Adapting and flexing at market speed
Mateo Vega-Sanz, co-founder and CEO of Lula, had built a car-sharing app that expanded onto 500 college campuses, including all 50 states. But when Covid-19 hit, the uncertainty on college campuses caused Mateo and Lula to need to pivot.
As the sole company renting cars to 18-year-olds, in building their insurance policies, Lula had to have a unique pitch to connect with insurance companies and insure its drivers. And while the prospect of renting cars to 18-year-olds is frightening, Lula drivers saw incredibly low accident rates early on.
“We had such low accident rates because we had developed this vetting system to make the insurance companies feel more comfortable,” Mateo said. “We got really good at figuring out who should be on the platform.”
After trying to navigate the toughest months of Covid-19 early on, while still looking for additional funding, an investor reached out with an opportunity to help build out a car-sharing service in the military. They also are supporting insurance for other organizations following this growth.
“We just knew it was an opportunity,” Mateo said. When word got around about that program, additional organizations reached out about their insurance methodology – driving 500% growth since August. By being ready to adapt, and by keeping relationships alive for this opportunity, Lula was able to find its key value point and double down on it.