Connect with us

Business

Lyft Just Announced Their IPO…

Published

on

…and they beat Uber to it. Just like they wanted to.

News just broke that Lyft has taken the first step towards going public by filing confidential documents with the SEC for an IPO.

Valued at $15B, Lyft didn’t reveal shares it expects to offer, nor a price range. But Lyft did say the IPO will happen as soon as the SEC finishes its review process.

According to sources, that could be as early as Q1 next year, depending on how quickly the SEC reviews its filing. Lyft’s valuation is likely to end up between $20B and $30B, one source told Reuters.

By going public first, Lyft—whose JP Morgan/Credit Suisse and Jefferies all-star banking team will underwrite the IPO—gets a big win over its chief rival Uber.

According to rumors, Lyft CEO Logan Green was caught dancing in a local Silicon Valley bar like…

These are just rumors at this stage, however.

Now we wait for Uber…

Expect Lyft’s IPO to generate massive hype, all the while setting the stage for Uber to join Lyft on Wall Street.

Two of the most hyped unicorns, Lyft and Uber have become insanely popular investment targets, even though neither have yet to turn a profit. (Unprofitable IPOs has been par for the course in 2018; nothing special there.)

As it stands now, UberEats alone is valued higher than Lyft’s $15B. Lyft will want to change that, especially as its private investors seek to score big exit bags. The $20B to $30B IPO target will accomplish just that.

Just for reference, Uber recently got a reported $76B valuation on the private markets. But according to reports, Uber’s looking for a $120B valuation on the public markets.

Still the most valuable startup in the world, Uber brass says their IPO will ultimately end car ownership.

So why did Lyft want to go to the public markets first, just for petty bragging rights?

That’s probably some of it.

But more importantly, by IPO’ing first, Lyft gains the “first-mover advantage” over Uber.

Plus, Lyft now can help steer growth expectations as well as moneymaking potential of ride-hailing services, said Rohit Kulkarni, managing director of SharesPost, which focuses on privately held companies going public.

A big question mark centers around the issue of drivers. According to one study, 96% of Uber drivers quit inside the first year.

How will this affect investor appetite in a company that relies heavily on part-time workers who tend to quit as soon as they find better paying gigs.

One MIT study said Uber drivers make a pathetic $3.37 per hour, once subtracting expenses. In fact, 30% of drivers “are actually losing money once vehicle expenses are included,” the study said.

“The ‘cab-hailing-system’ has been antiquated and left as a dinosaur of yesteryears,” Jeff Zell, senior research analyst and a partner at IPO Boutique in Florida, told Reuters. “The good news for ride-sharing is that it’s a market that has shown to be penetrable.”

The Lyft opportunity

One of Lyft’s challenges will be how to adapt to market changes like autonomous cars.

“With autonomous cars on the horizon, it is anyone’s guess where this sector goes in the future. But Uber and Lyft, as name-brand leaders, are leading the race and will have the war chest to be major players for years to come.”

Sure, Lyft still is a distant second in the ride-sharing category. But it’s been gaining market share due to a series of Uber incidents, including senior execs leaving, accidents and revelations of sexual harassment.

Next year’s IPO should bring more buzz, more attention to Lyft, which then makes more people aware of Lyft as an alternative to Uber.

Your move, Dara…

Business

The TRIBE app is LIVE!📱 Here’s how it all started…

Published

on

Last November, our TRIBAL CHIEF posed a simple question.👇

We received dozens of messages and emails from you all expressing interest in joining the collective. 👇

So, we went to work.

Within ten days, we had the first MVP (minimum viable product). So, we returned to you and asked if any of you would be willing to check it out and give us feedback, aka beta test. 👇

That following weekend, we put TRIBE in the hands of a few beta testers. Each user scanned the site, clicked every link, and pinpointed any errors during the meeting.

Armed with the feedback we collected, our team made the necessary updates to the site.

That following Monday, December 21, 2020, we conducted a special edition of our FB Live 10 Questions. We used this episode to soft launch TRIBE just to our Facebook community. In addition, we used that time to conduct a live walkthrough and answered questions we received regarding TRIBE.

