We track Product so you don't have to. Top Podcasts summarised, the latest AI tools, plus research and news in a 5 min digest.

Hey Product Fans!

Welcome to this week’s 🌮 Product Tapas!

If you’ve been forwarded this or just stumbled upon it, you’re in for a treat. For the best reading experience, check out the web version and sign up for future editions here.

This week your Tapas is coming at you from the French Alps so it’s more baguettes 🥖 and fondue than usual 🫕 but there’s still stacks to report from the product world.

What’s on the menu this week? 🧑‍🍳

📰 Not Boring – Arm is set to launch its own chip, potentially shaking up the semiconductor industry. Google Gemini introduces a document analysis feature, and Perplexity AI's Deep Research is giving OpenAI a run for its money. Plus, Elon Musk’s xAI releases Grok 3, and OpenAI simplifies its model UI for a better user experience.

⌚️ Productivity Tapas – Check out the Section AI Pitch Deck Template if you’re trying to convince your business to invest in AI initiatives, there’s a pretty neat tool to help UI generation, and a great HelloAI bootstrap Agent template for seamless automation from Reuven Cohen 

🍔 Blog Bites – Explore the rise and fall (and rebirth?) of WeWork's Adam Neumann, learn how to hack user habits like Raycast, and discover why embracing complexity can enhance team effectiveness.

🎙️ Pod Shots – We cover Wayne Ting, CEO of Lime on 20VC, sharing his remarkable journey from near-bankruptcy to achieving $90M in EBITDA, offering invaluable insights for founders and PMs alike.

Plenty to get stuck into - off we go! 🚀

📰 Not boring

• Arm to launch its own chip in move that could upend semiconductor industry

• Google Gemini's free tier gets document analysis feature (something ChatGPT has had for months)

• But, Take notes for me” in Google Meet now captures “next steps”

• Perplexity AI launches Deep Research to give OpenAI a run for its money [nearly even on the benchmark tests but much faster in terms of getting results]

• On Deep Research etc, this is a must read: “The Deep Research problem”: it’s another amazing demo, until it breaks. But it breaks in really interesting ways.

• Anthropic signs MOU with UK Government to explore how AI can transform UK public services

• Zillow showcases how Replit and Anthropic’s AI is helping non-coders bring software ideas to life to over 100k users

• Instagram launches FIVE new DM features

• Microsoft launches Magma - multimodal AI model that integrates vision, language and action capabilities to interact with both digital UIs and physical environments using robotics

• AI developer matched OpenAI Operator with Replit Agent and recorded as the two bots collaborated to build an app 🤯 

• Elon Musk’s xAI releases its latest flagship model, Grok 3. Another week, another model. This is very reminiscent of PC processor wars of the 80s but in turbo mode

• OpenAI warns against using “boomer prompts” in its O-series models (be simple and direct)

• OpenAI is simplifying its model UI, allowing users to type in requests while it determines the appropriate model. Hallelujah! Perhaps our if OpenAI ran Starbucks post inspired this change? 😂

• Reddit CEO says paywalls are coming soon

• Inside Amazon’s messy push to bring everyone back to the office. TL;DR employees have no desks, insufficient parking and still endless virtual meetings

• Apple Aims to Boost Vision Pro with AI Features, Spatial Content App

• More “amazing” Meta PR; Meta CTO says staff should quit if they don’t like Meta’s new policies

• But in more positive news for them, Meta’s Ray-Bans have sold 2 million pairs — its maker is prepping to sell 10M each year

• ClearBank launches embedded banking solution for SME credit card provider, Capital on Tap

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⌚️ Productivity Tapas: Time-Saving Tools & GPTs

• Section AI Pitch Deck Template: free deck download to help make the case for AI / AI initiatives with your organisation

• Reweb: The AI visual builder for Next.js & Tailwind. Generate UI with AI. Customise it with a visual editor, then export in code

• HelloAI bootstrap Agent template from Reuven Cohen. “Whether you need an agent to scrape data, interact with APIs, automate form submissions, or even abstract cloud and quantum computing resources, this setup lets you plug in new capabilities without reinventing the wheel.”

