You can be on Entrepreneur’s cover!

Lyft Is Hurrying to Catch Up With Uber Ridesharing technology companies are becoming fiercely competitive, chasing new territories and slashing their prices.

By Catherine Clifford

entrepreneur daily

Opinions expressed by Entrepreneur contributors are their own.

As ridesharing technology becomes more ubiquitous and regulators and taxi cab associations get twisted into pretzels, companies in the space are becoming fiercely competitive, rapidly pushing into new territories and slashing prices in an effort to corner the market.

San Francisco-based ridesharing app Lyft announced it is bringing its service to New York City this Friday starting with the outer boroughs of Brooklyn and Queens. For the first two weeks, the company is offering the service for free.

Lyft's expansion to the Big Apple comes months after it launched in 24 cities, including the likes of Tulsa, Okla., and Lincoln, Neb., in 24 hours. At the end of its massive April rollout, Lyft was in 60 cities across the nation.

Related: The Future of the Sharing Economy Is a World Built Like Bitcoin

The only headscratcher is why it took Lyft so long to finally get to the Big Apple. It seems New York City would have much more demand for a tech-based ridesharing app than Tulsa, Okla. Lyft says it needed time to get up to scale for the demand that New York City was sure to bring. "We wanted to launch in NYC and be able to keep up with huge demand," Lyft spokesperson Katie Dally told Entrepreneur.com.

The move comes just days after Uber temporarily lowered prices on its UberX service in New York City by 20 percent, with the company claiming it's now cheaper than a traditional yellow cab ride.

Related: San Francisco Puts the Brakes on a Parking App Startup

Both Uber and Lyft have been chipping away at their prices in recent months. Competitor Sidecar lets drivers set their own prices and passengers share rides -- and fees.

While the price-cutting and push into new territories benefits the consumer, the widespread adoption of ridesharing technology has another clear winner: It makes entrepreneurship easily accessible. If you have a car and a smartphone, the likes of Uber, Lyft and Sidecar allow you to be your own boss with virtually no overhead. And you can make a pretty penny, too. Uber has gone on record that the median salary of a driver in New York City hits six figures.

Related: The Median Income of an Uber Driver in NYC Is Nearly $100,000

Catherine Clifford

Senior Entrepreneurship Writer at CNBC

Catherine Clifford is senior entrepreneurship writer at CNBC. She was formerly a senior writer at Entrepreneur.com, the small business reporter at CNNMoney and an assistant in the New York bureau for CNN. Clifford attended Columbia University where she earned a bachelor's degree. She lives in Brooklyn, N.Y. You can follow her on Twitter at @CatClifford.

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Side Hustle

This Dad Started a Side Hustle to Save for His Daughter's College Fund — Then It Earned $1 Million and Caught Apple's Attention

In 2015, Greg Kerr, now owner of Alchemy Merch, was working as musician when he noticed a lucrative opportunity.

Business News

I Designed My Dream Home For Free With an AI Architect — Here's How It Works

The AI architect, Vitruvius, created three designs in minutes, complete with floor plans and pictures of the inside and outside of the house.

Marketing

What the C-Suite Needs to Know About the True Power of Earned Media

Through debunking common misconceptions and illustrating its impact across the marketing sales funnel, this article urges C-suite members to embrace earned media as a key driver of sustainable growth and brand influence.

Business News

Disney World, Disneyland Will Now 'Permanently' Ban Guests Who Tell This Lie to Skip Lines

The company rolled out changes to its Disability Access Services earlier this week.

Business News

Adobe's Firefly Image Generator Was Partially Trained on AI Images From Midjourney, Other Rivals

Adobe gave bonus payments to people who contributed to the Adobe Stock database to train its AI, even those who submitted AI-generated images.

Business Ideas

7 Link-Building Tactics You Need to Know to Skyrocket Your Website's Rankings

An essential component of SEO, link building is not just a 'Set them and forget them' proposition, but a dance of skills and strategies.