Segway: An overpriced mall cop ride | Sidebean

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1:00A payday candy bar is miles and miles of peanuts. Salty, crunchy peanut, sweet, sweet caramel ravine you up with every bite. Enjoy the tasty journey, my friend. Payday, peanut caramel bar. It was bound to happen and it just happened. Last June, Segway's president, Ms. Judy Kai announced that the company was utterly seizing the Segway PT production, or as it was initially named, the Segway HT for human transporter. A pretentious name for a futuristic device that came with high hopes back in the 2000s. Yep, the new millennium was all about technological dreams and optimism, and the Segway became the hottest tech product in 2001, even before anyone knew what it was. Some believe that it would revolutionize urban mobility, make the last mile transportation more efficient, redesign cities, and others such high aspirations. But you know how this show usually goes. That glorified scooter that Mall Combs and Tourists ended up rocking around some cities is officially on its road to extinction.

2:04This is company forensics, Segway. As you can recognize, the Segway transporter never really took off. But it originally planned to sell as many as 100,000 units in the first year. Dean came in the creator of Segway, reportedly forecasted that by the end of their second year, they would be stamping out 10,000 machines per week. The man was a dreamer. Reinventing the wheel. By that time, he was already a consolidated tech entrepreneur who had several patents on medical devices such as the insulin pump used in portable dialysis machine, and the ultra-rain electric wheelchair known as the iBot. The gyroscopic motorized technology that allows balancing on the Segway came from the development of the iBot. It was a sturdy electric wheelchair capable of self-balancing, lifting its rider, rolling through tough terrain, and climbing stairs.

3:06During the development of iBot, Cayman realized they had something bigger than just an accessible device. It was a transportation technology that could impact society more broadly, so they started working on the dream and around a decade later came up with the Segway. But far from those 10,000 units that Cayman had projected to be producing weekly, they only ever sold around 140,000 vehicles, total in around two decades. By 2009, he had already sold the company to a British firm backed by the investor, Jimmy Heseldin, whom we will remember again later. In 2015, the Beijing firm Ninebot acquired Segway and developed iterations of the device, along with others that it continues to produce, like electric scooters and other personal vehicles. Despite its fates, the truth is that the Segway transporter caused unparalleled hype and anticipation in the tech world and the media before it even launched. An Overblown Leak Months before the device was presented to the public, there was no shortage of speculation about it.

4:10Phenyssees would be a hydrogen-powered hovercraft, a magnetic anti-gravity vehicle, and other imaginative things of such nature. Even South Park took a shot at it, and you know, that can only mean spot on nasty parity. Yes, the Segway was being mocked even before it was released. This fever sparked with a leak that came out on a website in early 2001. It was about a book written on the development and financing of Ginger, the Segway project codename. The alleged author of the book didn't reveal what Ginger was, but his narrative included over-the-top statements from some of Silicon Valley's mightiest lords about it. Reportedly, Steve Jobs himself said the invention would be as big deal as the PC. Maybe bigger than the internet even said John Doer, a venture capitalist who also predicted Segway would reach $1 billion in sales faster than any company in history. His fund backed it up with a $38 million investment. The hype was genuine, and you can see how it turned out not so great for Segway.

5:13Expectations were said ridiculously high among the public, and probably nobody wanted to settle the hype with something like an upgraded scooter. The marvel of technology. Still, the Segway worked beautifully, and the technology was impressive to experience almost magical according to some testimonials. And yet, we can't blame those who were, well, unamused when they finally got eyes on the Segway on TV after all the build-up. Check out part of the unveiling of the device on the Good Morning America show in 2003. Do we have to do something here, or does it? Ha! It does it fly itself! But looks can be deceiving, despite its simple appearance the technology in Segway was pretty impressive. It was a cluster of aviation-grade gyros and accelerometers, sensors, batteries, and sophisticated software, all linked by a set of computers that monitor the writer's center of gravity more than 100 times per second to maintain balance while moving around. The writer drives it by just shifting his weight forward or backward, and steered by pushing the handbar left or right, rolling at speeds of around 12 miles per hour.

6:21It was a complex bundle of hardware and software with no brakes, no engine, no throttle, no gear shift, and no steering wheel capable of carrying the average writer for a full day on only 5 cents worth of electricity. Is it safe? According to a senior official from the Consumer Product Safety Commission back then, the Segway had safety features far more substantial than normally seen in a consumer product. Features closer to those associated with medical devices. So yes, it was safe, but it also had wheels and motors, and that means accidents were pretty much inevitable. Also, naturally as more Segways made their way to the streets, more accidents were bound to happen. According to the annals of emergency medicine between 2005 and 2008, the George Washington emergency room in that city's hospital started receiving more Segway injuries than pedestrians struck by cars. Of course you can find cars footballers back, so he'll take a call to me, the superstition concierge to make your fan rituals a reality.

