Watch one Lyft investor make the case that it is superior to Uber

Joining us right now is Quin Garcia. 
現在加入我們的是Quin Garcia。

He’s managing director and co founder at Autotec Ventours.That’s a VC firm devoted to the mobility space and fact the firm was an early investor in LYFT and Quin currently serves on LYFT’s advisory board.
他是Autotech Ventures的總經理以及創始人之一。公司專注於移動性空間的創業投資，此公司為來福車的早期投資者，目前Quin身任於來福車諮詢委員會一員

Quin i’m guessing you are a LYFT only guy since your on the LYFT board and not somebody who would invest in both of these.Is that correct?
Quin，我猜你是來福車支持者基於本身是諮詢委員會員且不會同時投資兩家運輸公司。我說的對嗎?

Yes that is correct.
完全正確。

I’m not an investor in Uber and i’m only mildly biased.
我沒有投資優步，所以只會略微地偏心。

Only mildly. 
只有略微地。

Let’s talk a little bit about  what the comparison is between these two companies.Why do you think LYFT have the upper hand on Uber?
讓我們稍微討論兩家公司的差別。為什麼你認為來福車比優步更具優勢？

LYFT is a founder led company first of all which has cultural implication.
首先，來福車為創始人領導的公司因此具有文化影響。

It’s a pure play on consumer transport in North America.Uber’s business has been much more diverse than LYFT.
北美洲大眾運輸的單一經營，優步的服務客源則比來福車來得更多元化

Both in term of geography they have their culture in ups and downs but also in terms of product lining extension.So LYFT is focused on giving people rides.
以地理範圍來說有好有壞，以及產品線的延伸，而來福車專注在提供消費者乘載。

Where’s Ubers’ been they done kitten delevery.They had air taxi.There’re all over the world since they retracted from some of those different geography outside North America
優步甚至運送過小貓，來往於固定航線城鎮的短程飛機。它們無所不在，因為他們從北美洲其他地區撤出。

Quin, if you look at the market though the idea that’s LYFT all the way down to 56 dollars a share
Quin，當你關注運輸市場時，來福車每股掉到56美金的狀況。

The market may be saying differently and in fact one of the things that potential investors sometimes note is that they want the diversity.They want the Uber Eats.They want the other things that are in that. 
事實上，潛在投資者表明追求多元化；市場反應確實也證明這一點。他們想要優步美食，想要其他更多相關產線。

What’s your response?
你有什麼看法？

I think there’s pros and cons to both approaches. 
我認為來福車與優步各有好壞。

You could argue make an argument in favor of in diverse of location in terms of geography and product road map.But you can also make an argument in terms of focusing in on North American market.
你可以試圖證明優步的地理多元化以及產品線延伸較有優勢，但你也可以爭論專注於北美洲市場更能有收穫。

And focusing on consumer rides actually ends up providing a better experience for users and for drivers.
專心投入於客戶乘載，可以讓消費者以及司機本身享有更好的搭乘經驗。

What‘s the argument for anybody investing in either one of these companies?
對於雙方投資者來說分別的立場為何？
 
When the losses been so massive,I think Uber lost A billion dollars and a quarter LYFT lost a billion dollars in the most recent year before they when public so.
當虧損數達到如此龐大的金額，我記得優步光一季就損失10億元左右；來福車在上市前同樣虧損10億。

What’s the idea when nobody can make any money on this? And you have a big competitor who’s there to beat you up.How do you eventually become profitable?
即使大家都在虧錢仍對於運輸市場抱持什麼理念？更別說有個虎視眈眈的競爭者試圖打敗你。要如何從中脫穎而出並開始賺錢？

Yeah it’s pretty common for tech companies to start out unprofitable.And what their often doing and also is the case here is they’re spending for growth. 
對於科技公司來說往往都從虧損開始，可以從這個案例看到他們一貫的作法，就是將眼光放在未來展望上。

It’s not just a zero sum game in the right share market.Both companies are tempting to expand the overall size of the market and they successfully done that. 
在適當的市場裡將不會是零和博弈，雙方公司都成功地拓展整體的市場。

People often make that commentary.They point to a company like Amazon they say they started with losses 
人民常常提出這樣的評論，他們指出像亞馬遜這樣的公司最初也是虧錢.

Lisley Picker went back and did the math.Uber is starting with combine losses to this point with 8 billion dollars.Amazon started when it went public with 6 million dollars in losses.How do you make those comparisons and say this is still a good deal at a handful?
Lisley Picker回頭做了計算，目前為止優步已經損失了將近80億元，最初亞馬遜在上市後僅虧損60億。在這樣的對比下你如何堅持這依舊是個好投資？

So we’re not investing now.
所以我們目前停止投資。

We’re early stage ventor investors in mobility,right?
我們是早期移動性商業投資者對嗎？

So we’re not a hedge fund.
不是避險基金。

If i knew how the stock was gonna behave,I might open my own hedge fund  
如果我知道股票的流動方向，我可能就會開自己的避險基金。

But one of the reasons why we invested into the LYFT is the companies capital efficient.So the fact the companies been so focused on North America’s rideshare and so focused on partnering.
但我們當初選擇投資來福車的主因是他們的資本效率，他們全心全意地投入在北美洲乘載量以及尋求合夥關係。

They haven’t tried to develop everything on their own.They’ve rather partner with a party with variety with external parties and leverage strength of other folks as well.lSo we like that capital efficiency
他們沒有執著於自己開發所有產品。他們寧願與多方夥伴合作，並發揮他方的長處與優勢。我們喜歡這樣的資本效率。

Quin this is a pretty straightforward question.
Quin，我有個直接的問題。

Was it price wrong left?We would having a much different conversation about LYFT  at 56 and a half dollars if it got priced at 62.Then where was priced where ran up to em where it is now？
股份金額是錯誤的嗎？如果來福車每股為62美金而不是56.5元的話，我們的談話內容將會完全不一樣。其中造成價格的轉變是什麼？
Personally i think they did a phenomenal job with the IPO. I think it was priced right. I think as an assistant investor they wanted to go out they wanted to raise.At a certain price they wanted to raise a certain amount of capital ,and they achieve that 
我個人認為他們首次公開募股做得相當成功，我認為是正確的金額，以投資協助方來說他們嘗試將價格提升到某種程度，他們想要取得一定的資金，他們也成功做到。

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