COOP Cabs Shake up Taxi Industry
COOP Taxi, launched in July last year, is shaking up the taxi industry with its alternative business model that boosts cab services and drivers’ working conditions.
Taxis in Korea are usually run solely by private operators or individual drivers. COOP breaks away from this convention by establishing a cooperative system in which all members are considered both employees and owners.
A total of 161 cooperative members invested 4 billion won ($3.3 million) for the initial capital. As members, the drivers receive dividends based on how much funds they inject as well as profits earned.