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

“Kind of a scorched earth competitor when we also think that willingness to pay in that market in terms of revenue per trip is more limited. We think that the use case in terms of traffic is very good, but we're more bearish on those”
2019-08-30 · Decoder with Nilay Patel · Recode Decode: Lime president Joe Kraus · IDENTIFIED FROM THE TRANSCRIPT
“If you force me to bet, I would say I think it'll be a lime as a dominant player in Europe with a fragmented competitive landscape of different regional players dominating different countries. And then I think in the US, I think it will continue to be a market share battle between Lyme and Bird.”
2019-08-30 · Decoder with Nilay Patel · Recode Decode: Lime president Joe Kraus · IDENTIFIED FROM THE TRANSCRIPT
“Which is interesting. So, your point is what we survey users constantly on this kind of topic, and what you just said is exactly what I don't even know what the price is.”
2019-08-30 · Decoder with Nilay Patel · Recode Decode: Lime president Joe Kraus · IDENTIFIED FROM THE TRANSCRIPT
“It's such an executionally difficult. It is an executionally difficult business, which is, I think, the moat and the challenge.”
2019-08-30 · Decoder with Nilay Patel · Recode Decode: Lime president Joe Kraus · IDENTIFIED FROM THE TRANSCRIPT
“They're a logistically difficult business, but the interesting part is that's also the moat. That's why truthfully, it's why at the surface this looks like people think it's very similar to Uber's business because we're matching. Oh, I think they have far less”
2019-08-30 · Decoder with Nilay Patel · Recode Decode: Lime president Joe Kraus · IDENTIFIED FROM THE TRANSCRIPT
“And that has come through grinding out the details on how you make this business work, because it's complicated, right? We have a supply chain that starts in China, gets scooters into a local market to China in a minute. A warehouse people that operate, maintain, repair, deploy, prevent scooters from being stolen, collect them from the field, organize a group of people that can charge them every night. Like it is a lot of moving parts”
2019-08-30 · Decoder with Nilay Patel · Recode Decode: Lime president Joe Kraus · IDENTIFIED FROM THE TRANSCRIPT
“There's a lot of those businesses. So, I understand why skepticism was there. I think we're in an entirely different position today. So we have A large number of markets that are what we would call unity economic or contribution margin positive, meaning on a market basis they're making money. That doesn't mean the whole company is making money, but those markets are making money. And we've been able to demonstrate and improve that this is not just about building a world-changing service. We can build a world-changing business that allows a world-changing service to be durable.”
2019-08-30 · Decoder with Nilay Patel · Recode Decode: Lime president Joe Kraus · IDENTIFIED FROM THE TRANSCRIPT
“Not only that, it's nobody will ever make money in this business. They break down scooters last 30 days. Nobody's ever going to make money. This is just a fool's errand. And it's a great service while the VC money...”
2019-08-30 · Decoder with Nilay Patel · Recode Decode: Lime president Joe Kraus · IDENTIFIED FROM THE TRANSCRIPT
“I would say nine months ago, let's call it November, December 2018 through January, February 2019, we were in the trough for despair in that Gartner Heus cycle.”
2019-08-30 · Decoder with Nilay Patel · Recode Decode: Lime president Joe Kraus · IDENTIFIED FROM THE TRANSCRIPT
“I think if you look at the total addressable market for how big micromobility is, if you rewind the clock a year ago, I think there were legitimate questions about can people make money. I think if you look at the scooter space, it went through the Gartner hype cycle relatively quickly. So there was a period of time.”
2019-08-30 · Decoder with Nilay Patel · Recode Decode: Lime president Joe Kraus · IDENTIFIED FROM THE TRANSCRIPT
“That has to be a no, no, no. I actually think I have a lot of respect for the jump team and at the same time look at our global market share and I'm very happy vis-a-vis our competitive position.”
2019-08-30 · Decoder with Nilay Patel · Recode Decode: Lime president Joe Kraus · IDENTIFIED FROM THE TRANSCRIPT
“Product plans, but micromobility is a part of that. And I think truthfully they have a part of their business in Jump, which we compete with, and a part of their business in the ride-sharing marketplace, the Uber app, where we're a partner. And that's kind of normal for these early stages of markets where sometimes your partners are also competing with you and sometimes your competitors are also partnering with you. That's the state we're in with Uber.”
2019-08-30 · Decoder with Nilay Patel · Recode Decode: Lime president Joe Kraus · IDENTIFIED FROM THE TRANSCRIPT
“Subway that way, or whatever. Exactly. Like, you want to integrate public transit and ride sharing and maybe other modalities like van pooling over time. I don't have any access to Uber's.”
