YouSaid · the spoken record

Joe Kraus

lines on the record: 132
first: 2019-08-30
most recent: 2019-08-30
sittings or episodes: 1
sources: podcast

Every line below is reproduced as it was said and linked to the record it came from. Nothing here is summarised or generated. Directory · Search · Corrections

“And I think those are the easy things to talk about truthfully. But that's what you're going to have to stop. We got to deal with them. You don't have to deal with them.”
2019-08-30 · Decoder with Nilay Patel · Recode Decode: Lime president Joe Kraus · IDENTIFIED FROM THE TRANSCRIPT
“Okay, fair enough. How many tech products make people smile? Okay. Yeah, you're right. Not very many. You saw it with those. No, I get it. I get it. I just think there's too many of them, and it obscures what is a really interesting trend, which is microbiality versus these crazy valuations and the safety issues and the execution issues. And then when they're piled all around, it's visually chaotic. I think that's really.”
2019-08-30 · Decoder with Nilay Patel · Recode Decode: Lime president Joe Kraus · IDENTIFIED FROM THE TRANSCRIPT
“Okay, fair enough. How many tech products make people smile? Okay. Yeah, you're right. Not very many. Not very many. And literally there's a childlike element to it. And I know that sounds hokey, but you saw it with those”
2019-08-30 · Decoder with Nilay Patel · Recode Decode: Lime president Joe Kraus · IDENTIFIED FROM THE TRANSCRIPT
“Was really interesting. I was like, you're not getting it. But that thing you're tapping into, like one of the things that I love about the job is how many products make people smile? Like literally, there was a joy.”
2019-08-30 · Decoder with Nilay Patel · Recode Decode: Lime president Joe Kraus · IDENTIFIED FROM THE TRANSCRIPT
“I got a whole group of old guys on them. I shouldn't have done that, but I did. I was at a dinner in Austin. I was heading out of the hotel. I think I talked about this out of the hotel. They were looking around for their Uber app. And I'm like, I'm getting on this. There were a million scooters in Austin. There's so many available at on any one time. And I got on when I'm taking a scooter and I had my helmet with me actually at this one. And they didn't. They didn't. They should have, but they didn't. They took them, and I have to say, it was the most enjoyable dinner with a pack of white guys I've ever had. You know, they were like these old business types. And they got on, they were like children. They were like, Tina, it was interesting. It was an interesting mood elevator in a weird way.”
2019-08-30 · Decoder with Nilay Patel · Recode Decode: Lime president Joe Kraus · IDENTIFIED FROM THE TRANSCRIPT
“And actually, in my opinion, the biggest barrier to Lyme success and the industry success has nothing to do with regulation or supply chain. It's a lack of imagination. And this is just a human characteristic. It's a lack of imagination that the future can be any different than the past. And getting people onto a scooter for the first time tends to unlock that imagination.”
2019-08-30 · Decoder with Nilay Patel · Recode Decode: Lime president Joe Kraus · IDENTIFIED FROM THE TRANSCRIPT
“You understand. And when you see it from afar, you're like, This is a bunch of tourists and kids making noise on a scooter. But you ride it and you realize, oh my God, I can make that coffee with a friend that I wouldn't have been able to make. I can get to work on commute twice as fast as I could via a car. And you kind of can make the leap viscerally to cities can be better. Actually, there's a different way.”
2019-08-30 · Decoder with Nilay Patel · Recode Decode: Lime president Joe Kraus · IDENTIFIED FROM THE TRANSCRIPT
“You know, I'm super focused on the operational details of the business. The main things that I think about are how do we continue to be good operators in cities all around the world. Scooters are clearly so useful to people who ride them. But most people aren't yet riding them. And it's easy to forget that 99% of the world's never or more has never ridden one of these things. Being good actors in these cities, paying close attention to the way we handled parking and the way we handle people not riding on sidewalks and educating users on good ridership is key to making this market big. And how do I get more and more people on these vehicles? Because my general experience has been once you've ridden one.”
