The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch

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

Jan 30, 2025

Wayne Ting, CEO of Lime and former Uber executive, dives into transforming Lime from a loss of $3 for every $1 into a profitable venture generating $90M in EBITDA. He shares how COVID-19 forced them to pivot quickly after losing 95% of revenues overnight. The conversation uncovers insights into the strategic Uber partnership that salvaged the company and innovations in battery technology that revolutionized operations. Wayne also critiques the damaging effects of VC hype cycles on startups and emphasizes the importance of capital efficiency in thriving businesses.

01:06:14

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Episode guests

Wayne Ting

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Quick takeaways

Wayne Ting transformed Lime from financial loss to profitability by leveraging accurate operational data and strong local management.

Innovative hardware development, such as swappable batteries, allowed Lime to enhance customer experience and reduce operational costs effectively.

Lime's strategic response to the COVID-19 crisis, including a partnership with Uber, facilitated a rapid recovery and market leadership.

Deep dives

Challenges Faced in Early Days of Lime

When Wayne Ting joined Lime as CEO, the company was in a precarious financial situation, losing $3 for every dollar of revenue generated. The daily decay rate of their scooters was 3%, meaning their fleet would be depleted within a month. This unsustainable model forced Ting to focus on establishing accurate operational data to understand the business better and make informed decisions. By implementing an internal tool to gather critical metrics, he aimed to shift the company's trajectory towards a profitable future.

Intro

4min

Navigating Ethical Leadership and Business Judgment in a Multi-Participant Economy

2min

Navigating Micromobility: Challenges and Strategies

16min

Navigating Operational Challenges in Micromobility

16min

Navigating Founder Mode and Financial Independence

14min

Navigating Mobility and Health

4min

Embracing Diversity and Resilience

7min

Navigating Challenges and Transforming Urban Mobility

4min

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.

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?

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The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch

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

Episode guests