When I spot something that seems to have potential, I’ll talk about it and share my opinion - and in this case, I think we could be at the beginning of something big…and that is the electric scooter. Add me on Snapchat/Instagram: GPStephan

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So lets start here: what am I talking about. These are electric scooters (such as Bird Scooters, or Lime Scooters) that are placed randomly throughout densely populated cities. If you come across one, you can download the app - scan the barcode, and for only $1, you can activate this electric scooter. After that, it’s generally 15 cents for every minute it’s in use. You can ride it as long as you like, and when you get to your destination or when you’re just done using it, you can drop it off whenever you are and walk away. If you want to find one to ride, you simply go on the app and it’ll show you all the scooters in the area that you can walk to and use.  

It’s really such a simple concept that I didn’t fully understand until I tried it. And then I got it. Not only can it get you from point A to B for cheaper than an Uber for nearby distances, but it’s fun. In what seems like an overnight success, these Electric Bird Scooters have dominated LA with an almost cult-like following. Scooter-Company Lime has recently been valued at $1.1 BILLION. Uber recently made a sizable investment in their recent round of funding of $335 MILLION DOLLARS. And Uber intends to promote Lime scooters through their mobile app…a move that gets them one step closer to interstellar domination. Another company, Bird, is doing something similar…just one year old, this Scooter Company is now valued at a whopping $2 billion dollars. In a year.

The appeal to these companies valuation is the network effect, where its core value lies within how many people use it - once it gets large enough, it just becomes self sustainable. Much like Uber pretty much having the monopoly on ride-sharing, there will inevitably be a battle between Scooter companies to see who can gather the largest user base, who can scale the fastest, and who can get their scooters out first in more cities. Whoever comes out ahead will carve and solidify their business in an emerging industry that’s only poised to grow bigger from here. 

In the process, this has also created some unique money-making opportunities, much like Uber did with its drivers. With Bird Scooters, you have what’s called “Bird Hunting” - this is like real life Pokemon go where you locate these scooters at night, charge them, and return them back to pre-determined locations…and you get paid $5-$20 per scooter that you find.

I think we should all keep an eye on electric scooters…I think we’re at the very beginning of an industry that has only more room to grow and evolve. And whether or not it’s scooters or something else that eventually crops up, it’s very evident that the mobile renting business model is brilliant. Whether it’s cars, scooters, renting rooms AirBnB, or maybe one day people are renting out their driveway parking spaces, construction tools, or electronics…the sharing culture is only going to grow. So keep an eye on this, I think we can look back at this in 5 years from now and realize that we were there when it first started. 

And for all the young entrepreneurs out there - sometimes these simple ideas are often the best. I honestly believe this was just so simple that no one thought of it. We have a natural tendency to overcomplicate things, but besides the legal aspects of actually getting this up and running…the business model is just so, so simple. 

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Suggested reading:
The Millionaire Real Estate Agent: http://goo.gl/TPTSVC
Your money or your life: https://goo.gl/fmlaJR
The Millionaire Real Estate Investor: https://goo.gl/sV9xtl
How to Win Friends and Influence People: https://goo.gl/1f3Meq
Think and grow rich: https://goo.gl/SSKlyu
Awaken the giant within: https://goo.gl/niIAEI
The Book on Rental Property Investing: https://goo.gl/qtJqFq

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