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Mike Virdi & Narinder Chadha on OurBus Transportation (Audio) · Bloomberg Intelligence

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  Speaker 1: This is taking stock with pin Box and Kathleen Hayes
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  Speaker 1: hours a month, that is three days commuting while can
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  Speaker 1: of one point five nine percent. Among today's top business stories.
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  Speaker 1: BMW will roll out the first battery powered model of
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  Speaker 1: While that's no cause for alarm yet, consumption has been
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  Speaker 1: going has been doing all the heavy lifting for the economy,
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  Speaker 1: so it's ups and downs do matter. The Commerce Department
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  Speaker 1: reported consumer purchases were little changed about after a four
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  Speaker 1: Goldman Sachs Group see benchmark ten year yields climbing to
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  Speaker 1: two percent by the end of the year. In contrast,
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  Speaker 1: Morgan Stanley as forecasting meals will fall to one end
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  Speaker 1: a quarter percent. It's two thirty two on Wall Street.
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  Speaker 1: a winner. Pence and Democratic vice presidential nominee Tim Kine
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  Speaker 1: are slated to debate on Tuesday at Longwood University in Farmville, Virginia. Meantime,
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  Speaker 1: former President Bill Clinton was among those saying a final
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  Speaker 1: goodbye to former Israeli President Schmon Perez today. Clinton talked
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  Speaker 1: d R dot org. This is taking Stock. I'm pim Fox.
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  Speaker 1: If you ever wanted to change the way that you commute,
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  Speaker 1: perhaps this company has the answer. Mike Verdy and the
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  Speaker 1: Render Singh Chattah are co founders of a new technology company.
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  Speaker 1: It is called our Bus, and they joined me here
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  Speaker 1: in the studio. Gentlemen, thank you very much for being here.
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  Speaker 1: All right, So, who's the commuter and who's the coder.
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  Speaker 1: I'm the commuter. You're the commuter. Tell us your commute story.
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  Speaker 1: I know everybody has at least one. Go ahead, tell
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  Speaker 1: us your commute story. I'm where did the lightbulb go
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  Speaker 1: off in your head that told you you had to
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  Speaker 1: create an app that basically connects with buses to turn
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  Speaker 1: them into more personalized transport. Sure, I've been commuting to
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  Speaker 1: New York City for a good twenty years now, from
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  Speaker 1: all different parts of New Jersey to all different parts
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  Speaker 1: of New York City, and my community has only gotten
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  Speaker 1: worse over the years. Um, the average commuter, like myself,
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  Speaker 1: we get in our car every morning before our families
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  Speaker 1: wake up. We got we drive to a bus stop
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  Speaker 1: or train stop, We pay for parking, We get into
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  Speaker 1: a bus of training, we pay for that stops ten
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  Speaker 1: or fifteen ways, and then we get into New York
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  Speaker 1: City and then we make our way out of Penn
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  Speaker 1: station or port authority Um, and we get into New
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  Speaker 1: York City and then we take a subway or a cab,
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  Speaker 1: or we walk a mile to get to our jobs.
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  Speaker 1: So it's multiple transfers. It's exhausting, it's stressful. God forbid,
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  Speaker 1: there's delays in any one of those transfers, and then
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  Speaker 1: you know, it's just not a good day at work.
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  Speaker 1: Um And I would have probably continued doing it like
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  Speaker 1: most people have. But what UH prompted me to do
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  Speaker 1: all of this was watching my mom do it for
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  Speaker 1: even longer than I've been doing it. And it's harder
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  Speaker 1: for her to do it now because she walks with
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  Speaker 1: a king coming up and down the stairs, getting out
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  Speaker 1: of stations, getting into cabs. All right, So we got
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  Speaker 1: no I got we got the need, But when did
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  Speaker 1: and then what you called? You knew that Noranda knew
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  Speaker 1: how to do something when there's a logistic expert, he's
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  Speaker 1: been in the business for thirty years, and I knew,
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  Speaker 1: if if there's any way to solve this problem, this
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  Speaker 1: is the guy. I gotta go talk to you, all right,
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  Speaker 1: So let's find out where the how to just solve
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  Speaker 1: this problem what we're trying to do. But we wanted
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  Speaker 1: to accomplish. What I wanted to accomplish was that the
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  Speaker 1: timing right now is absolutely correct for people to create
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  Speaker 1: a group from where they live and where they work.
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  Speaker 1: Times right now say that people have everybody has a smartphone.
