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Uber and Lyft To Launch In New York State Pending DMV Approval

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For startup companies, Employee Stock Options are great tools for retaining company growth. ESOP companies, according to a 2000 Rutgers study, were found to grow 2.3% to 2.4% faster after they had set up their Employee Stock Options than they otherwise would have. This scale of growth can give startup companies what they need to get their roots in the ground. And for Lyft, the transportation network company founded just in 2012, those roots are finally spreading.

Spreading to New York, that is. On Thursday, June 29, the new law regulating the transportation services, Uber and Lyft, will be taking effect at exactly 12:01 AM EST. Citizens of New York’s Upstate and Suburban areas have long awaited the ride-hailing companies’ introduction since they were first introduced through social media.

Enormous amounts of data are produced every second through social media networks like Facebook, which has 1.97 billion active users across the globe. Modern startup companies such as Lyft and Uber have been using this increase in social media to their advantage by creating products marketable specifically to social media users. In this case, by providing transportation services through a simple smartphone app rather than through an expensive process over the phone, Lyft and Uber have been able to profit millions of dollars.

However, before the companies can officially launch their services to New York’s suburbs, the state law requires the approval of a transportation network company license through the Department of Motor Vehicles. Although the two companies submitted their $100,000 application fees as well as their applications earlier in the month, as of Tuesday, June 27 the DMV has yet to approve either application.

Joseph Morrissey, the spokesman of the DMV, said to the Democrat and Chronicle on Tuesday that the department is currently finishing the reviewing process.

Whether either company will be approved may be questionable in light of Uber’s rather shaky corporate turn. Having suffered from two critical financial mistakes in the past few years, Uber’s CEO, Travis Kalanick, stepped down last week. According to the Democrat and Chronicle, Kalanick stepped down due to pressure from company investors.

Regardless of the cause of Kalanick’s removal, it can be said that transportation in suburban and urban areas are likely to see a future with social media. Uber’s unclear future may just open doors for other fast-growing startup companies to take advantage of what consumers clearly want: cheap and reliable transportation.