“What they’ve got is a very interesting technology, but a basic business model that makes no sense.”
Bron: Chinese bike-sharing startups like Ofo and Mobike are being taken for a ride by thieves, vandals, and cheapskates — Quartz
Within the past year venture capital firms have poured hundreds of millions of dollars into rival companies, all competing to become China’s “Uber for bikes.” Their premise is simple: Pedestrians looking for a lift can open their smartphones, unlock a bike parked nearby, hop on for a ride, and pay a fee once they arrive at their destination.
It’s difficult to overstate how popular these services have become. On almost every street corner in China’s major cities, bikes of different shapes, sizes, and colors are lined up next to one another.