2019-08-30 · Decoder with Nilay Patel · Recode Decode: Lime president Joe Kraus · IDENTIFIED FROM THE TRANSCRIPT
“Jump his zoopers, sorry. We have lime scooters integrated into the Uber app. So you can see that in DC, for example. I do. And our general view is that Uber's trying to make a platform. And what they want to do is have users get from point A to point B to a sub-”
2019-08-30 · Decoder with Nilay Patel · Recode Decode: Lime president Joe Kraus · IDENTIFIED FROM THE TRANSCRIPT
“So, Uber is an investor in Lime. In addition, we have this deal in a number of geographies across the world where, along with Jump, we're an exclusive provider.”
2019-08-30 · Decoder with Nilay Patel · Recode Decode: Lime president Joe Kraus · IDENTIFIED FROM THE TRANSCRIPT
“So I credit birth. They started the scooter revolution, and I thought that I have a lot of respect for Travis as an operator, know several members of that team, and think they've done some great innovative work. I think they did, you know, they did personal scooter rentals, they sell scooters, they've got the new kind of bike format. And look, my job as their competitor is to serve users by being better. So I have a lot of respect for my competitors, and yet every day I wake up and want to be better.”
2019-08-30 · Decoder with Nilay Patel · Recode Decode: Lime president Joe Kraus · IDENTIFIED FROM THE TRANSCRIPT
“No, I think what I see in the United States is actually quite an interesting competitive environment where I think it's really us and Byrd fighting it out and providing great service to users and basically being kind of 50-50 in the United States.”
2019-08-30 · Decoder with Nilay Patel · Recode Decode: Lime president Joe Kraus · IDENTIFIED FROM THE TRANSCRIPT
“At least what I see happening, and this is a prediction, and predictions are vulnerable. What is it? The yogi bhara quote likes hard to make predictions, especially about the future. So what I see today is I see Lime as by far the dominant global player. We're two to one bigger than anybody else approximately. In Europe, we even have a stronger market position, and the competition is more fragmented. So what I see in the Nordics is it's lime leading and void is the second place player, and in Germany I see lime leading and tier as the second place player, and in France I see lime leading, and in that case Bird's the second place player. So I just see a fragmented competitive environment where I think Lime has an opportunity to be”
2019-08-30 · Decoder with Nilay Patel · Recode Decode: Lime president Joe Kraus · IDENTIFIED FROM THE TRANSCRIPT
“Truthfully, what I've been surprised in in the economics of the business is if you would ask me. Ten months ago, when I joined, I would have thought it's only going to work in midsize cities and above. Truthfully, we have found that, and truthfully it's a surprising outcome and a testament to the people that make these businesses happen on the ground in these markets. It's worked in small markets and mid-sized markets and large markets. Fleets as small as 500, up to 10,000, 15,000 vehicles fleets. It's just worked across the board. Not easy. This is a tough business, but they've made it work”
2019-08-30 · Decoder with Nilay Patel · Recode Decode: Lime president Joe Kraus · IDENTIFIED FROM THE TRANSCRIPT
“We're not in New York. There's a bill on the mayor's desk that legalizes scooters in New York, specifically in the outer boroughs, but not in Manhattan. We certainly hope he signs it. And that would allow us to at least bring operations to the outer boroughs. We've got a small operation in New Jersey right now. It does quite well.”
2019-08-30 · Decoder with Nilay Patel · Recode Decode: Lime president Joe Kraus · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, I mean, my general view is if you look at most technology businesses, there tend to be two outlier markets, be it Airbnb or Uber or Line. Those outlier markets are New York City and San Francisco for different reasons. Yeah, San Francisco's RFP had a number of requirements that are definitely stretches relative to what other markets are thinking about. We'll see how it shakes out. I don't have any.”
2019-08-30 · Decoder with Nilay Patel · Recode Decode: Lime president Joe Kraus · IDENTIFIED FROM THE TRANSCRIPT
“Okay, I don't see that as much. I see people, most people behave. Most people feel like they're going to get fined. I don't know. I do at least. And so it's interesting. I kind of like it. I like it better than just anywhere. But okay, you might have the statistics on it. So San Francisco, talk about that, Mark, because that's more stringent market. It had the experience with Uber, and it certainly has tried to control the scooter situation.”
2019-08-30 · Decoder with Nilay Patel · Recode Decode: Lime president Joe Kraus · IDENTIFIED FROM THE TRANSCRIPT
“Tamberstick is the only market that has what's called a Lock 2 requirement that requires you to have a lock. I love it. Why do you like it?”
