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andrewchen.eth

@andrewchen

a16z. author, The Cold Start Problem

SF  🔁 LA
andrewchen.com
Joined April 2007

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    andrewchen.eth‏ @andrewchen 4 May 2019

    1/ Hypothesis: The primary way that techy bicoastal millennials interact with the vast underclass of millions of hourly workers is in Uber cars. Riders talking to drivers. Uber is creating the forum for folks to learn about each other, and what we’re learning disappoints us

    5:08 PM - 4 May 2019
    • 219 Retweets
    • 951 Likes
    • Ranga Nathan Ganser benrathi.eth ❄️ Ben Siegel 江原ニーナ🙋‍♀️ ani Past Luke rastafaustian🧢 Kayrosis🇺🇸⬆️🧢≥
    66 replies 219 retweets 951 likes
      1. New conversation
      2. andrewchen.eth‏ @andrewchen 4 May 2019

        2/ In turn, this emotion is redirected at the company, when in fact we all need to get smarter about what’s going on in our economy. There are 80 million hourly workers, who don’t have benefits and income security. Their jobs turn over 100%+ annually. They have zero savings.

        9 replies 15 retweets 182 likes
        Show this thread
      3. andrewchen.eth‏ @andrewchen 4 May 2019

        3/ Let’s start with the stat on 80 million hourly workers. Important to note this is the majority of the working adults in the US. There are some great books, like “Nickel and Dimed” on how hard it is to get by. Here’s some stats on this segment:https://www.cbsnews.com/news/most-americans-are-hourly-workers/ …

        4 replies 15 retweets 156 likes
        Show this thread
      4. andrewchen.eth‏ @andrewchen 4 May 2019

        3/ Many of the service industries in which these hourly workers derive their income turn over their workers 100%+ per year. A lot of this work is seasonal, like hospitality, and some of it is just really hard. Stats on the turnover rates here:https://business.dailypay.com/blog/employee-retention-rate …

        3 replies 8 retweets 102 likes
        Show this thread
      5. andrewchen.eth‏ @andrewchen 4 May 2019

        4/ As a result of all of this, it’s hard to save. 40% of Americans aren’t able to $400 emergency expense without selling something or borrowing money. This is from the Federal Reserve Board. More on the stats here: https://money.cnn.com/2018/05/22/pf/emergency-expenses-household-finances/index.html …

        4 replies 12 retweets 112 likes
        Show this thread
      6. andrewchen.eth‏ @andrewchen 4 May 2019

        5/ Not surprisingly, it’s hard to save money. It’s easier to borrow. And so the average American has $38k of debt (not even counting mortgages!).https://www.cnbc.com/2018/08/20/how-much-debt-americans-have-at-every-age.html …

        5 replies 7 retweets 92 likes
        Show this thread
      7. andrewchen.eth‏ @andrewchen 4 May 2019

        6/ Uber facilitates an interaction where riders often talk to their drivers, and you learn how hard it is for many folks to get by. But when’s the last time you had a long, authentic convo with the people who prepared food at dinner? Or the workers who clean your office?

        7 replies 15 retweets 153 likes
        Show this thread
      8. andrewchen.eth‏ @andrewchen 4 May 2019

        7/ When I led the driver acquisition programs at Uber, we didn’t talk much about churn though we all knew it was a problem. But the focus was always on new drivers because it was assumed - rightly or wrongly - that this was a segment of the economy where turnover is high

        5 replies 8 retweets 80 likes
        Show this thread
      9. andrewchen.eth‏ @andrewchen 4 May 2019

        8/ The argument was, hospitality, fast food, and other service sectors often have high turnover. Uber’s driver retention was actually much, much better. And offered flexibility, without signing for shifts. And without a “boss” to deal with — you could just drive on your own terms

        7 replies 4 retweets 77 likes
        Show this thread
      10. andrewchen.eth‏ @andrewchen 4 May 2019

        9/ At the same time, we have to all acknowledge that this type of work — in the “gig economy” or other kinds of hourly work — are not great. It’s best used as something to bridge between two jobs, or in the summers for school. No wonder most drivers are part-time.

        7 replies 9 retweets 107 likes
        Show this thread
      11. andrewchen.eth‏ @andrewchen 4 May 2019

        10/ It’s something we have to figure out, because the majority of the economy actually looks like this, not just Uber. And as many of you know, automation, robotics, and technology will just accelerate this even further. This is something that needs to get figured out

        10 replies 11 retweets 128 likes
        Show this thread
      12. andrewchen.eth‏ @andrewchen 4 May 2019

        11/ The conversations you’re having in your Uber cars — that’s just the medium. The message is deeper, and more profound: 80 million hourly workers without benefits. $38k in debt. Can’t cover $400 in expenses. 100%+ turnover in their work. Think about that.

        7 replies 36 retweets 244 likes
        Show this thread
      13. andrewchen.eth‏ @andrewchen 4 May 2019

        12/ I know I’m thinking about it. After a few years working at Uber, this has been one of the most important lessons from my time there.

        8 replies 6 retweets 101 likes
        Show this thread
      14. andrewchen.eth‏ @andrewchen 4 May 2019

        13/ Thanks for reading.

        14 replies 2 retweets 95 likes
        Show this thread
      15. andrewchen.eth‏ @andrewchen 4 May 2019

        andrewchen.eth Retweeted Paul Millerd

        PS. A couple folks have pointed out - @sarthakgh @adamdangelo - that the $400 savings stat is widely publicized but things probably aren’t as bad as quoted there. Different thread here that tries to find the source material:https://twitter.com/p_millerd/status/1118071142311288838?s=21 …

        andrewchen.eth added,

        Paul Millerd @p_millerd
        1/ There is a common line repeated in the media: "Fed survey shows 40 percent of adults still can’t cover a $400 emergency expense" Inspired by @EconTalker to go deeper and question things I read, here is a perfect example of how people cherry pick data to fit their narrative. pic.twitter.com/S6Goz5djbU
        Show this thread
        7 replies 9 retweets 68 likes
        Show this thread
      16. End of conversation

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