{"id":20668,"date":"2020-06-18T18:00:18","date_gmt":"2020-06-18T22:00:18","guid":{"rendered":"https:\/\/www.bloomberg.com\/company\/stories\/collaborative_strategy_drives_via_success\/"},"modified":"2022-03-04T23:12:32","modified_gmt":"2022-03-05T04:12:32","slug":"collaborative_strategy_drives_via_success","status":"publish","type":"post","link":"https:\/\/www.bloomberg.com\/company\/stories\/collaborative_strategy_drives_via_success\/","title":{"rendered":"A Collaborative Strategy Drives Via\u2019s Success"},"content":{"rendered":"<div class='bbg-row bbg-bg--white  bbg-row--margin-top-none bbg-row--margin-bottom-none' data-anchor='row-6a01f0d0ac3be'>\n  \n\t\n\t\n\t<div class=\"bbg-row--content\">\n\t\t\n\t\t\t<div class='bbg-column bbg-column--width-8 bbg-column--offset-2'>\n\t<p><figure class=\"image-figure\" data-animation=\"\">\n    <img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"683\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/company\/sites\/51\/2020\/06\/01.21.20-CT0096.jpg\" class=\"attachment-large size-large image-figure__image image-figure__image--primary\" alt=\"\" \/>\n    \n<\/figure>\n<div class='bb-wysiwyg'>\n    \n    <p>One day, Oren Shoval wasn\u2019t able to get a seat after waiting for a <em>sherut<\/em>, a shared taxi running along a fixed route in Israel. He called his friend, Daniel Ramot, and asked, \u201cWhat if you could use a smartphone to book your seat in advance and change the route?\u201d<\/p>\n<p>The two friends, who had met in the Israeli Air Force in the 1990s, often discussed different business ideas like that. Then, in 2012, after that phone call, they co-founded <a href=\"https:\/\/ridewithvia.com\/\" target=\"_blank\" rel=\"noopener noreferrer\">Via<\/a>, an dynamic platform for on-demand shared rides with the vision to reinvent the public bus. Today, Daniel serves as the company\u2019s CEO and Oren as the CTO, and the company operates throughout the U.S. and worldwide, with more than 100 partners, including cities, public transit authorities, universities, corporate campuses and organizations of all types, that leverage its technology to transform public transit and other infrastructure projects.<\/p>\n<p>On Tuesday, January 21, 2020, as part of the Cornell Tech @ Bloomberg Speaker Series at Bloomberg\u2019s Global Headquarters in New York City, Bloomberg Television\u2019s Scarlet Fu discussed with Ramot Via\u2019s first routes, how it partners with municipalities, and entrepreneurism.<\/p>\n\n<\/div>\n<style>#bloomberg-video-6a01f0d0b9b57 .bloomberg-video__wrapper { background-image: url('https:\/\/i.ytimg.com\/vi\/ifaGsh-c9KM\/hqdefault.jpg'); }<\/style>\n<div class='bloomberg-video' data-aspect-ratio='16:9' data-service='youtube-video' id='bloomberg-video-6a01f0d0b9b57'>\n\t<div class='bloomberg-video__wrapper bloomberg-video__wrapper--core'>\n\n<a\n\tclass=\"bloomberg-video__link\"\n\thref=\"https:\/\/www.youtube.com\/watch?v=ifaGsh-c9KM\"\n\ttarget=\"_blank\"\n\trel=\"noopener\"\n\ttitle=\"\"\n\tdata-video-id=\"ifaGsh-c9KM\"\n\tdata-video-title=\"Bloomberg Cornell Tech Series: Daniel Ramot, Co-founder\/CEO of Via - Highlight\"\n\tdata-orientation=\"Horizontal\"\n\tdata-modestbranding=\"0\"\n\tdata-controls=\"1\"\n\tdata-is-playlist=\"0\"\n\tdata-playlist-starting-video=\"\"\n\tdata-start-time=\"0\"\n\taria-label=\"Play Video\"\n><\/a>\n\t<\/div>\n<\/div>\n<div class='bb-wysiwyg'>\n    \n    <p>Ramot moved to the states to pursue a Ph.D. in neuroscience. He spent five years collecting, analyzing, presenting, and managing very large datasets, all the while learning to tell a compelling story about that data. \u201cEverything we do in life, in the end, we&#8217;re telling some sort of story, whether it&#8217;s to our investors or to our employees. And by story, I mean that we&#8217;re taking the data and trying to present it in a way that&#8217;s compelling, that will make people want to work with you, invest in the company, or partner with you,\u201d he said.