2019-08-30 · Decoder with Nilay Patel · Recode Decode: Lime president Joe Kraus · IDENTIFIED FROM THE TRANSCRIPT
“That doesn't affect you as a writ We're not here today. San Francisco just concluded their RFP process in terms of submissions on Wednesday of last week, and I would anticipate that there's new scooter companies with more fleet here by mid-October.”
2019-08-30 · Decoder with Nilay Patel · Recode Decode: Lime president Joe Kraus · IDENTIFIED FROM THE TRANSCRIPT
“That's true. I do take a lot. First app open Yeah, if I have a bunch of them, I'll take a lime or a bird because I'm like, screw you, Uber. I don't know why. I just is like, I don't want any of the big companies to win. I like independent companies versus.”
2019-08-30 · Decoder with Nilay Patel · Recode Decode: Lime president Joe Kraus · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, I think there's also something to habit. Like if you look at first app open, it makes a difference for people. Yeah, if I have a”
2019-08-30 · Decoder with Nilay Patel · Recode Decode: Lime president Joe Kraus · IDENTIFIED FROM THE TRANSCRIPT
“Of course. I think that's an important part of the mission, but I think it starts with world-class product. Like we have to make the best hardware. And then it starts with great placement. And then we have to continually raise the emotional standards.”
2019-08-30 · Decoder with Nilay Patel · Recode Decode: Lime president Joe Kraus · IDENTIFIED FROM THE TRANSCRIPT
“Nobody's willing to walk to get a Starbucks. Is that right? One on every corner. But you're certainly willing. That's their strategy. You're certainly willing to pay. Shitty coffee, but it's right there. Conveniently placed. I'm sorry. Every time you buy a $3 cup of Starbucks coffee instead of a 50 cent piece of other, somebody else's coffee, you're expressing preference in a world of abundance. Or when you ask for a gray goose and soda for a spirit that is supposed to taste like nothing, you are expressing preference in a world of abundance. And so there is the way these brands are built, in my opinion, is that they marry world-class product with elevating a sense of purpose. And I think one of the things that we need to continue to do is talk to our users about the sense of”
2019-08-30 · Decoder with Nilay Patel · Recode Decode: Lime president Joe Kraus · IDENTIFIED FROM THE TRANSCRIPT
“Nobody's willing to walk to get a Starbucks. But you don't have to walk. That's their strategy. You're certainly willing to pay. Shitty coffee, but it's right there. Conveniently placed. I'm sorry, Howard, but it's true.”
2019-08-30 · Decoder with Nilay Patel · Recode Decode: Lime president Joe Kraus · IDENTIFIED FROM THE TRANSCRIPT
“Deployment matters a ton That's right. And then the last piece is a long term investment. When I look at how do you create preference in a world of abundance, I think the models to look at here are things like coffee and premium alcohols, where you're willing to walk to get a Starbucks and not”
2019-08-30 · Decoder with Nilay Patel · Recode Decode: Lime president Joe Kraus · IDENTIFIED FROM THE TRANSCRIPT
“Really, it really, really depends on the market, truthfully. And we've got data all over the place on these topics. So if I look at Germany is a really important market right now, Mainly because it opened somewhat recently, middle of June, the whole country opened at once, as I already mentioned, Europe the micromobility business there is meaningfully better, and in cities like Berlin we have 47% of the total fleet in Berlin of all available scooters, but we have 62% of the rides. Or in Cologne, another German city, we have 56% of the fleet and 71% of the rides. So we think there is evidence of at least some portion of users expressing preference, but it's the biggest thing we're working to develop. And I think truthfully, preference comes from a few things. One is to people like your hardware.”
2019-08-30 · Decoder with Nilay Patel · Recode Decode: Lime president Joe Kraus · IDENTIFIED FROM THE TRANSCRIPT
“Right. But the two ones that are dominating are independent companies with the Uber and Lyft versions. Pushing forward pretty heavily in Washington. I ride a lot of lift ones because they're available in my neighborhood. I don't see it scoot as much, but I've suddenly started to see them. I take whatever is. I'm not brand loyal to you all. I like Lime ones, but I'm not. So talk about that competitive environment when you're like that, when there isn't a brand loyalty necessarily.”
2019-08-30 · Decoder with Nilay Patel · Recode Decode: Lime president Joe Kraus · IDENTIFIED FROM THE TRANSCRIPT
“In the European theater, they're essentially all one syllable names, voi, wind, cirque. Everybody seems to love one syllable names in this space.”
