Former Uber CEO Travis Kalanick announces new investment fund focused on job creation

Photo by Justin Sullivan/Getty Images

Former Uber CEO and co-founder Travis Kalanick today announced a new investment fund he’s calling 10100, pronounced “ten-one-hundred,” that will focus on his “passions, investments, ideas, and big bets.” The theme of the fund, he says, will be large-scale job creation with a focus on real estate, e-commerce, and innovations from countries like China and India. “Our non-profit efforts will initially focus on education and the future of cities,” Kalanick writes. The announcement was made on Twitter this afternoon with a prefaced note from Kalanick that read simply, “Some news...”

Since Kalanick stepped down from Uber in July of last year, he’s remained an outsized influence in the day-to-day operations at the ride-hailing giant thanks to board seats Kalanick controlled as part of the deal he cut with the company alongside his resignation. The company, under current CEO Dara Khosrowshahi, has only continued to weather controversy after controversy related largely to the way Kalanick and his lieutenants structured and ran the company since its founding in 2009. Those incidents include a trade secret theft lawsuit from Alphabet-owned Waymo that reached a surprise settlement last month, and an cover up of a massive cyberattack that exposed the data of 57 million riders and drivers.

However, in a recent deal with Japanese telecom SoftBank, Uber’s power structure shifted, diminishing Kalanick’s control of the Uber board by diluting his shares and giving SoftBank control of two board seat appointments alongside a change to the voting power of shareholders.

So while it’s unclear how long Kalanick has been planning the launch of 10100, it seems in some ways to suggest an admission on the Uber co-founder’s part that his role as a Machiavellian behind-the-scenes player at the ride-hailing company may be coming to a close. Without the voting power and board control he enjoyed in the immediate aftermath of his ouster, Kalanick can’t maintain a grip on Uber as it carries on without him, especially not as its current CEO pledges to turn the company around.

Here’s Kalanick’s announcement message in full:

Over the past few months I’ve started thinking about what’s next. I’ve began making investments, joining boards, working with entrepreneurs and non-profits. Today I’m announcing the creation of a fund called 10100 (pronounced “ten-one-hundred”), home to my passions, investments, ideas and big bets. It will be overseeing my for-profit investments as well as my non-profit work.

The overarching theme will be about large-scale job creation, with investments in real estate, e-commerce, and emerging innovation in China and India. Our non-profit efforts will initially focus on education and the future of cities.

For anyone who wants to get to work, email me at travis@10100fund.com.

Comments

So like a VC in disguise?

I find it odd a man who exploited the creative class and underclass wants to help "find work" in rising economies

There is a distinct lack of regulations in those economies. It’s a great opportunity for the rich and amoral to "find work" without pesky annoyances like public safety getting in the way.

Can’t take this guy serious.

One word:. "boober"

Another word: פּאַסקודניאַק

man who used VC to destroy jobs, uses the money he got from doing so to make a VC to make more money from funding things that make jobs…

okay

This is actually an interesting question. I don’t know about his broader VC work, but do you think companies like uber and lyft destroyed transportation jobs on net so far? I know they will eventually once they flip on the driverless car fleets, but in the short term there seems to be an awful lot of people with uber stickers on their car for either full time income or part time income. So while the cab industry was greatly diminished and jobs were lost, many more jobs were added. Lower paying? Absolutely, but more numerous. Imagine a world without uber, and lyft, that would likely take money out of the entire industry as there are plenty of people working part time for side cash that would not have that side cash income flow.

Companies like uber transfer resources for the more well to do population in the city that goes out at night to students that are more strapped for cash and other more working class people. The barriers to entry are supremely low to work, there are no artificial barriers to entry beyond not being a criminal and having a functioning car, so uber actually makes it easier for an entire group of people to earn extra money.

Now, this is definitely fleeting, this is no charity and the moment that the driverless car tech passes its tests and laws allow, the fleets will begin to expand and displace actual people. But I think it’s worth thinking about finding other industries that scale where more of the population can climb onto and get to higher financial ground. Most people here certainly think uber is no such thing, and they are mostly right, I’ve heard horror stories about pay, but not everyone is going to work in a higher paying tech field, and I think it’s worth thinking about industries that can scale and are not so heavily gated to keep newcomers by making the barriers to entry much harder to surpass.

great response.

yeah, in the near future that switch will flip and all the people who helped Lyft/Uber destroy the cabs will lose their jobs.

Has the shift created more work presently than it has destroyed? i would be interested in the data.

I am not sure Uber stickers are a good measure, in the past one cab had multiple drivers. so paid hours per road vehicle was higher.

has more cars given work to more people even if at a lower hourly rate? yes, does the net equal more – would seem hard to believe. if you charge less per unit for something, then you get less, and uber/lyft offer lower per mile rates than taxis.

are there more rides though? maybe so.

but i wonder, as you say, there are more cars. those cars are on lease, they have operating costs, insurances etc. each car is also now single driver, so those costs are not distributed nor are they offset by an owner.

once a driver subtracts the cost from the hourly rate what is their real rate? were there other benefits that taxi drivers got, bonuses, 401k etc.

going from being employees to being a sort of business owner with overheads while getting less per hour…

my personal take on it

no, sadly, and probably quite knowingly, this did not make more money for drivers.

So, I guess, the jobs are "the juice"

no, they’re the sauce.

Damn! I had a decent joke and I blew it!

Is there some special significance to decimal 20?

"Ten one hundred" sounds like "ten to the one hundredth" to my ear, i.e. googol.

Ah! That makes more sense.

Nope – don’t care what this guy does now. Let him fade away into obscurity.

Travis Kalnick reinvents himself. Didn’t he have had passion for creating many jobs for Uber contract drivers? But those are precareous jobs.

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