Wayne Ting, CEO @Lime: From Losing $3 on Every $1 to $90M in EBITDA | E1252

Wayne Ting is CEO of Lime. The global leader in micromobility, the first to achieve a fully profitable year (2022). Last year, Lime did over $600M in gross bookings, $90M in EBITDA. Their 4-year top-line CAGR is 30%. Before joining Lime, Wayne spent four years at Uber in various roles, including Chief of Staff to CEO Dara Khosrowshahi, and General Manager of Uber's Northern California business. Wayne previously served as a Senior Policy Advisor on the White House’s National Economic Council under President Obama. ---------------------------------------------- Timestamps: 00:00 Intro 01:04:12 Lessons from Dara Khosrowshah 03:07 Joining Lime 07:05 3% Daily Decay Rate in 30 Days 11:35 Turnaround Time and Its Impact on Profitability 14:39 Unit Economics vs Consumer Experience 16:44 Expansion Playbook for New Markets 17:52 Most Respected Competitor in an RFP 19:54 Will Consumer Demand Drive Faster Upgrades? 22:50 Economics of Battery Swapping and Vertical Integration 26:45 Bolt VS Uber and Lime 30:30 Covid Times 32:39 Uber's Investment 38:42 VC Hype Cycles and Micromobility 42:00 Becoming CEO 52:42 Quick-Fire Round ---------------------------------------------- In Today’s Episode with Wayne Ting We Discuss: Is Lime Really a Good Business: How did Wayne turn Lime from losing $3 on every $1 to $90M in EBITDA? What worked? What did not work? What did Lime do that he wishes they had not done? What did they not do that he wishes they had done? The Moments that Changed Everything: COVID: Lime lost 95% of their revenues overnight. What did Wayne and Lime do to save the business in such a short space of time? Uber Deal: How did the Uber deal led by Uber CEO, Dara, save Lime as a business? Battery Innovation: How did an innovation on the transportability of batteries and replacing them change the entire Lime business? The Dangers of VC Funding and Capital Efficiency: Why does Wayne believe that VC hype cycles are so damaging for companies and sectors? How did the heat around micromobility damage Lime? What did Wayne and Lime do to increase their capital efficiency so much? What worked? What did not? AMA with the CEO of Lime: What company did Lime not acquire that Wayne wishes they had? How did having a stroke change the way that Wayne leads? Which competitor does Wayne most respect and admire? What were his biggest lessons from working with Dara @ Uber? ----------------------------------------------- Subscribe on Spotify: https://open.spotify.com/show/3j2KMcZ... Subscribe on Apple Podcasts: https://podcasts.apple.com/us/podcast... Follow Harry Stebbings on Twitter: / harrystebbings Follow Wayne Ting on X: / wayneting Follow 20VC on Instagram: / 20vchq Follow 20VC on TikTok: / 20vc_tok Visit our Website: https://www.20vc.com Subscribe to our Newsletter: https://www.thetwentyminutevc.com/con... ----------------------------------------------- #20vc #harrystebbings #WayneTing #Lime #founder #CEO #venturecapital #startups #fundraising #Uber #DaraKhosrowshahi