<\/p>\n<p>He then worked at the biotech company D.E. Shaw Research, where he learned about creating a culture, building a team, and hiring talent. While he used this knowledge and experience to build Via, Ramot attributes much of Via\u2019s success to his strong relationship with Shoval. They decided that Shoval would lead the technology team in Tel Aviv, Israel, and Ramot would manage the business in the U.S. Despite their responsibilities, Ramot and Shoval are almost interchangeable.<\/p>\n\n<\/div>\n<div class='bb-wysiwyg'>\n    \n    <h3><strong>The First Routes<\/strong><\/h3>\n<p>In 2013, Via ran its first route along York Avenue on Manhattan\u2019s Upper East Side. The Second Avenue subway had yet to open, and New York City\u2019s vast public transit system was very limited because of its slowness and fixed routes. Ramot spent weekends asking people in the area if they would use a shared transportation service.<\/p>\n<p>\u201cIt turned out that people were regularly willing to get into strangers\u2019 vans for free,\u201d said Ramot. <strong>\u201c<\/strong>By the time they got out of the van, they had downloaded the app and were members.\u201d<\/p>\n<p>Some of these first riders also became Via\u2019s early investors, as the company grew its two-sided marketplace with drivers and cars on one side and passengers on the other. Matching the two meant drivers weren\u2019t sitting around, and riders had short wait times. Via employed data and algorithms to determine where to run routes to capture demand. Paying drivers was a priority, which meant vans needed to be filled with riders paying fares.<\/p>\n<p>\u201cWe had this exacerbated problem of not only needing enough drivers and passengers, but having to scale very, very quickly,\u201d said Ramot. Larger zones created more routes and allowed for faster growth. The zones also created financial complexities that made it challenging to balance between investment, quality-of-service, and vehicle utilization \u2013 without adding to traffic congestion.<\/p>\n<p>Via slowly expanded by adding one avenue at a time until their cars provided service throughout New York City\u2019s five boroughs. Then, it launched in Chicago and Washington, DC. \u201cThat&#8217;s when we started to say, \u2018Okay, we now have something that\u2019s working, and it\u2019s working at scale,\u2019\u201d said Ramot.<\/p>\n\n<\/div>\n<div class='bb-wysiwyg'>\n    \n    <h3><strong>The Right Partners<\/strong><\/h3>\n<p>Operating within the transportation industry\u2019s existing regulatory structure can be extremely limiting, especially when innovations are often regulated out of existence. The idea of dynamic routes for buses wasn\u2019t new, but transit organizations have not always been open to new technologies and ideas. Via\u2019s intent is not to disrupt existing transit systems. Instead it collaborates with transit authorities, cities, transit operators, corporations, and universities by providing technology that powers transit systems.<\/p>\n<p>\u201cWe see ourselves as enabling transit systems to be better, to be more efficient, to be more effective, to move more people, frankly, to beat the private car,\u201d said Ramot.<\/p>\n<p>City officials weren\u2019t willing to purchase Via\u2019s software though. So, in 2017, Via donated its software to CapMetro, the transit authority for Austin, Texas, to replace an antiquated dial-in van service and to create the city\u2019s digital infrastructure for transportation. That opened the door for relationships with other municipalities, like Arlington, Texas, which didn\u2019t have a public transit system for its residents. Via provided Arlington with the software, vans, and drivers, effectively becoming that city\u2019s transit authority.