Remember, as a Product Tapas Pro subscriber you can access the full time saving tools database for fast approaching 400 time-saving tools relevant for product managers and founders 🔥.

Check the link here to access.

🍔 Blog Bites - Essential Reads for Product Teams

Case Study: Neumannomics: The Rise, Fall and Potential Rebirth of WeWork's Controversial Founder

Bill Kerr’s great article here, covers how Adam Neumann built WeWork from a single location to a $47B valuation through exceptional vision and fundraising abilities, before spectacular mismanagement and governance issues led to his departure. His story exemplifies both brilliant entrepreneurship and cautionary lessons about unchecked ambition.

“A fish rots from the head" perfectly captures how WeWork's culture deteriorated despite its innovative vision, showing how leadership's behavior can undermine even the strongest community-focused mission.

Strategy: How to hack habits like Raycast A playbook for accelerated adoption

Here, Strategy breakdowns covers the story of Raycast. Best summarised as "Don't create new workflows, replace existing ones." Instead of fighting user habits, they leverage them by providing a superior alternative to an existing behavior.

Raycast achieved rapid adoption by replacing Spotlight's Command+Space shortcut with their enhanced launcher, ensuring zero compromise in functionality while adding significant value.

Whilst at first this may sound niche, their success stems from understanding user habits, providing seamless migration, and designing for both developers and power users. Lessons relevant for us all.

Culture: You Need To Stop Being Right

In this recent piece from Tom Kerwin, he argues that instead of endlessly debating to find a single root cause or perfect solution, teams should embrace complexity by mapping multiple stories and options for action. Success comes from taking small, targeted actions and learning from the results rather than seeking magic bullet solutions.

💡 Teams waste countless hours seeking perfect "root cause" solutions, when most business problems are complex systems with multiple contributing factors. Understanding this shift in mindset can dramatically improve team effectiveness and decision-making speed.

🎙️ Pod Shots - Bitesized Podcast Summaries

Remember, Product Tapas Pro subscribers get access to an ever growing database of all the top Podcast summaries we’ve ever created. 

Check it out here

Wayne Ting, CEO @Lime: From Losing $3 on Every $1 to $90M in EBITDA

In a recent 20VC conversation that spans from near-bankruptcy to industry leadership, Wayne Ting shares how he transformed Lime from losing$3 on every dollar to achieving $90M in EBITDA. This is a great (and pretty remarkable) story of resilience, operational excellence, and leadership super relevant for founders and PMs alike.

 🎥Watch the full episode here

📆 Published: January 28th, 2025

🕒 Estimated Reading Time: 3 mins. Time saved: 60 mins🔥

🎯 The Turnaround Challenge

When Wayne joined Lime in 2018, the company was hemorrhaging money. "We were losing $3 for every dollar of Revenue," he recalls. The hardware situation was dire - scooters lasted just 30 days, with a staggering 3% daily decay rate. Translation? The entire fleet disappeared monthly.

Key Takeaways for Founders & PMs:

• Don't shy away from brutal reality - accurate data is your first step to transformation

• Focus on establishing ground truth before making strategic decisions

• Build internal tools to track critical metrics across all operational levels

🔧 The Game of Inches

Ting's approach to turning around Lime wasn't about one big fix - it was about winning what he calls "the game of inches." Every small improvement, from reducing battery swap times by 30 seconds to optimizing handlebar designs, contributed to the larger transformation.

Key Takeaways for Founders & PMs:

• Success often comes from thousands of 1% improvements rather than one 100% improvement

• Track everything your team does - create visibility and accountability

• Build systems that can replicate good practices across markets

💡 Innovation Through Vertical Integration

Unlike competitors who bought off-the-shelf hardware, Lime chose to design and manufacture their own. This decision, while more expensive initially, proved crucial for profitability. "Every scooter and bike you see on Lime's platform, we design, engineer, produce, and operate ourselves," Ting explains.

