Uber’s original pitch deck from a

decade ago shows just how

much the ride-hailing giant has
changed
G RAHAM R APIER | M AY 2019

Copyright © 2019, Insider Inc. All rights reserved. 1

 KEY POINTS
• Uber, now a decade old, goes public on Friday on the New
York Stock Exchange at a $75.5 billion initial valuation.

• The company has grown significantly since the idea was first
pitched by founder Garrett Camp.

• Business Insider is publishing the original pitch deck for

UberCab to show how much the company has changed in the
years since.

Copyright © 2019, Insider Inc. All rights reserved. 2

 Uber is finally going public today, pricing its IPO at $45 per share for an
initial valuation of $75.5 billion. It will begin trading on the New York Stock
Exchange on Friday morning under the "UBER" ticker symbol.
But Uber, now nearly 10 years old, wasn't always a network of more than
2 million drivers providing rides at the tap of a button in 63 countries
around the world. Back in August 2008, the dream of a "next generation
car service" was merely a slideshow presentation on founder Garrett
Camp's computer.

Business Insider has covered the original pitch deck before, when Camp
first published it on Medium in 2017, but we felt it deserved a fresh look in
light of a year marked by expansion into new products like grocery
delivery, the rise of Uber Eats as one of the company's fastest-growing
businesses, and a troubled year for the Advanced Technologies Group,
where Uber is developing its fleet of self-driving taxis.
Here's how the founders envisioned Uber 10 years ago:

Copyright © 2019, Insider Inc. All rights reserved. 3

 The very first slide is a time capsule from 2008. Yes, that's a
BlackBerry.

Copyright © 2019, Insider Inc. All rights reserved. 4

 10 years ago, hailing a cab was a very different affair.

While Camp highlighted "dead-time" with cabs, a 2018 report by Schaller

Consulting found that for-hire vehicles drive an average of 2.1 miles
without passengers between fares.
Also, most New York cabs are now Toyota Camrys, which the city
estimates to have an environmental rating of 25 miles per gallon.

Copyright © 2019, Insider Inc. All rights reserved. 5

 Uber has decimated the value of taxi medallions.

After the expansion of Uber in New York, the value of taxi medallions —
limited amounts of which are sold at auction by the city — has plummeted
by nearly 75%. And, of course, street-hailing is vital for those without
smartphones or a credit/debit card.

Copyright © 2019, Insider Inc. All rights reserved. 6

 Camp said Uber would be the "NetJets of car services."

This, in a nutshell, was — and still is — Uber's value proposition. NetJets,

a company that allows you to buy fractional ownership in a private jet —
has been owned by Warren Buffett's Berkshire Hathaway since 1998.

Copyright © 2019, Insider Inc. All rights reserved. 7

 Uber originally wanted to screen its customers.

Today, anyone with a credit or debit card and a smartphone can instantly
be connected with a driver. GPS and photos make finding your driver
much easier — something that hasn't changed today.

Copyright © 2019, Insider Inc. All rights reserved. 8

 It's not just luxury Mercedes sedans these days, either.

According to the original pitch, Uber cars would be luxury Mercedes

sedans. Today the most popular cars are Toyota Priuses, Honda Civics,
and Toyota Camrys.

Copyright © 2019, Insider Inc. All rights reserved. 9

 Uber would be "Profitable by design."

Uber has yet to turn a profit. In its most recent self-reported quarterly
financials, the company said its growth had slowed while losses were
continuing to increase.

Copyright © 2019, Insider Inc. All rights reserved. 10

 A car could be summoned using GPS or texting.

GPS is obviously still a main tenet of the app. SMS summoning, on the
other hand, seems to have gone by the wayside.

Copyright © 2019, Insider Inc. All rights reserved. 11

 Saving destinations with specific labels would have been
much more important for text-hailing.

Still, saving addresses into the app for easy selection is a big time-saver.

Copyright © 2019, Insider Inc. All rights reserved. 12

 All of Uber's projected use cases still hold up today.

Copyright © 2019, Insider Inc. All rights reserved. 13

 Uber would be cheaper than a limo but safer than a cab.

Copyright © 2019, Insider Inc. All rights reserved. 14

 Not all of Uber's projected eco-friendly benefits have played
out.

The same 2018 consulting report found that an average of only 63% of
for-hire miles driven are with passengers.

Copyright © 2019, Insider Inc. All rights reserved. 15

 The fleet looks very different today than originally planned.

Today, a majority of the Uber fleet consists of Toyota Priuses and

Camrys, Honda Accords, and Ford Fusions, as well as the luxury models
it mentioned in 2008.

Copyright © 2019, Insider Inc. All rights reserved. 16

 Uber now operates in more than 60 countries around the
world.

Copyright © 2019, Insider Inc. All rights reserved. 17

 Camp had a plan for surge pricing.

Though traditional surge pricing is now largely gone, Uber had long
foreseen its ability to use trip data to forecast demand and incentivize
drivers in areas of increased trip requests.

Copyright © 2019, Insider Inc. All rights reserved. 18

 Knowing where riders and drivers are — and what areas will
be popular in the future— is still one of Uber's most valuable
products.

It all comes down to data.

Copyright © 2019, Insider Inc. All rights reserved. 19

 Uber could be worth up to $120 billion on public markets — a
far cry from the $4.2 billion market estimate it had 10 years
ago.

Copyright © 2019, Insider Inc. All rights reserved. 20

 Airport trips still make up a large chunk of Uber rides

In many cases, Uber rides have become so popular at airports that some
cities have altered their pick-up and drop-off lanes to better facilitate ride-
hailing. There are still cab lines, though.

Copyright © 2019, Insider Inc. All rights reserved. 21

 Today, Uber operates in 400 cities worldwide. But its original
ambitions were much smaller.

Copyright © 2019, Insider Inc. All rights reserved. 22

 And the company easily hit its best-case scenario.

In the third quarter of 2018, Uber brought in $2.95 billion in revenue.

Copyright © 2019, Insider Inc. All rights reserved. 23

 The market breakdown of smartphones in 2008 is another
great example of just how ephemeral tech can be.

Today, Samsung makes up the largest smartphone-market segment, with

Nokia's market share just a fraction of what it was then.

Copyright © 2019, Insider Inc. All rights reserved. 24

 Most of the company's "Future Optimizations" have played
out as well.

Copyright © 2019, Insider Inc. All rights reserved. 25

 Referrals are still a big part of Uber's business, but not all of
these caught on.

Copyright © 2019, Insider Inc. All rights reserved. 26

 Uber had its eyes on medical or governmental
transportation, but its exploration ended up going in other
directions.

Healthcare is still around, though. Uber Health was announced in March

2018 as a way to provide "reliable, comfortable transportation for
patients." It could be a big area for both Uber and its competitor
Lyft, which recently announced the hire of a vice president for healthcare.

Copyright © 2019, Insider Inc. All rights reserved. 27

 The rest is history.

Uber launched an Android version of its app two years later in 2010, when
it began to rebrand from UberCab to Uber.

Copyright © 2019, Insider Inc. All rights reserved. 28

 Business Insider Prime brings you thousands of exclusive articles that take you
inside the companies and the topics that matter to you. A BI Prime membership
provides you with the stories you need to know in order to be more successful in
your professional life. And you can get those stories through unlimited access to
the Business Insider site, as well as our curated BI Prime newsletter delivered to
your inbox.

You can learn more about Business Insider Prime here.

Copyright © 2019 Insider Inc. All Rights Reserved.

Copyright © 2019, Insider Inc. All rights reserved. 29