The transportation industry is one of the biggest that has been flipped upside-down by startups. From rideshare services like Uber and Lyft to scooters like Bird and Lime, these transportation startups are changing the culture of how we move. And they’re doing it on a global scale. The rideshare industry revenue was over $60B in 2018 and the scooter industry revenue was $15B.
By 2023 these figures will be the double of today.
We know that innovation does not have to break entirely new ground. Many new and successful business models stem from new ways to consider established industries. Industry disruptors are those who find a novel way to approach a service or product.
For example, let’s take a look at the transportation industry. Ridesharing services like Uber and Lyft have disrupted the established norm of taxi and limo services. They provide cheaper options and app-driven functionality for payment and hailing. Tesla is another great example, forcing the auto industry to adapt to electric vehicle technology.
A disruptor starts with a good understanding of the marketplace needs. Then, it searches for where there are issues with the user experience. Lastly, it capitalizes on making improvements. In this case, to disrupt the industry, ride-share services discovered parts of the well-worn travel system that could be repurposed and made more user-friendly through technological advancement.
Even if your business is not in the transportation space, you can still learn a lot. Check out the below infographic, to find out about funding and successful strategies used to