20VC: Lime's CEO on Going from Losing $3 on Every $1 to $90M in EBITDA | How Lime Built the Global Leader in Micromobility When Competitors Went Bust | Losing 90% of Revenues in COVID and The Uber Deal That Saved the Company with Wayne Ting
This interview podcast features Harry Stebbings speaking with Wayne Ting, CEO of Lime, a micromobility company. The conversation begins with Ting's experiences at Uber and transitions to his time at Lime, focusing on the challenges of turning around a financially struggling company. Key aspects discussed include improving operational efficiency through data-driven decision-making, the development of proprietary hardware, and the importance of reliable service in a competitive market. Ting details Lime's journey to profitability, highlighting the significance of incremental improvements and the impact of the COVID-19 pandemic. The interview concludes with reflections on fundraising, M&A, and Ting's personal experience with a stroke. A concrete example is Lime's reduction of scooter repair downtime from a 3% daily decay rate to an annual rate through hardware improvements and optimized operational processes.
