UberPITCH | Uber’s Latest Innovation is Helping Startups Meet Investors On Demand
If you are a startup, here’s your chance to get funded through UberPITCH — Uber’s latest offering in a new vertical meant for startups and venture capitalists. Uber, the on-demand cab company has not only been rated as one of the best startup of this era, but is also one of the most innovative company. Being ranked at Number 1 in Wall Street Journal’s Billion Dollar Startup Club with a valuation of $51 Billion, Uber is now helping startups and venture capitalists to meet each other through Uber PITCH — a simple yet great innovative model. There’s a huge gap in this sector as startups are always seeking angel investors and venture capitalists for their funding requirements while on the other hand VCs are on the lookout for good startups. UberPITCH is one such programme that has been launched by Uber which lets startups pitch investors while on the go.
How Uber Pitch Works?
The business model of Uber Pitch is as simple as calling a cab to your location with the help of Uber app on your smartphone but with a difference that you’ll not be riding alone. There’ll be an investor in the cab and you get 15 minutes to pitch your idea to the investor while on the go. The pick up location and the drop location will be the same. This means that the UberPITCH cab will drop you at the same point from where you hopped in. The best part about UberPITCH is that a user does not have to pay anything for the ride. All rides are absolutely free.
Uber announces its Uber PITCH programme for a particular city well in advance and creates the hype through digital marketing.
Anyone can book a ride and pitch their idea to investor in between the given time frame. In order to book an Uber PITCH cab, you have to go to “PITCH” tab in the Uber app and request a ride. Many people in a city are requesting rides at the same time and there are a number of UberPITCH cabs with an investor in each one of them. If your request is put through, a cab with an investor will reach you and you can simply hop in and pitch your startup to the investor. The algorithm works similar to normal Uber cab and the nearest cab with an investor reaches your location. In some cities, where the PITCH tab is not available, Uber gives out a special promo code to be used while booking the ride that is meant to differentiate between a normal cab and an UberPITCH cab.
The duration of the ride may vary from one city to another (generally 15 minutes) but what is surprising is that Uber has taken its UberPITCH programme to almost all cities of the world where Uber has a presence.
UberPITCH Programme Details
Uber started with UberPITCH some time ago as a trial in the USA, but the huge success has made Uber launch this programme in all major cities around the world. One reason for the success of UberPITCH is the startup boom that is being witnessed all across the globe.
Uber being the leader in on-demand mobility solutions is now trying to help close the gap between startups and investors that too in a style that they use a Uber cab for their pitching session. Uber also gives a list of investors in a particular city that would be available in cabs. These investors listen to pitches and give feedback on the idea. Uber seems to be generous enough as it bears all costs of the ride.
Now that’s a smart way to make startup enthusiasts use Uber! Isn’t it?
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Originally published at nextjuggernaut.com on April 12, 2016.