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  Speaker 1: So the bub got off that you know what, what's
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  Speaker 1: so difficult about people sharing their time they commute? So
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  Speaker 1: we tried to find local people with my clives, how
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  Speaker 1: many people are going to New York City at the
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  Speaker 1: same time. We didn't have technology at that time, but
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  Speaker 1: we wanted to test a proof. That's the whole situation
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  Speaker 1: that We went to the bus stops and started asking people,
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  Speaker 1: what time do you guys go to work? What time
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  Speaker 1: do you guys want to go? Why you have to
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  Speaker 1: stop at fifteen stops? Change buses? Do all this? What
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  Speaker 1: if I take you into Manhattan directly? And people started
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  Speaker 1: giving their information, so the bulb actually brightened up them that,
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  Speaker 1: oh my god, that means people are willing to use
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  Speaker 1: this service. So we started with the one bus starting
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  Speaker 1: from Kendall Park, New Jersey. People started getting on the bus.
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  Speaker 1: We started on sixt of May. We thought it would
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  Speaker 1: take us about three to four months to fill up
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  Speaker 1: the bus. By fifth week, we were at capacity. Every
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  Speaker 1: trip the bus was saving at least forty minutes thirty
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  Speaker 1: five minutes one way on the way back. Also, people
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  Speaker 1: are saving at least thirty thirty five minutes. There are
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  Speaker 1: no stops. Bus starts from Kendall Park. We make one
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  Speaker 1: more stop at a residential community and bus goes directly
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  Speaker 1: into Manhattan. They stopped at a couple of locations in Manhattan.
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  Speaker 1: Asked for its dynamic as for people whose owns where
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  Speaker 1: people want to go, they can go in the app
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  Speaker 1: and say where they want to stop, but stops at
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  Speaker 1: a commonplace. It's a community travel community travels together. Everybody
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  Speaker 1: saves time, you save money. Buses we get from charter companies.
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  Speaker 1: Well that's where I was gonna come next, because you
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  Speaker 1: guys do not own the buses, not the stand springing.
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  Speaker 1: You're bringing business to a bus charter companies. We started
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  Speaker 1: out trying to find a solution for commuters, how to
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  Speaker 1: save them time and money and and provide a better lifestyle,
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  Speaker 1: better commute for them. But we ended up doing that
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  Speaker 1: and creating dedicated, profitable routes for bus companies who are
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  Speaker 1: busy on the weekends but on the weekdays not so much.
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  Speaker 1: And have you you make money by taking a little
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  Speaker 1: piece of that or absolutely absolutely so the c for
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  Speaker 1: the customer, it is ostensively obviously, the app is free
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  Speaker 1: right absolutely, and in fact the customer pays less because
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  Speaker 1: we've done our homework. We've done our research, and we
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  Speaker 1: found that if each bus does two trips in a day,
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  Speaker 1: we can keep the cost down for the commuters. We
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  Speaker 1: don't have to keep doing price hikes. We can provide
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  Speaker 1: profitable routes for bus companies who have good equipment, new
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  Speaker 1: equipment with Wi Fi charging stations. Right now, I noticed
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  Speaker 1: that that this is kind of like a hurdle that
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  Speaker 1: they all would have to get over. You're not just
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  Speaker 1: going to I'm not just gonna give it to any Yeah,
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  Speaker 1: so um, if you have and now we've signed up
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  Speaker 1: vendors that are willing to findance brand new buses for
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  Speaker 1: us if we give them get dedicated routes because that's
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  Speaker 1: guaranteedn't come from them Monday to Friday, and they make
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  Speaker 1: their on the weekend during private charter events. And you
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  Speaker 1: can vet these people obviously because you're gonna know all
• 10:05
  Speaker 1: the whole complaints has done true. They have their duty,
• 10:08
  Speaker 1: they have their mc information to everything has to be very,
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  Speaker 1: very complained. Everybody in technology you only got about you know,
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  Speaker 1: ten seconds. They all love scale. You think this can
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  Speaker 1: scale to other big cities, other urban areas where you
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  Speaker 1: need this. We we've already gotten about thirty seven routes
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  Speaker 1: ready to go, researched and planned and ready. We have
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  Speaker 1: people emailing us every day, hundreds of people asking us
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  Speaker 1: the cards. Sorry, so how do people how do people
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  Speaker 1: connect with your go ahead? Oh you are bus dot com.
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  Speaker 1: They can sign up and again, oh you are bus
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  Speaker 1: dot com. Howard bus dot com our bus dot com.
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  Speaker 1: All right, well you can ask them all the questions
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  Speaker 1: and maybe get a better commute. I want to thank
• 10:45
  Speaker 1: you gentlemen for coming in. Mike Verdy and the render
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  Speaker 1: same chata. They are the co founders of our bus technology,
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  Speaker 1: trying to make your transport even easier. Thank This is
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  Speaker 1: taking Stock. I'm pim Fox. This is Bloomberg whom we're
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