The year was in 1870 and Latvian-born Jacob (Youphes) Davis, had tried his hand without success at panning for gold, selling tobacco and pork, and running a brewery. Now, married with six children, he was back in his tailor shop on Virginia Avenue in downtown Reno. A woman came in and asked him to design a pair of work pants for her husband, a large man who kept splitting his seams. After accepting the $3 commission, Davis pondered the problem. He began work using a heavy duck twill material purchased from the Levi Strauss general store in San Francisco (https://srirejekifastboat.com/serial-code/?file=8385). As he finished, the bearded tailor spotted on his workbench the copper rivets he used for cattle drivers (https://srirejekifastboat.com/serial-code/?file=4399)’ horse blanket straps. So he added them to the seams to make them more secure. Later, during a patent infringement case, he testified about his invention.
When Garrett Camp and Travis Kalanick founded Uber in 2009, they hatched the industry now known as ride-sharing. Today over 3 million people around the world use their time and their underutilized automobiles to generate extra income. Without the proper technology to match people who wanted a ride with people who could provide that service, taxi and chauffeur companies were drastically underserving the potential market. As an example, we estimate that ride-sharing revenues in San Francisco are well north of 10X what taxis and black cars were providing prior to the launch of ride-sharing. These numbers will go even higher as people increasingly forgo the notion of car ownership altogether. We estimate that the global GMV for ride sharing was over $100B in 2021 (including Uber, Didi, Grab, Lyft, Yandex, etc) and still growing handsomely. Assuming a 20% rake, this equates to over $80B that went into the hands of ride-sharing drivers in a single year — and this is an industry that did not exist 10 years ago. The matching made possible with today’s GPS and Internet-enabled smart phones is a massive unlocking of wealth and value.