2019-08-30 · Decoder with Nilay Patel · Recode Decode: Lime president Joe Kraus · IDENTIFIED FROM THE TRANSCRIPT
“That kind of environment? No, my general view here is when I'm a big believer in founder-led companies because I think the data certainly suggests that founder-led companies are better in terms of growth, motivation, mission. And then the second is Brad is really well qualified on being cross-border. He was born in China, has all those relationships, has seen Ofo and Mobike and the mistakes of those as we look at so many of these trends actually start in China now and then get brought to the West in a different mode having that cross-border expertise is incredibly complementary at least to the skills that I bring. Like I don't have any of that.”
2019-08-30 · Decoder with Nilay Patel · Recode Decode: Lime president Joe Kraus · IDENTIFIED FROM THE TRANSCRIPT
“The thing I say all the time to the companies it's not about offering a world changing service. It's about the way to make a world changing service is to make a world-changing business. Because if you can make a great business, then your service lasts forever and it's not about when the money runs out the service is gone. So I would say if you want to make the maximum impact, you got to make a great business that's durable and sustainable. So you're not here.”
2019-08-30 · Decoder with Nilay Patel · Recode Decode: Lime president Joe Kraus · IDENTIFIED FROM THE TRANSCRIPT
“Anyway My view is all startups are like relay races, right? So you have one group of people that Really focused at the beginning on like market discovery. What is this thing, and how do we build a supply chain and what's the business? I was really brought in on the how do we scale up the precision in our operations as we move from a focus of just about growth to we got to make money out of this business My charter has really been about how do you scale global operations in a way that drives towards profit. Not in a way that just is about getting incremental revenue”
2019-08-30 · Decoder with Nilay Patel · Recode Decode: Lime president Joe Kraus · IDENTIFIED FROM THE TRANSCRIPT
“Right, there were two co-founders. And you were brought in why? Many people are talking that you were brought in to take over from them, you know, adult in the room. It's happened. It happened in Facebook. It happens in lots of companies.”
2019-08-30 · Decoder with Nilay Patel · Recode Decode: Lime president Joe Kraus · IDENTIFIED FROM THE TRANSCRIPT
“Again, with the caveat that you can never predict the future, my view is we absolutely have both the growth potential, market size, and profit potential to be a standalone public company.”
2019-08-30 · Decoder with Nilay Patel · Recode Decode: Lime president Joe Kraus · IDENTIFIED FROM THE TRANSCRIPT
“Wall Street's pressure on Lyft and Uber for earnings has made for just a better environment in terms of how all the players are looking at the business and what they can do because we're tapping into those same capital markets”
2019-08-30 · Decoder with Nilay Patel · Recode Decode: Lime president Joe Kraus · IDENTIFIED FROM THE TRANSCRIPT
“The rider is the driver. In this case, we simply buy the scooter. And I know the fixed price of the scooter in terms of pay for it, and I know how long it lasts as I get better at it, and I'm not having to constantly subsidize that side of the business. The second piece is”
2019-08-30 · Decoder with Nilay Patel · Recode Decode: Lime president Joe Kraus · IDENTIFIED FROM THE TRANSCRIPT
“I actually think that the scooter companies and LIME, the foremost among them, will be much more capital efficient than the ride-sharing companies, despite the fact that we have to buy scooters. Primary reasons is that several fold. One is it costs a lot less.”
2019-08-30 · Decoder with Nilay Patel · Recode Decode: Lime president Joe Kraus · IDENTIFIED FROM THE TRANSCRIPT
“And profitability, you know, we've had experience with Uber and Lyft, which right now they're down 20, 30% on Wall Street, which is finally sort of gone. No, this is a financially problematic situation.”
2019-08-30 · Decoder with Nilay Patel · Recode Decode: Lime president Joe Kraus · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, I absolutely believe Lime is going to be a public company and a standalone company. That is the path that we're on.”
2019-08-30 · Decoder with Nilay Patel · Recode Decode: Lime president Joe Kraus · IDENTIFIED FROM THE TRANSCRIPT
“And so for an insurance company, again, this is not speaking from the point of view of the rider. From an insurance company, you're carrying less energy, which means that the range of injuries is actually different.”
2019-08-30 · Decoder with Nilay Patel · Recode Decode: Lime president Joe Kraus · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, we certainly offer insurance, and it's an important part of the business. I think that. One of the things to consider is the nature of, well, so what specifically do you want to know about?”