2019-08-30 · Decoder with Nilay Patel · Recode Decode: Lime president Joe Kraus · IDENTIFIED FROM THE TRANSCRIPT
“There's a ton of them in Paris. I wrote this column about Paris. And it's interesting because it's the same story that Uber played out. Like, what? It's the sort of what by government, which it allowed it to happen and at the same time then was pulling back from it. I think there were at least 12 scooter companies. 16. Well, actually, maybe by the time you're gone there,”
2019-08-30 · Decoder with Nilay Patel · Recode Decode: Lime president Joe Kraus · IDENTIFIED FROM THE TRANSCRIPT
“So that's why lime in particular was again, they made their own scooters from the very beginning, had a great government relations team to get into these cities. Competitively what I think is interesting is that it was a much less clear picture a year and a half ago. Today I think it's meaningfully clearer. We're pretty much 2x bigger than our nearest competitor. I would say in the United States we're 50-50, 55, 45, depending on the metrics, one way or another with bird. But if we look globally, we're two to one, almost bigger than anybody else”
2019-08-30 · Decoder with Nilay Patel · Recode Decode: Lime president Joe Kraus · IDENTIFIED FROM THE TRANSCRIPT
“Because what I saw was a company that was growing incredibly fast, was global in scale, and was riding two durable trends urbanization and all the attendant problems, more urbanization is more traffic, more pollution, more congestion, truthfully, I think, at a, certainly in the United States, I think there's also this epidemic of loneliness with the decline in religious institutions, the decline in civil organizations, lions clubs, rotary clubs. People are lonelier. All of those trends, I think, have some interface with transit. So I don't think cars are the answer as two and a half billion more people go into cities. I felt very confident of that. That trend, coupled with the great execution of Lyme and the growth of Lime and the global nature of the business, got me really attracted about jumping in again.”
2019-08-30 · Decoder with Nilay Patel · Recode Decode: Lime president Joe Kraus · IDENTIFIED FROM THE TRANSCRIPT
“Cobblestones make it difficult. They make it difficult to, well, even worse is Prague. Prague's a really interesting market for us, and I'm shocked people ride scooters because it is so cobblestony there. It's difficult. But regardless, so they're denser, older, cars were always a retrofit. They invested in public transportation earlier, so their networks are better, and that's actually better for micromobility because of this positive relationship between micromobility and public transit. And then lastly, they invested in bike lanes early. So the infrastructure, there's this great website called Copenhagenize that looks at the biking infrastructure. Top 20 cities are not in the US. They're in Europe. And so that's why the micromobility business, scooters in particular, is a much better business in Europe than it is in the United States.”
2019-08-30 · Decoder with Nilay Patel · Recode Decode: Lime president Joe Kraus · IDENTIFIED FROM THE TRANSCRIPT
“So, our business in general and our view is that micromobility works much better in Europe than the United States. Those cities were made for, they're much denser, they're old, they were made for horses and humans, not cars. Cars were always a retrofit into those cities.”
2019-08-30 · Decoder with Nilay Patel · Recode Decode: Lime president Joe Kraus · IDENTIFIED FROM THE TRANSCRIPT
“There's a few shifts. So, when you look at data from, let's say, Portland's Department of Transportation, which I think has done the best study on this, that doesn't involve us, right? So I'll use their data. We have data that basically confirms this, but their independent data was Importantly, at least about 40% of people were replacing a car trip. About half of that was replacing an independent car trip. About half of that was replacing an Uber or a Lyft trip, a rideshare trip. The remainder was replacing walking primarily. They weren't replacing public transit. What was essentially happening was our data shows about 40% of rides start or end at public transit. And so let me even rewind. Play the last mile. So they might take the subway, and then from the subway, they take the scooter to their work.”
2019-08-30 · Decoder with Nilay Patel · Recode Decode: Lime president Joe Kraus · IDENTIFIED FROM THE TRANSCRIPT
“That's right, which is amazing. They've been available in Paris for a year. The amount of people who have shifted their behavior. Two scooters is”
2019-08-30 · Decoder with Nilay Patel · Recode Decode: Lime president Joe Kraus · IDENTIFIED FROM THE TRANSCRIPT
“And things You know what I Yeah, clearly scooters right now are what people love. Like we've done six, we operate today in 100 cities, 26 countries, five continents. We've done over 65 million rides. The business has grown tremendously. I don't see any signs of that abating. Like 11%, to give you an example, like 11% of Parisians use a scooter.”
