Appeared on August 7, 2009
Timothy Ericson bikes two miles to work each day. Soon you will be biking to work, too. At least that is the hope at CityRyde, a fledgling outfit that supports the growing “bike share” industry. Strong in Europe and expanding here at home, bike share offers urbanites a way to make short-term use of bicycles from a common pool, for a member fee that typically runs about $50 a year.A nice idea, but generally not profitable, according to Ericson, who founded CityRyde with Jason Meinzer, a classmate from Drexel University's LeBow College of Business. With consulting services and an emerging software product, the partners and their two full-time employees are helping bike-share firms develop and implement pragmatic business models.