Uber, apparently the most valuable venture-backed company in history, has taken a tumble. Like all disrupters It was on a mission to change the world, to deliver a service that would cut right through the way people normally did things, and make life easier to navigate. But it has got itself mired in lawsuits and corporate culture chaos.
The June issue of Time magazine features an insightful article on Uber CEO Travis Kalanick’s stunning rise and equally spectacular tumble. And as Uber tries to put its house in order, authors Katy Steinmetz and Matt Vella suggest that right across Silicon Valley “the architects of the new economy …. must hold themselves accountable. And consumers need to be able to trust them to do that well.” The authors go on to suggest that maybe we are witnessing the beginning of a new era of unicorn behaviour, the “birth of a new Silicon Valley value, the concept of responsible disruption”.
The phrase “responsible disruption” jumped out at me. Responsible disruption means changing the world for the better, for everyone involved and doing it in a way that is fair, reasonable, safe and trustworthy. This may be seen as a new way of doing things in America, but right here in Glasgow where I’m writing this, at the very epicentre of Scotland’s disruptive fintech community, It’s certainly not new to us at Castlight or to our friends and associates across Scotland’s fintech community.
“Responsible disruption” is part of the DNA of our company and the very essence of our Affordability Passport®. Our Affordability Passport® is revolutionising the way brokers and lenders assess risk and the way borrowers are empowered to micro manage their finances. The Affordability Passport® responsibly ensures that lenders recoup their loans. And it responsibly ensures that borrowers only take on loans that are safe and affordable.
Responsible disruption? Listen up Silicon Valley – you heard it here first!