2019-08-30 · Decoder with Nilay Patel · Recode Decode: Lime president Joe Kraus · IDENTIFIED FROM THE TRANSCRIPT
“There is 100%, we got to train people on how to do good parking, which in Paris now, by the way, you can't park on the sidewalk anymore. You have to be on the street. And so I think there's ways to integrate these. And that's a separate point from the fact that I think we're just carblind because nobody, very few people that are alive today ever knew a world without cars from the moment you opened your eyes.”
2019-08-30 · Decoder with Nilay Patel · Recode Decode: Lime president Joe Kraus · IDENTIFIED FROM THE TRANSCRIPT
“Look, I think the reality is cars are all around us, but we don't see them anymore. We're totally car blind. The amount of space we take for parking places, the amount of space we take for the roads, parking structures. I'm amazed but not surprised that somebody sees one scooter tipped over on the sidewalk, and that's a five-alarm fire, and they don't. There's a lot of them.”
2019-08-30 · Decoder with Nilay Patel · Recode Decode: Lime president Joe Kraus · IDENTIFIED FROM THE TRANSCRIPT
“Sustainability goals to congestion. Yeah, I know, saw the congestion pricing, which is really controversial on the west side. They're making bike lanes, which are the rich people on the west side, or in Central Park West are pissed about. But it seems like it's an inevitable that bike lanes are going to.”
2019-08-30 · Decoder with Nilay Patel · Recode Decode: Lime president Joe Kraus · IDENTIFIED FROM THE TRANSCRIPT
“I mean, you see in Oslo, there's no cars in the center of Oslo. Many of those European cities are far more serious about car-free zones, congestion pricing, and making their sustainability goals. Yeah, I know, saw the congestion pricing.”
2019-08-30 · Decoder with Nilay Patel · Recode Decode: Lime president Joe Kraus · IDENTIFIED FROM THE TRANSCRIPT
“There's a lot of e-bikes in those lanes now, too, to be honest. We actually think we're very much long term aligned with the biking advocacy groups because we want the same thing, more bike lanes. No cars. We want fewer cars, more bike lanes, more pedestrian-friendly cities with less congestion alternatives. Do you have any more...”
2019-08-30 · Decoder with Nilay Patel · Recode Decode: Lime president Joe Kraus · IDENTIFIED FROM THE TRANSCRIPT
“So, when you think about the idea of safety, you're not going to avoid some injury. You also run into people who are riding bikes, and there's a very strong constituency for that, that you're in these bike lanes with motorized vehicles.”
2019-08-30 · Decoder with Nilay Patel · Recode Decode: Lime president Joe Kraus · IDENTIFIED FROM THE TRANSCRIPT
“Interesting. And I take a scooter every day from the Caltrain station. That Uber ride is 20 minutes to my office. My scooter ride is seven minutes As I'm saving like four days a year”
2019-08-30 · Decoder with Nilay Patel · Recode Decode: Lime president Joe Kraus · IDENTIFIED FROM THE TRANSCRIPT
“When they invest in that kind of infrastructure, and I would point to the Netherlands as the perfect example. The highest bike ridership on the planet and some of the lowest helmet wearing on the planet And the least number of injuries because they have better infrastructure. I'm not advocating not writing a helmet. We always advocate wearing a helmet, but I'm simply saying that the right long”
2019-08-30 · Decoder with Nilay Patel · Recode Decode: Lime president Joe Kraus · IDENTIFIED FROM THE TRANSCRIPT
“But the real long term safety is you separate high speed traffic, which is cars, from mid-speed traffic, which is bikes and scooters, from slow speed traffic, which is pedestrians. And you see that in Europe”
2019-08-30 · Decoder with Nilay Patel · Recode Decode: Lime president Joe Kraus · IDENTIFIED FROM THE TRANSCRIPT
“I don't know specifically anymore. It's real slow. It's real slow. It's probably 15 and 1 and 19 and another, something like that, or 13.”
2019-08-30 · Decoder with Nilay Patel · Recode Decode: Lime president Joe Kraus · IDENTIFIED FROM THE TRANSCRIPT
“That's right. I can't remember precisely all the details, but yes, it's a challenge to say do this and you can unlock the scooter. We've given away, I think it's on the order of a quarter million helmets as another piece of how do you increase safety by giving people helmets because many, many, many people who want to ride scooters don't have helmets. And we think that the most effective way to do safety is bike lanes. The reality is that most, there's a series of injuries that can happen when you alone are on the scooter. Maybe you hit a pothole. But the amount of energy you have there is 15 miles an hour-ish.”
