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A great many investors backed the wrong horseless carriages around a century ago and lost their money.

Horse-drawn carriages are still everywhere, but there are also noisy horseless carriages, an invention so new there’s only recently a word for them: automobiles.

So he decided to get into the “horseless carriage” business.

Benjamin argues that “electric bike” is akin to “horseless carriage,” a transitional term for a novel technology that will almost certainly evolve into something else.

Cars that burn alternative fuels — remember diesels converted to burn used French-fry oil? — have been around since the earliest days of horseless carriages.