After that 10 Questions session, we officially launched TRIBE and opened enrollment. We were expecting a few submissions, but instead, we received hundreds of applications!!!

Each submission allowed us to learn more about you and helped us define ways we can serve you best.  

We ask questions like

  1. What interests you the most?

  2. Have you started a business before?

  3. Have you invested (stocks, bonds, real estate, etc.) before?

  4. And most importantly, why do you want to join our community?

This stage of the journey is called audience development. We learned that 53% of you were entrepreneurs and that over 70% of you were super-focused on learning about investing both in the stock market and real estate.

Best of all, we discovered that 78% of you were willing to commit 5-10 years to learn how to become millionaires. Yay!🙌

Knowing your audience is so important, no matter what business or industry you’re in. With this data, we were able to craft virtual experiences that would help you reach your goals. For example, we outlined a calendar of events focused on real estate, stock investing, goal-setting, and entrepreneurship.  Graphical user interface Description automatically generated

We spent the first few weeks getting to know our founding members through virtual meetings, coaching sessions, and events.

We made a conscientious effort to communicate with members through email constantly. But we needed a better way to stay in touch and share updates. 

With that in mind, our tech team searched for a solution. In the meantime, we created a group chat through WhatsApp.

We used that chat room to share updates and connect with our members.

In February 2021, we began building the TRIBE social network platform. Our goal was to funnel all community events, updates, and networking under one umbrella.

Graphical user interface Description automatically generated

Our team spent hours designing branded creatives like banners, thumbnails and creating content like how-to articles and videos to populate the network.

We shared the upcoming news about the platform with our founding members first and asked them to check out the site and share their feedback. For the first two weeks, the TRIBE social network was exclusively available to them. However, once they gave us their approval to move forward, we opened doors to the entire wealthgang.

The platform went from founding members to thousands 💪! Not to mention 175K+ (followers, TRIBE members, app downloads, etc.) across the entire NYCE ecosystem. It feels like it all happened overnight. 🔥🔥🔥

As more members joined TRIBE, we conducted more virtual experiences. In addition, we ensured that all events were recorded in case some members were unable to attend; we could share the replay.

However, as demand for replays grew, we knew we needed a better solution to deliver on-demand access.

TRIBE TV was born. To us, it’s Netflix for financial literacy. Through TRIBE TV, you can learn at your own pace.

As the community continued to grow, we added more membership perks like 1:1 and group coaching sessions from experts and 30-day challenges.

So, what’s next for TRIBE?

Today, I am happy to announce that the TRIBE app is now officially available in the App Store and Google Play. (Here are the direct links to dowload: iOS and Android! You can also use Text Me the App here to text yourself and others a quick link to download the app.)

That’s right, a community fueled by a simple social media post has grown to thousands of members, over 100 virtual events, dozens of success stories (hey, Donna!), and now there’s a standalone app!

You know what? We could not have done it without you, our TRIBE community.  🙏

What’s the lesson in all of this? Just start. No matter where you are in life, just start. Start that blog, launch that side hustle, apply for that mortgage loan, invest in that index fund, build that website. No matter what you desire to create, just do it.

You’ll never be ready. We weren’t prepared to build a community that serves thousands. We weren’t ready to produce over 100 virtual events in less than a year. We weren’t ready to build a streaming platform. And we certainly weren’t ready to build two mobile apps in less than 12 months, but we made it happen.

Why? Quite frankly, it’s pretty simple for us. These initiatives move us one step closer to creating 100,000 millionaires. That’s the gasoline that fuels us and keeps us moving. That’s more important to us than anything else.

Through hard work and hardcore commitment, we did it! And you can too!

To recap📝:

  1. Always start with why? Our why is always to move one step closer to creating 100,000 millionaires

  2. Build an MVP

  3. Test, test, test

  4. Talk to your target audience so you can learn more about them and their needs

  5. Build solutions to their headaches

  6. Always add value

  7. Work your ass off!

P.S. Don’t forget to leave a 5-star review in your app store when you download the new TRIBE app😉! Here are the direct dowload: iOS and Android links.