2019-08-30 · Decoder with Nilay Patel · Recode Decode: Lime president Joe Kraus · IDENTIFIED FROM THE TRANSCRIPT
“Existing. I'm not going to show it to you. Okay. And then I think we have yet to discover what that ideal form factor is for the US market in particular in that two to five mile range. I think that my own personal bias, I think Americans have always had a uncertain relationship with a moped. Certainly bigger in East Asia. It's modestly sized in Europe. Mopeds have been around for a long time, so I'm not fully convinced that an electric moped, and I would point to Scoot's moped operation in San Francisco, been around quite a while. Yeah, I haven't read one. And you probably haven't ridden one.”
2019-08-30 · Decoder with Nilay Patel · Recode Decode: Lime president Joe Kraus · IDENTIFIED FROM THE TRANSCRIPT
“It's a company called Wheels puts those out. And they're interesting. I do think my own view is that scooters are great for like a mile and a half to two miles and under. There's a vehicle type that I think has yet to be discovered between two and five miles. Some people are trying it with mopeds like Revel in Brooklyn and Washington, D.C. Okay, yeah. That itself is a clone of a company called Gogoro in Taiwan.”
2019-08-30 · Decoder with Nilay Patel · Recode Decode: Lime president Joe Kraus · IDENTIFIED FROM THE TRANSCRIPT
“And lastly, scooters are just more manageable as a vehicle. They're lighter, less cumbersome, smaller. And so for this subtle group of reasons, scooters took off in terms of utilization in a way that bikes have not.”
2019-08-30 · Decoder with Nilay Patel · Recode Decode: Lime president Joe Kraus · IDENTIFIED FROM THE TRANSCRIPT
“And the reason is scooters are a better form factor for a mile and a half to two miles. They just are. And I think it's really a couple of reasons. The first is people know what a bike is, so I'll say this an e bike, if you haven't been on one, is no work at all. But when you look at it, it still looks like work because you've ridden a bike before and you think you have to pedal this and it's going to be work and maybe you're going to be a little sweaty. Also the act of getting on a bike is meaningfully different than a slight step up to get on a scooter.”
2019-08-30 · Decoder with Nilay Patel · Recode Decode: Lime president Joe Kraus · IDENTIFIED FROM THE TRANSCRIPT
“No, we still have, I mean, Lime still has a bike operation there. The thing I would say, though, is this about bikes versus scooters. We offer both. 98% of our business is scooters.”
2019-08-30 · Decoder with Nilay Patel · Recode Decode: Lime president Joe Kraus · IDENTIFIED FROM THE TRANSCRIPT
“You know, billionaire. That's good for you and your experimentation. So it was a really great idea that was initially, especially around bikes executed totally wrongly. I remember being in Seattle and being overwhelmed by bikes there, which I don't think are there now, or cities not being.”
2019-08-30 · Decoder with Nilay Patel · Recode Decode: Lime president Joe Kraus · IDENTIFIED FROM THE TRANSCRIPT
“Where most, yeah, I mean, 55% of the world's population is in a city today. That's expected to be 68% in 2050, which is about two and a half billion people moving to cities. Like cities are the trend towards cities is inexorable. It begs the question cars aren't really the greatest vehicle for short trips. And so this unbundling of the car, which I think boils down to small vehicles for small trips, and the car is great for going long distances Where you want to go point to point. But inside a city, under five miles, I strongly believe cars are not the right vehicle type.”
2019-08-30 · Decoder with Nilay Patel · Recode Decode: Lime president Joe Kraus · IDENTIFIED FROM THE TRANSCRIPT
“You know, I've written about this a lot, like that you're not going to own one. Right. You have access over ownership. And that itself was playing on the back of the sharing economy that was coming up with Airbnb and others. But I think what Uber really showed is that it's sufficient liquidity, it's sufficient availability. It's a substitute for ownership. And you can mediate that through your phone. You can summon a car on your phone. I think the next wave that's happening is to ask the question, why is the car the right vehicle for all trips? You know, since Henry Ford in 1908 with the introduction of the Model T, we've really had this notion of one car to rule them all. I take short and long trips with it, day trips and night trips with it, trips to the mountains, trips to the store. I do everything in my car. But if you look at...”
2019-08-30 · Decoder with Nilay Patel · Recode Decode: Lime president Joe Kraus · IDENTIFIED FROM THE TRANSCRIPT
“In my view, what's happening, broadly speaking, is that you're seeing this unbundling of the car, and the trend went, it first started with Uber. So Uber taught people that I don't need to own a car, I can have access to a car, and if that access is reliable enough,”
2019-08-30 · Decoder with Nilay Patel · Recode Decode: Lime president Joe Kraus · IDENTIFIED FROM THE TRANSCRIPT