is to ignite opportunity by setting the world in motion.
The ambition of Uber’s business strategy emphasized first creating a whole new market (ridesharing).
And then 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 evolving 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.
- Platform Model: Uber operates as a two-sided marketplace, connecting drivers and riders through a user-friendly interface. This platform model facilitates transactions and interactions between the two sides.
- Revenue Generation: Uber earns money by collecting fees from the gross bookings made through its platform. This includes a portion of the fare paid by riders for each trip. Additionally, Uber’s expansion into Uber Eats adds a new revenue stream by connecting restaurants, customers, and delivery drivers.
- Market Disruption: Uber revolutionized the mobility industry by introducing ridesharing, changing the way people think about transportation. Its ability to create a new market and then expand its services reflects its innovative approach to business.
- Expansion: Uber has extended its platform model to Uber Eats, creating a three-sided marketplace for food delivery. This diversification leverages the existing technology and infrastructure.
- Network Effects: Uber has harnessed the power of network effects, where the value of the platform increases as more drivers and riders join. This has allowed Uber to establish a massive network of users globally.
- Moonshot Thinking: Uber embraces moonshot thinking, setting ambitious goals that are at least 10 times greater than conventional goals. This approach encourages innovative solutions and pushes the boundaries of what’s possible.
- Bold Mission: Uber’s mission is to “ignite opportunity by setting the world in motion.” This overarching goal has guided the company’s strategies and expansion plans.
- Market Potential: Despite its global presence, Uber recognizes that it still has significant growth potential. With only 2% of the population in the 63 countries it operates in, Uber aims to expand further.
- Key Elements: Uber’s success is built on a foundation of a massive network, advanced technology, operational excellence, and a deep understanding of local markets.
- Cultural Norms: Uber has established cultural norms that guide its actions and decisions, emphasizing customer focus, global-local approach, accountability, and a willingness to take bold risks.
- Value Proposition: Uber’s core value proposition centers on providing convenient and efficient transportation solutions for riders while offering income opportunities for drivers.
- Challenges and Future: Uber has faced challenges related to regulatory issues, competition, and public perception. Its future lies in continuous innovation, adapting to changing customer needs, and expanding into new markets.
Visual Stories Connected To Uber
Read: Mission Statement Examples.