Key Takeaways for Founders & PMs:

• Sometimes the expensive solution is the right solution

• Vertical integration can be a powerful differentiator

• Don't outsource your core competitive advantage

🌍 Scaling Globally: The Power of Local Excellence

Lime's success in different markets came down to the quality of local leadership. Ting spent months visiting warehouses, observing operations, and identifying what made some locations outperform others.

Key Takeaways for Founders & PMs:

• Get out of the office and observe operations firsthand

• The best leaders know their teams by name and stay closely involved

• Create visibility and accountability at every level

• Use software to replicate successful practices across markets

💪 Crisis Management: The COVID Challenge

When COVID hit, Lime's revenue dropped 90-95% in days. The company needed emergency funding and faced difficult decisions. Through a strategic deal with Uber and tough cost-cutting measures, Lime survived and emerged stronger.

Key Takeaways for Founders & PMs:

• In crisis, speed of decision-making matters more than perfection

• Cut costs deeper than feels comfortable - multiple rounds of layoffs hurt more

• Never promise "this is the last round" unless you're 100% certain

• Sometimes you have to choose between bad and worse options

📈 The Path to Profitability

Today, Lime generates over $600 million in gross bookings with a 30% four-year CAGR, while expanding profit margins. The company achieved $90M in EBITDA last year - a remarkable transformation from its early days.

Key Takeaways for Founders & PMs:

• Focus on unit economics before scale

• Invest in proprietary technology when it drives competitive advantage

• Use data to drive operational improvements

• Don't let unlimited funding mask operational inefficiencies

🎓 Personal Leadership Lessons

Ting's journey, including his recent recovery from a stroke, offers powerful lessons about resilience and leadership. "I think about that and it is the positives of this year struggling with the stroke is that I got to meet a lot of people - almost every CEO that I meet have had their own health struggles."

Key Takeaways for Founders & PMs:

• Leadership isn't about perfection - it's about persistence

• Share your struggles - it helps others and normalizes important conversations

• Build support networks beyond your immediate business circle

• Remember what truly matters - relationships and impact

🔮 The Future of Micromobility

Ting believes we'll look back in 30 years and be shocked at how we accepted car-dominated cities. With Lime now generating its own cash flow for investments, the company is positioned to lead this transformation.

Key Takeaways for Founders & PMs:

• Think long-term about your industry's impact

• Build sustainable unit economics before scaling

• Focus on solving real problems that matter

• Don't let current paradigms limit your vision

🎯 Final Thoughts

Wayne Ting's journey with Lime demonstrates that successful transformation requires both strategic vision and operational excellence. For founders and PMs, the lesson is clear: focus on the fundamentals, embrace the details, and remember that sustainable success comes from consistent, incremental improvements rather than quick fixes.

The story of Lime's transformation from near-bankruptcy to industry leadership isn't just about scooters and bikes - it's about the power of persistent optimisation, clear-eyed leadership, and the courage to make tough decisions when they matter most.

 🎥Watch the full episode here

📅Timestamps:

• 00:00 Intro

• 01:04:12 Lessons from Dara Khosrowshah

• 03:07 Joining Lime

• 07:05 3% Daily Decay Rate in 30 Days

• 11:35 Turnaround Time and Its Impact on Profitability

• 14:39 Unit Economics vs Consumer Experience

• 16:44 Expansion Playbook for New Markets

• 17:52 Most Respected Competitor in an RFP

• 19:54 Will Consumer Demand Drive Faster Upgrades?

• 22:50 Economics of Battery Swapping and Vertical Integration

• 26:45 Bolt VS Uber and Lime

• 30:30 Covid Times

• 32:39 Uber's Investment

• 38:42 VC Hype Cycles and Micromobility

• 42:00 Becoming CEO

• 52:42 Quick-Fire Round

That’s a wrap.

As always, the journey doesn't end here!

Please share and let us know what you would like to see more or less of so we can continue to improve your Product Tapas. 🚀👋

Alastair 🍽️.