P.S.S. I recommend that you also delete/disable notifications from the Mighty Networks mobile app. Otherwise, you may receive duplicate notifications about TRIBE.

Continue Reading

Business

The Art And Science Of How To Keep Talented People Around

Published

on

(Editor’s Note: The following article is a guest post by superstar entrepreneur and tech investor Jonathan Schultz.)

The number one reason talented people leave their jobs is because of the failure of their direct managers. Businesses are defined by the strength of their people. Even in the most successful company (think Google, Amazon, etc.), a bad manager can drive talented employees out the door. So what is the true art and science of keeping talented people around?

SITUATIONAL LEADERSHIP

Successful managers apply targeted, dynamic coaching to each individual team member. There is not one management style that works for everyone or every situation. Managers need to adapt their approach to every situation and every team member. This is called situational leadership. This situational leadership model has been used across 70 percent of Fortune 500 companies and has received numerous accolades from training experts.

The model details how we learn new skills and the four stages of mastering new tasks. For every stage and task, managers need to adapt their approach to managing their report.

STAGE 1

When your team member approaches a new and unfamiliar task with a determination to master it, they see opportunity. They are complete beginners in execution, but they possess high motivation and low skill. In this step, the manager needs to take a highly directive approach, where they demonstrate how the task should be done, setting concrete goals and closely reviewing the report’s progress as well. You are not being a micromanager by supporting the growth and training of your team. Sometimes your team needs to use your expertise as training wheels.

STAGE 2

This stage is full of frustration. Why? Because it generally takes people more time to master a skill than they’d like. Discouragement will set it and their confidence will lower. While they have built up more skills, their confidence is at its lowest in this stage. In this stage, the manager needs to serve as a cheerleader and remind their team member of why they were chosen to do this task and remind them of how far they have already come.

STAGE 3

In the third stage, people have gained enough skill to complete the task but still maintain a mentality of imposter syndrome in which they are more skilled than their confidence allows them to believe. They may even still be discouraged. In this stage, managers need to do less guiding and allow their team member to perform while self-directly more consistently. These acts of trust can boost the team member’s confidence and their dependence on the manager will fade while their confidence increases.

STAGE 4

People reach stage four when their confidence is at the same level as their skill. They become veterans and will continue to boost their confidence and skill set. This is the stage in which the manager steps back and gives the employee the space to continue fostering growth. Check in every now and then and help as needed. Also be sure to recognize the team member for all of their accomplishments along the way.

Keeping talented people around is not hard. Managers just need to apply situational leadership and remember that every team member works and learns differently and need an environment in which they can thrive in. As the leader, you are building this environment, so make sure it is a healthy one.

Jonathan Schultz is an entrepreneur, real estate tech investor and influencer. He’s the co-founder of Onyx Equities, a leading private equity real estate firm, and has been voted one of the most powerful people in real estate. Follow Jon’s blog here

Continue Reading

Business

This Guy Co-Built A $4B Company In Four Years - And He Only Works 7 Hours A Day

Published

on

Cal Henderson is pretty badass.

As co-founder and Chief Technical Officer of Slack — arguably the single most crucial role in any startup — Henderson has helped build a product from zero users to four million daily in just over three years.

About a year ago (cue Shmoney Dance!), Slack announced they’d raised $200 million in its fourth round of venture capital, putting the software at a WHOPPING $3.8B valuation.

And unlike many all-time greats on #TeamNoSleep (think Leo DaVinci, Thomas Edison and Vince McMahon) — and the modern ones who call for 95-hour work weeks — this dude actually puts his Z’s atop his to-do list.

In this Inc.com piece, check out how Big Cal — at 36 — gets down on the time-management end that allows him to work less than a part-time management consultant.

Continue Reading

Trending

5 Articles Left
Get unlimited access
X

Forgot Password?

Join Us