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Ideas are worthless
Execution is everything
Have you ever heard of Taxi Magic?
[THREAD]
Execution is everything
Have you ever heard of Taxi Magic?
[THREAD]
Imagine it's 2008
In order to get a cab you have to:
- find the local cab company's number
- call them and probably wait on hold
- wait outside for your cab
- make sure you have cash
In order to get a cab you have to:
- find the local cab company's number
- call them and probably wait on hold
- wait outside for your cab
- make sure you have cash
Now imagine a better way
There's an app for your smartphone that will revolutionize transportation
It lets you order a ride with the push of a button, from your phone, cheaper than a taxi & you pay for the ride through your phone
Sound familiar?
Of course
It's Taxi Magic!
There's an app for your smartphone that will revolutionize transportation
It lets you order a ride with the push of a button, from your phone, cheaper than a taxi & you pay for the ride through your phone
Sound familiar?
Of course
It's Taxi Magic!
Taxi Magic was first to the party
Taxi Magic launched in 2008, a full year ahead of any competitor
Uber launched in 2009 (now $91 Billion Market cap)
Lyft launched in 2014 (now $16 Billion Market cap)
What went wrong?
Taxi Magic launched in 2008, a full year ahead of any competitor
Uber launched in 2009 (now $91 Billion Market cap)
Lyft launched in 2014 (now $16 Billion Market cap)
What went wrong?
Execution.
- App was glitchy
- They let customers pay in cash and charged them a fee separately which was confusing
- Booking a car was confusing
- Used only Taxi companies for rides
- App was glitchy
- They let customers pay in cash and charged them a fee separately which was confusing
- Booking a car was confusing
- Used only Taxi companies for rides
Taxi Magic's board was unwilling to go around the taxi industry
Not going to a P2P model ultimately crushed the company
Taxi Magic is now called Curb and still works only with Taxi's
Curb has also expanded into making GPS and payment hardware for taxi's
Not going to a P2P model ultimately crushed the company
Taxi Magic is now called Curb and still works only with Taxi's
Curb has also expanded into making GPS and payment hardware for taxi's
Taxi Magic was almost Uber before Uber was Uber
Ideas are worthless
Execution is everything
Ideas are worthless
Execution is everything
PS you can still read the original Taxi Magic launch article by @jasonkincaid here https://techcrunch.com/2008/12/16/taxi-magic-hail-a-cab-from-your-iphone-at-the-push-of-a-button/