7:23We got you. Want to make sure our team doesn't wash your lucky jersey? Oh, that smells lucky. Hilton's unmatched hospitality can keep up with any superstition. Even a marching bandwreck up call at 555 and 55 seconds. Hit it! When you need a team that will do whatever it takes on game day, it matters where you stay. Hilton, for this day. This episode is brought to you by Born in Roma fragrances by Valentino Beauty, the iconic fragrance duo. Donna Born in Roma, Ode to Parfum is a feminine fragrance featuring juicy black current, central jasmine, woody cashmurren, and warm vanilla. Its masculine counterpart, Womow Born in Roma, Ode toilette, has notes of fresh violet leaf, aromatic sage, green vetiver, spicy ginger, and mineral salt. Shop at macy's.com

8:33Among the most iconic slips involving segues are former US President George W. Bush, falling while riding one at his family estate, or the infamous cameraman that ran over Olympic gold medalist, used in both. In a more tragic event, the segway was involved in the death of Jim Heseldon in 2010. Yeah, that British, millionaire, and philanthropist that acquired segway only a year before passing away. Blundged into a river while riding the device near his home in West Yorkshire, apparently after maneuvering to make way for a pedestrian. A consumer market of one. Beyond safety concerns, the adoption of segway by the end consumer, the real interaction with the city, pedestrians, cars, crossroads, was a huge grey area for everyone. The police didn't quite know how to deal with it when the first one started popping up. Soon it was evident that the unique vehicle required special regulations, and then the bureaucracy began. Different states dealt with it in different ways, with somewhat mixed results, and segways rode to the cities looked long and bumpy.

9:35Somehow, Cayman hoped this process would happen more organically, just by having more segways rolling out there. But when you think that cities have struggled even to embrace bicycles, which have been around for a couple of centuries, you can imagine the issue isn't that simple. Knowing this, Cayman first managed to close deals with corporate and institutional markets, police departments in different cities, as well as the postal service, national park service, and other corporate clients were the first ones to adopt segway. Cayman hoped that if enough police departments and other public and corporate entities adopted it, it would be natural for consumers to take it, as well. That's both bold and naive. But on top of regulations and safety concerns, the segway had yet another problem for the consumer market. It was expensive. The release price was around $5,000, making it more of a luxury gimmick than a commuting workhorse. Another business mogul who reacted to the segway in its early days, Jave Bezos, did express that he saw the potential for the device in the corporate market.

10:35Amazon itself was among the first segway buyers and implemented them in some fulfillment centers. But he was more reserved about its insertion in the consumer market. At Amazon, we didn't know at first, and nobody knew whether people would want to buy books online. And the same is true for whether people would want to write these, he said on Time magazine. On that story, it's told that Bezos and Cayman once met in Seattle for a demonstration of how segway could improve employees picking productivity in warehouses. As the Amazon boss tested the device and raised madly around the warehouse, hooding and flapping his arms, someone yelled, Jeff, what were you saying about the consumer market? Rolling past, Bezos shouted back. There's definitely at least a consumer market of one. But now we know there was a consumer market of around 140,000 people. So Bezos was closer to reality. And still today, 20 years into the new millennium, the dream of a transportation revolution remains just a dream. Thanks a lot for watching. We hope you enjoyed this episode of Company Forensics. Make sure to subscribe, hit that big red button down there. And we'll see you next week.

11:46This episode is brought to you by Born in Roma fragrances by Valentino Beauty, the iconic fragrance duo. Donna Born in Roma Ode to Parfume is a feminine fragrance featuring juicy black current central jasmine, woody cashmurren and warm vanilla. Its masculine counterpart, Womow Born in Roma Ode to Alette, has notes of fresh violet leaf, aromatic sage, green vetiver, spicy ginger and mineral salt. Shop at macy's.com Brussels clean up nicely at sweet green. Maple glazed, roasted and edges perfectly caramelized. Sweet greens fall harvest is back on the menu. And the season's most overlooked little green vegetable is dressed to be devoured. You know what to do. Order on the sweet green app. When you shop Ralph's delivery, you can expect the savings you love and fresh groceries delivered right to your door. From delicious produce to everyday essentials, enjoy the convenience of delivery and the trusted selection you've come to know from Ralph's.

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