Opportunity:
When it comes to commuting to and from work or school,
residents are looking for the most convenient method of transportation. The
public transportation system currently in place is not meeting the needs and
demands of passengers. Many riders are extremely unsatisfied and are turning
away from buses.
The people most affected by the lack of resources given to
public transportations are mainly residents and students that rely on buses to
get around. Many don’t have another option due to financial constraints. This
opportunity is for those that can’t afford a private vehicle or don’t have
credit cards, which is required to make an Uber or Lyft account.
UF students make up a large portion of Gainesville’s
population, and many take the bus to commute. However, for some, the
inconvenience is just not worth it, and they find alternative methods of
transportation such as scooters and bikes that are more expensive and dangerous
but more convenient.
Busses are unsafe at night and on the weekends because of
long wait times and dark bus stops. Students that live off campus and rely on
busses for commuting currently have more restrictions on when and where they
can commute and which businesses they can support.
There are also many environmentally-conscious residents who
choose the most sustainable options every chance they get. As a society, we are
slowly realizing the devastating consequences of climate change and more people
are supporting efforts that are more environmentally-friendly.
Late and unreliable buses in the city of Gainesville,
Florida have forced people to look for other modes of transportation, such as
scooters and ride services like Lyft and Uber. Resulting in more traffic, air
pollution, and dangerous conditions.
In addition, many bus drivers feel overworked because of the
lack of employees. Many bus drivers leave because of job dissatisfaction and
they don’t get the raises they’ve earned. So, there are less drivers overall
and they have to cut routes. The city is not working with RTS employees to
improve labor conditions.
Innovation:
I am proposing a dynamic improvement of Gainesville’s public
transportation system that includes implementing bus-only lanes during peak
times, improved accessibility with more bus stops, significant updates to the
rider app and website, and investment in design and technological upgrades to
all of the buses so that it appeals to more commuters.
Bus-only lanes solely during peak traffic hours would be
from 7:00am – 10:00am and from 4:30pm – 7:30pm. This would require much less
effort to implement. The University of Florida already does something similar
where they have areas on campus that only buses can access during school hours.
This service would give people a better option than stressing about parking and
traffic accidents, during the worst and most dangerous parts of the day.
Educating people on how public transportation works and all
of its benefits is part of the plan. Those with no experience taking public
transportation or no knowledge of successful implementations of this
opportunity in other cities, will realize the tremendous benefits of bus
ridership with an education program and marketing campaign on public
transportation.
I will invest in major upgrades for a rider app that is more
accurate and easier to navigate. The design of the buses would also
be significantly improved. All buses will be handicap-accessible, have air
conditioning, provide comfortable seating, and have free Wi-Fi.
Venture Capital:
What I am offering is a public transportation system that
will be more accessible and convenient. There will be a series of street and
traffic regulations. The main project is implementing and enforcing bus-only
lanes during peak times in major roads. Work conditions for bus drivers will
also be improved. The goal is to increase the number of buses and routes so
that the benefits of public transportation outweigh other modes of transit.
There are tremendous benefits to a superior public
transportation system:
· It stimulates the
economy by connecting people to more local businesses and allowing people to
save money instead of paying for gas and insurance. Households that use public
transportation save an average of $6,251 every year. As walkability increases,
so does local consumer spending.
· Travel times
would decrease and provide passengers with more bus routes per buses and
drivers. According to an article from the World Resources Institute written by
Robin King, “BRT, Bus Rapid Transit, users in Istanbul, Turkey, can save 28
days per year by shifting from other transport modes to BRT.”
· Traffic safety
would improve. According to the American Public Transportation Association,
“cities with more than 40 annual public transit trips per person have half the
traffic fatality rate of those with fewer than 20 trips per person”. According
to King, “In Bogotá, the city will save an estimated $288 million in avoided
traffic injuries and fatalities between 1998-2017.” Dedicated bus lanes would
reduce traffic accidents due to a high volume of cars, unsafe bus stops and
crossing conditions.
· More efficient
busses will also benefit many people with disabilities that are unable to
operate a motor vehicle. This opportunity will give them more ease and
flexibility when commuting.
· There would be a
big reduction harmful carbon dioxide (CO2) greenhouse gas emissions in
Gainesville. Less vehicles on the road means there is less air pollution.
Bus-only lanes would also decrease idle times for buses, so they burn less
fuel. According to the APTA, “public transportation conserves 4.16 billion
gallons of gas per year”.
A superior public transit will increase the value it has for
potential customers. By increasing the benefits of taking the bus over a
private vehicle, the local economy will improve, riders will save thousands of
dollars a year, traffic will decrease, and the city’s overall greenhouse gas
emissions will decrease.
Competitive Advantage:
A VRIN analysis revealed extremely important financial
benefits of a superior public transit system. It stimulates the economy by
connecting people to more local businesses and allowing people to save money
instead of paying for gas and insurance. As walkability increases, so does
local consumer spending. Support from Gainesville’s residents is extremely
valuable. It’s up to the residents of Gainesville to demand better and
long-term infrastructure and traffic conditions.
What’s next:
After successful implementation of a superior public
transportation system in Gainesville, Florida, I will use the business model to
convince other areas in Florida to implement a new public transit system
suitable for their region.
For Me:
In a few years from now, I’d like to have make significant
contributions to establish a complex, nation-wide public transportation system
to make commute and travel safe and inexpensive. As technology advances and
cities change and grow, maintenance and improvements will always be necessary
to meet the demands of residents and commuters. In 10 years, I want to have a
reputation for sustainable and positive change to our society and well-being.
Feedback:
I received a lot of positive feedback for my first venture
capital post. Early on, I received an advice from one of my classmates to consider
upgrades to the mobile rider app as well as the actual transportation system. I
immediately incorporated that in my business plan. My intentions to expand to
other cities in Florida was also well received. One of the people I interviewed
suggested I start with Ocala and connect with Gainesville. Another feedback I
received was to implement convenience of riding public transportation by
investing in small technological upgrades such as adding free Wi-Fi.
Changes:
Based on the feedback I received, I have decided to make
some changes to my original venture concept. First, I will add technological upgrades
such as charging stations and Wi-Fi to improve convenience for bus passengers.
I am also taking the advice that I should not pursue self-driving busses. After
conducting more research, the risks and costs outweigh the benefits. In
addition, I decided to expand to Tallahassee instead of Ocala. My current target
market is college students, so forming a connected high-speed transportation system
between two large Florida universities provides greater advantages.
Transportation is about connection and I hope to facilitate connection for everyone.
References:
Hughes-Cromwick, MacPherson. “2018 APTA Public
Transportation Fact Book.” APTA, American Public Transportation
Association, Dec. 2018,
www.apta.com/resources/statistics/Documents/FactBook/2018-APTA-Fact-Book.pdf.
“Peak-Only Bus Lane.” National Association of City
Transportation Officials, National Association of City Transportation
Officials, 5 May 2016,
nacto.org/publication/transit-street-design-guide/transit-lanes-transitways/transit-lanes/peak-bus-lane/.
