What is Bounce

Austin Bob

Member
Dec 15, 2018
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San Antonio
Bounce is a new startup rideshare/ride hail company like Uber. They've just started up recently in southern California, centered around San Diego.

They kind of remind me of Juno that was a tiny upstart in New York City. Like Juno, Bounce is promising drivers ownership in the company through stock options.

I have an idea for these companies. If they really want their drivers to put in their very best work, forget things like intangible and uncertain stock options that will more than likely (99% chance) end up totally worthless. And just pay them higher rates! Pay them 30% more than Uber and Lyft that they'll work for you like crazy!

In New York, Juno really screwed its drivers over. They made big promises about owning stock in the company. All drivers had to do was drive an insane amount, like 30 hours a week every week for three years or something crazy like that. They also had to refer new customers. And if they met all those qualifications they'd end up with some stock. And when Juno went public they'd all be rich - at least that was Juno's pitch.

It's all so crazy though. Probably none of these small startups are ever going to go public. And if their owners and founders don't know it, they have no business running a company. They feed off the impression uneducated and inexperienced-in-business drivers have that all companies go public and when they do all shareholders get rich. But that's only in a tiny number of cases.

Look at Uber and Lyft. They still haven't gone public yet. Uber is almost ten years old and considered one of the most valuable startups in history - and they still haven't gone public! They're planning to next year - but that's a ten year wait - for the largest company in the business! So no chance for little startups who only operate in one city and barely have any marketshare there. Get real guys.

Anyway, the poor New York Juno drivers who bought into all this were badly burned. In the end Juno sold out to another tiny startup operating in New York called Gett for $200 million. Somehow right around that time Juno suddenly out that the SEC (Securities & Exchange Commission) had serious questions regarding the legality of their stock offering.

Although Juno had found out about this several months earlier, they didn't say anything to their drivers about it. They didn't say anything until they were bought out by Gett.

Although Juno's value had doubled by that time, Gett offered drivers just 1.7 cents per share of stock they had earned - which was ten times less than Juno said they were worth a year before. So the value of the company doubled and somehow the value of their stock crashed by 90%.

My Advice to Bounce Drivers: If Bounce is dangling a stock option before you, you should ask them how their plan differs from Juno's in New York. Let them know that you know the Juno plan was considered illegal by the SEC.

My Advice to Bounce: If you want your drivers to really be motivated to do their best job ever, stop promising them something in the future and give them something today. Give them something on each and every ride they take. Give them a FAIR price - that's at least 30% higher than Uber's.
 
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bhelling

Administrator
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Nov 23, 2018
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I'm surprised that drivers fall for the pitch of stock in exchange for relentless commitment to the company over a long period of time. In theory, it makes sense and sounds wonderful on paper. But reality would probably beg to differ.

Potential drivers looking to profit from Bounce stock, definitely heed the advice given above...

"My Advice to Bounce Drivers: If Bounce is dangling a stock option before you, you should ask them how their plan differs from Juno's in New York. Let them know that you know the Juno plan was considered illegal by the SEC."
 

McCrank

Member
Jan 5, 2019
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New York, NY
I'm surprised that drivers fall for the pitch of stock in exchange for relentless commitment to the company over a long period of time.
Really good point. And I find companies that offer stock in lieu of decent pay - do so because they don't have the money or the right business model to pay well. And most of them know their stock is never going to be worth the paper it's printed on - so they get very cheap labor that's willing to work for them based on an empty promise.
 

bhelling

Administrator
Staff member
Nov 23, 2018
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Really good point. And I find companies that offer stock in lieu of decent pay - do so because they don't have the money or the right business model to pay well. And most of them know their stock is never going to be worth the paper it's printed on - so they get very cheap labor that's willing to work for them based on an empty promise.
It's actually surprising how many drivers fall for this one. They get caught up in quick money and the promise of potential future riches and completely disregard the risk factor associated with joining a company with no money
 

McCrank

Member
Jan 5, 2019
108
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Austin, Texas
What City & State do you work in?
New York, NY
Hey @Austin Bob, I just found out some more disturbing information about bounce. I don't know about all the stock options - but if that's true, that's just another sign to stay away. But also, check this out - I just posted it. Bounce is an MLM!
 

Graham

Member
Feb 4, 2019
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Glendale AZ
Ive gotta say, I love the name. 'Let's bounce!'