For much of the past year, our operation has been engaged in hand-to-hand combat across multiple markets as the CabCorner team competed to maintain its leading position in an industry we pioneered. Yet as we near our project’s fifth anniversary (in July), we’ve decided to take a different approach. Many of the players in this space have fallen by the wayside, and new ones are constantly rising to take their place. But as we reflect on our origins, it’s clear that we never intended to establish a monopoly in the Social Transportation Logistics space. All we ever wanted to do, humbly, was revolutionize the world!
That’s why our CEO (Jon) tasked us during our annual stakeholder meeting to devise new ways to bring our ways to the communities that need them. Last month, CabCorner unveiled the first effort in this new campaign: the CabCorner Satellite Affiliate at Northwestern University.
Using our technology, the Northwestern University student government is establishing a robust ridesharing program for students. In only three weeks, the program has proven effective and popular among students seeking to save a buck.
In addressing our investors, here’s what Jon said about the opportunity for the company:
“We are not generating revenue off of any aspect of this partnership at the present time. This is a true altruistic experiment; the strategy here is to establish a university model that can be adopted by many budget-conscious student bodies with volume and popularity. If the service we provide lives up to their needs, we will then leverage our registrants to make money off of the partnerships we form with Hot Spot (“meeting point”) vendors, as well as generating cash from simple advertisement campaigns. There is much more to gain by keeping the Cabco model a freemium model than creating a pay per use model, when it comes to cab-sharing strategies. Our users shouldn’t be the ones paying… it should be the individuals seeking to reach them who should pay for the privilege. Our users are our best asset and we must protect them from all the other services seeking to gouge their wallets. Besides, the real value here is in establishing a greener, more widely known platform that generates goodwill and brand recognition for us. Our real meal ticket is our [fare management system] Cabeasy, which IS a platform we can leverage to easily interject ourselves into the transaction process and make cash off of the successful creation of a booked ride. By using Cabcorner to spearhead our credibility in a variety of markets, we are establishing beach heads in markets we can come back to when it’s time to start building paying relationships with private taxi companies for the purposes of establishing the Cabeasy network.”
Thus, the project continues. And the revolution plods on and on, at a cost of around $0.40 per mile.