He launched an Uber competitor with just $3,000—& grew to $20M in revenue in 7 years. | Cody Ruberto, Founder of Uride
Description
Cody started a ride-share business in 2017 with no capital. He focused exclusively on small towns (population <100K) where Uber/Lyft weren't available. I know as a VC I would've passed if he'd pitched me when he started—and I would've been dead wrong.
So far he's raised only $2.1M, compared to Uber's $30B+ raised. And yet, he built a business doing $20M+ in annual revenue that is live in a dozen markets and multiple countries.
At one point, he came weeks away from bankruptcy when ride-share froze during the early days of COVID. He goes through exactly what he did to survive—and to grow well beyond where he was pre-COVID just a year after.
If you're bootstrapping or competing with better funded players, check this episode out.
Why you should listen:
- Why even massive competitors often don't mean you can't build a business.
- How to hack your way to millions in revenue with no budget.
- Why customer service and success are the keys to unlock word-of-mouth.
- How to survive 3 weeks of cash and near-bankruptcy.
Keywords
Uride, rideshare, entrepreneurship, bankruptcy, business growth, startup challenges, market expansion
Timestamps:
(00:00:00 ) Intro
(00:01:48 ) Thunder Bay Ridesharing
(00:03:49 ) A Problem that Shouldn't Exist
(00:06:44 ) The Launch
(00:08:15 ) Growing and Outgrowing
(00:10:50 ) A Bylaw Loophole
(00:13:27 ) Expanding to Other Communities
(00:17:05 ) Three Phases
(00:21:54 ) Surviving
(00:29:18 ) The Demand Curse of Ride Sharing
(00:34:09 ) Unride Focus
(00:39:46 ) Long Ways to Go
United States