2019-08-30 · Decoder with Nilay Patel · Recode Decode: Lime president Joe Kraus · IDENTIFIED FROM THE TRANSCRIPT
“The next is how do we deal with drunk riding? In many markets, on Friday and Saturday nights, after I think it's nine or ten o'clock, we have a challenge that's basically an interstitial that makes you enter some information as a challenge if you can't complete it, maybe you shouldn't be.”
2019-08-30 · Decoder with Nilay Patel · Recode Decode: Lime president Joe Kraus · IDENTIFIED FROM THE TRANSCRIPT
“A lot of people don't know how to ride it And so teaching people how to ride and safe riding techniques, which is part of why we launched a feature called group ride. So, other than the United States, you can teach me how to ride a scooter. You can unlock my scooter for me on your account. You can unlock several scooters. And we can go on a group ride. And we believe that that increases safety because you're teaching me and reducing that risk on that first ride. 60% of rides, accidents happen in the first nine rides. Again, we think it's about people learning how to ride this vehicle, so we invest in these first ride academies. Yeah, exactly.”
2019-08-30 · Decoder with Nilay Patel · Recode Decode: Lime president Joe Kraus · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, a lot of them. So we do several things as it relates to safety, but that's our objective The first is we try to teach people how to ride. Like the Centers for Disease Control looked at when accidents happen on a scooter. 30% of the accidents, about a third, happen on your first ride. So we run these things called first ride academies that basically teach people how to ride. I think it's strange that”
2019-08-30 · Decoder with Nilay Patel · Recode Decode: Lime president Joe Kraus · IDENTIFIED FROM THE TRANSCRIPT
“Man, so let's talk about safety. Safety, as you rightly point out, is something that we spend a lot of time thinking about is really important. It's important to our riders. It's important to us as a business. I'll start with what's our objective. Our objective is to make this as safe as bicycles or safer. Like we think that's a reasonable target. Bicycles go about the same speed as a scooter. In fact, bicycles can go faster. People understand basically the risks associated with being on a bike”
2019-08-30 · Decoder with Nilay Patel · Recode Decode: Lime president Joe Kraus · IDENTIFIED FROM THE TRANSCRIPT
“I was going under, yes, and I was going to dinner with him, and he somehow got behind me and took a video, and everyone gave me a hard time justifiably I shouldn't have done. I just was late. And I love scooters. As you know, I'm a big scooter fan. But I do worry about watching people drunk on them, watching people ride them like crazy people ride them like double and triple. I was in province. Where was I? Somewhere I was, where there were three or four people on a street. Tantum riding, and there was a guy with a kid riding at his feet, which I was like, I nearly like.”
2019-08-30 · Decoder with Nilay Patel · Recode Decode: Lime president Joe Kraus · IDENTIFIED FROM THE TRANSCRIPT
“Airbag for your head. I was like, come on. And then I was like, and then I looked into it, and it's actually quite fascinating all the time. There's all kinds of things, but getting people to wear helmets, and I got caught on a video. I wear helmets all the time on these things, except once when my boss actually got a picture of me at Southwest. He's in Austin, Texas. Austin, Texas. And he thought I was on the highway. I was not on the highway riding.”
2019-08-30 · Decoder with Nilay Patel · Recode Decode: Lime president Joe Kraus · IDENTIFIED FROM THE TRANSCRIPT
“Depends on the market. They don't worry about that in Australia for some reason. Okay. But they do in the end. They don't want to share how.”
2019-08-30 · Decoder with Nilay Patel · Recode Decode: Lime president Joe Kraus · IDENTIFIED FROM THE TRANSCRIPT
“Not only that, but the car has been around for over 100 years, and scooters are like three years old. Trevor Burrus, Jr.:”
2019-08-30 · Decoder with Nilay Patel · Recode Decode: Lime president Joe Kraus · IDENTIFIED FROM THE TRANSCRIPT
“But the reality is that theft and vandalism is a small fraction of what makes the business difficult. What makes the business difficult is when you're managing a fleet of, I don't know, 120,000, 150,000, 200,000, 250,000 vehicles that are on the road simultaneously, actually managing just that scale is itself the hard part. It's not really the bit that gets stolen, although that's a part of it. It's just the fact that you have so many vehicles that you're trying to...”
