An Uber IPO is one of the most desired in the entire world. Analysts are hoping for the day that the company goes public, but Uber has no plans as of yet to open the company stock to the public. Valued at $50 billion, Uber has changed the way people get rides. While in the past people would search for a taxi or stand on the sidewalk, people are now flocking to their apps to connect with an Uber driver.
The company has a brilliant idea, and many other innovators are following in their footsteps.
Taxi drivers have been trying to find a way to compete with Uber. Many drivers are stating that the company has reduced their earnings per week by almost half. Jeff Mitchum, a taxi driver in Midlands, states that he was earning $2,200 per week, and now has seen his profits plummet since Uber came to town.
In an effort to lure in potential rides, taxi drivers got together and decided to launch their own app. The hope is that the app will help the drivers remain competitive in a market that is now becoming saturated with Uber drivers.
The new app is called “World Taxi App.” The app allows drivers to be directly connected with clients without the need for a middleman, or dispatch service. Consumers will be able to download the app for free, but there is a catch: taxi drivers will have to pay a fee for every ride that is scheduled through the app.
One of the founders of the app, Michael Holvani, states that ”taxi drivers have to make this app work. It’s time to stop watching Uber eat up their business.”
A major fear of Michael’s is that this app will not be able to penetrate the market fast enough before drivers start getting out of the business. Uber has caused many drivers leave the taxi business because maintenance on vehicles alone can reach $1,200 a month. Michael hopes that taxi drivers will adopt the World Taxi App quickly in an attempt to combat Uber.
Visiting the apps website, we noticed that many of the links do not work properly. When we click on “become a driver,” nothing seems to happen. We can’t even sign up for a ride to the company website. There is a chance that there are no drivers in the area, but we did expect to be able to become a taxi driver if we wanted to. The company does state that there are 1,690 happy users with over 500 reviews on the company site.