<\/p>\n<p>Today, Via has about 115 partnerships in 22 different countries where the company either provides its software to or runs the transit service for the city.<\/p>\n\n<\/div>\n<div class='bb-wysiwyg'>\n    \n    <h3><strong>It\u2019s Really About Time<\/strong><\/h3>\n<p>Before pursuing entrepreneurship full-time, Ramot and Shoval decided to learn what they could about transportation. They started by submitting a Freedom of Information Act (FOIA) request to the City of New York requesting GPS data for taxis, which they used to run simulations. \u201cBy the time we left, we had a very high degree of confidence that we could do this, and we had money lined up. In some sense, we reduced our risk,\u201d said Ramot.<\/p>\n<p>An entrepreneur\u2019s most valuable resource is time, though, and one can\u2019t move fast when working on an idea part time. \u201cWhile you&#8217;re reducing the risk of leaving your job, others who are bolder are moving much faster than you, and when you finally make the jump, you&#8217;re behind,\u201d said Ramot.<\/p>\n<p>Not being fast enough creates risk, which is a fallacy that people tend to miss. \u201cYou could choose the right idea, but if you&#8217;re slow, you&#8217;ll still lose,\u201d said Ramot.<\/p>\n\n<\/div>\n<div class=\"bb-separator\" data-color=\"\">\n\t<hr class=\"bb-separator__rule\">\n<\/div>\n<div class='bb-wysiwyg'>\n    \n    <div class=\"wpb_text_column wpb_content_element \">\n<div class=\"wpb_wrapper\">\n<p><em>You can watch\u00a0the entire discussion below:<\/em><\/p>\n<\/div>\n<\/div>\n\n<\/div>\n<style>#bloomberg-video-6a01f0d0c5545 .bloomberg-video__wrapper { background-image: url('https:\/\/i.ytimg.com\/vi\/615SmPrU5qI\/hqdefault.jpg'); }<\/style>\n<div class='bloomberg-video' data-aspect-ratio='16:9' data-service='youtube-video' id='bloomberg-video-6a01f0d0c5545'>\n\t<div class='bloomberg-video__wrapper bloomberg-video__wrapper--core'>\n\n<a\n\tclass=\"bloomberg-video__link\"\n\thref=\"https:\/\/www.youtube.com\/watch?v=615SmPrU5qI\"\n\ttarget=\"_blank\"\n\trel=\"noopener\"\n\ttitle=\"\"\n\tdata-video-id=\"615SmPrU5qI\"\n\tdata-video-title=\"Bloomberg Cornell Tech Series: Daniel Ramot, Co-founder\/CEO of Via - Full Interview\"\n\tdata-orientation=\"Horizontal\"\n\tdata-modestbranding=\"0\"\n\tdata-controls=\"1\"\n\tdata-is-playlist=\"0\"\n\tdata-playlist-starting-video=\"\"\n\tdata-start-time=\"0\"\n\taria-label=\"Play Video\"\n><\/a>\n\t<\/div>\n<\/div>\n\n<\/div>\n\n\n\t\t\n\t<\/div>\n<\/div>\n\n","protected":false},"excerpt":{"rendered":"<p>A Cornell Tech @ Bloomberg conversation with Via&#8217;s Daniel Ramot about how the company is reshaping public transportation in cities around the globe<\/p>\n","protected":false},"author":184,"featured_media":19127,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1466],"tags":[1470,1471,27,1793,1777],"class_list":["post-20668","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tech-at-bloomberg","tag-cornell-tech","tag-general","tag-innovation","tag-vc","tag-venture-capital"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.11 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>A Collaborative Strategy Drives Via\u2019s Success | Bloomberg LP<\/title>\n<meta name=\"description\" content=\"A Cornell Tech @ Bloomberg conversation with Daniel Ramot, CEO\/Co-Founder of Via, about its place in the rideshare market and public transportation sector.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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