2019-08-30 · Decoder with Nilay Patel · Recode Decode: Lime president Joe Kraus · IDENTIFIED FROM THE TRANSCRIPT
“Of them. We certainly have ways to follow them, but at some point a scooter could be, you know. Disassembled, destroyed, something. Here's the thing I think most people think it's a jungle out there. You put your scooters on the street, everybody's trying to steal them. The reality of the business is far more subtle. There is some theft and vandalism. Don't get me wrong. You see enough Instagram videos of people driving scooters off a cliff or doing something with them that is an unintended use.”
2019-08-30 · Decoder with Nilay Patel · Recode Decode: Lime president Joe Kraus · IDENTIFIED FROM THE TRANSCRIPT
“You can look on a city for hotspots about where to scooters go to die, and then you can kind of anything from contained service areas to making sure that high alert tickets get sent out for people to retrieve scooters that are in areas that are kind of danger zones in terms of being stolen.”
2019-08-30 · Decoder with Nilay Patel · Recode Decode: Lime president Joe Kraus · IDENTIFIED FROM THE TRANSCRIPT
“I mean, as we've been talking about, this is literally a game of details, and that's one of the details that you've got to look at. What”
2019-08-30 · Decoder with Nilay Patel · Recode Decode: Lime president Joe Kraus · IDENTIFIED FROM THE TRANSCRIPT
“What we've learned is how to train mechanics and how to spread that knowledge and generate standard operating procedures and get them standardized across now 100 plus markets around the world.”
2019-08-30 · Decoder with Nilay Patel · Recode Decode: Lime president Joe Kraus · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, I think the thing that everybody focuses on in the business, rightly so, is how long do your scooters last? Right. Which is a combination of hardware, and it's a combination of how do you operate it, how do you maintain it, how do you collect it, how do you make sure it doesn't get stolen, how do you make sure you don't lose it? How do you make sure you have good mechanics? And that game of inches is basically what allows your, that hardware coupled with great operations is what allows your vehicles to last longer and longer.”
2019-08-30 · Decoder with Nilay Patel · Recode Decode: Lime president Joe Kraus · IDENTIFIED FROM THE TRANSCRIPT
“We have operations in, I would say, seven or eight cities Bogota, Colombia, and Santiago, Chile, in Rio, in Sao Paulo, in several other markets. Actually, there are really good pockets of markets in there, but I would say it's a more concentrated play in the right cities and in the right places where there's either a lot of tourist traffic or a lot of congestion.”
2019-08-30 · Decoder with Nilay Patel · Recode Decode: Lime president Joe Kraus · IDENTIFIED FROM THE TRANSCRIPT
“And the truth is that moving a factory is not an easy thing to do, and it's not a short-term commitment. So I think we might look at other opportunities for assembling in different areas of the world. Probably the most egregious is Brazil. Brazil has 111% import tariff. That makes that market harder.”
2019-08-30 · Decoder with Nilay Patel · Recode Decode: Lime president Joe Kraus · IDENTIFIED FROM THE TRANSCRIPT
“Peace is created But our business is still economical in the United States. We still have many markets where we're making money, even with a 25% higher price scooter.”
2019-08-30 · Decoder with Nilay Patel · Recode Decode: Lime president Joe Kraus · IDENTIFIED FROM THE TRANSCRIPT
“Yes, note taken. Note ignored. Yeah, we pay more for our scooters coming into the United States as a result of the Trump tariff, 25% more, in fact.”
2019-08-30 · Decoder with Nilay Patel · Recode Decode: Lime president Joe Kraus · IDENTIFIED FROM THE TRANSCRIPT
“We have a team of 70 people in China that design the vehicle, that source all the components, that basically do all the engineering, and then we work with three assemblers that take that design and create it on an exclusive basis. And so, yeah, our supply chain is in China.”
2019-08-30 · Decoder with Nilay Patel · Recode Decode: Lime president Joe Kraus · IDENTIFIED FROM THE TRANSCRIPT