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Another reminder that companies don't (and shouldn't) love you. It's a bad deal when you sign up for a "product" to be your job. You are making sure that no mat
by from-nibly 3y ago
Another reminder that companies don't (and shouldn't) love you. It's a bad deal when you sign up for a "product" to be your job. You are making sure that no matter what the company above you makes money, while you MIGHT make money. The relationship needs to be the other way around. Risk needs to precede reward.
- cornholio 3y agoThe Bird investors took massive risk, some invested at $2 billion valuation and pretty much lost it all when it dropped under 15 million, then the company filed for bankruptcy. The fleet managers do not own the scooters, which is the most important capital. They lease some support vans, rent warehouse space and own some minimal capital, such as tools and a stock of spare parts. It's a low risk business with fairly predictable revenue streams, that's cheap to wind down when your main customer goes under. And it's not a gig economy job, these fleet managers had set up businesses and employed other people. They certainly have no right to make money before Bird or at the expense of Bird's investors. It was simply a bad business and they made a wrong decision to pursue it.