Urban Mobility What can a sustainable disruption bring to our lives - Matteo de Renzi

Thank you for the introduction. Actually, I didn't expect that. We heard a few key concepts: technology, customer excellence, great customer experience, and two key words – sustainability and disruption. Not by chance, they are very common words these days. So let me talk about what we call sustainable disruption in the world of human mobility. This is what we do. You probably know what Gett is. Gett was founded in 2011 in Israel, expanded very quickly across Israel, then Russia, UK, New York. Today it's one of the biggest contenders of Uber, but we play in a different market because we're more focused on corporate B2B and we play more the quality and operational excellence angle, whereas Uber focuses on price and mass market. Heavily funded last year from Volkswagen, $300M in May 2016, followed by $150M in November. We're experiencing triple-digit growth year near London and in general UK, a very good market for us, a natural landscape for our service as very demanding customers need very high quality service, and a very crowded market, so a perfect fit. The industry of personal transportation is estimated to be around $10 trillion: 10 trillion miles traveled at about $1 each. It's an industry under big changes. In mature markets like UK or mainland Europe, car ownership is declining, services like Gett and Uber are ramping up, and car sharing like Zipcar is happening. What I find fascinating is the speed. Analysts estimate that by 2025, 50% of all travel miles will be done on on-demand services. That is day after tomorrow. But today, especially in London, we have an issue: cities are under big strain. Average speed in London is 8 miles per hour, no different than 100 years ago with horse and carriages. 40% of patients miss appointments due to transportation delays, each costing £127. Hundreds of millions wasted. 30% of commuters in Greater London still use a car to go to work, and 70% of them drive alone. The inefficiency is huge. We call these the three challenges around urban mobility: cost, customers, and city. On cost, on-demand solutions like Gett can offer a valid alternative to big investments. For example, a mayor had to trade off between building a parking space for a train station costing $15-50 million or subsidizing Uber rides for three years to allow people to go to the station instead of clogging it with cars. Amazing that nobody could talk about it years ago. On customers, we have to think about customers of today and tomorrow, improving service for the old population who are vulnerable due to lack of proper public transportation. We have to find a way for everybody to move, including the less tech-savvy. On city, we all have a shared responsibility. In London, 9,000 people die every year due to pollution. We can reduce private car usage, find new ways to deliver goods, and accelerate adoption of electric vehicles. Our technology can improve utilization of vehicles, making it more economical to replace carbon-fueled vehicles. How we do it? Technology is a given. First, use existing assets. Last year, Uber was putting 600 new cars on the road every week, adding to congestion. Our strategy is to use existing high-quality assets, which is why in London we use black cabs – not just the cars but the drivers. Second, technology is not enough; you need a strong operational backbone. Customers are ready to pay for it. We have a 24/7 call center in London. It has a cost, but the challenge is to make it sustainable. That is our key value proposition for corporate customers. Third, we want to be the good guy. When we talk with Transport for London and other authorities, we don't want to break the system; we want to make it work. Interaction with institutions and partners creates an ecosystem around our technology that allows everyone to move better. Massive challenges will happen. We have to make it right from the beginning with a sustainable approach. If we don't want to see our parents waiting for hours for hospital appointments or our kids spending hours in cars, we have to make it right now. Big changes will come, and the way to do it is to disrupt sustainably. That is our thought: sustainable disruption is not a dream. It's about enhancing the lives of everybody in this town, creating a sustainable future for our cities through disrupting technology. Thank you.