Hardly a new idea, the sharing
economy has been much discussed
amongst entrepreneurs and the media
since the global recession of 2008.
But when Avis announced it would
acquire the car-sharing service Zipcar
for US$500 million earlier this year, it
became clear that this was not a passing
trend.
In her June 2012 TED Talk,
Rachel Botsman, the social innovator
and author who popularised the idea
of collaborative consumption in her
book
What’s Mine is Yours: The Rise of
Collaborative Consumption
, suggested
that trust is the currency of the
sharing economy and that our online
reputations will become the tool for
measuring trust. Through sites like
Airbnb, people are becoming what she
calls “micro-preneurs”. They’re finding
a way to create markets out of the latent
value in their homes, cars, and through
using the power of technology to build
trust between strangers.
There’s an app for that
The emphasis is now on
access
rather
than owning. For a product or service
to function in the sharing economy, it
must have various essential qualities:
durability, adjustability, “share-ability,”
and a classic design. Rental systems
and redistribution markets both require
products that are made to last, will fit
a variety of users, and won’t go out of
style.
Forbes
estimated that people will
earn more than US$3.5 billion this year
through the sharing economy.
In California, drivers can easily fill
their cars with paying passengers using
Lyft’s on-demand ridesharing app. An
unused driveway in the UK suddenly
produces income via ParkatmyHouse.
Around the world, homeowners are
earning extra cash by renting out rooms
through Airbnb.
Founded in Tel Aviv in 2012,
EatWith connects diners with home
chefs and homeowners who are willing
to lend out their home to host supper
club-style meals. The company vets
potential hosts and allows them to list
menus and photos of their homes online.
Guests – who must be approved by
hosts – reserve tables and pay online.
EatWith, with 11 employees and US$1.2
million in venture capital, originally
aspired to offer tourists authentic local
meals. In less than a year, the company
has expanded across Europe, South
America and the US.
And take TaskRabbit, an online
and mobile marketplace that allows
users to outsource small jobs and tasks
to others in their neighbourhood.
Users name the tasks they need to have
completed (such as assembling Ikea
furniture, for example), name the price
they are willing to pay, and then a
network of pre-approved TaskRabbits
bid to complete the job. Launched
in 2008 and headquartered in San
Francisco, the company has received
funding totalling US$37.7 million to
date and now has more than 13,000
background-checked TaskRabbits in
14 US cities, with a London launch
imminent.
Not only are household chores being
tackled, but TaskRabbit is expanding
into business: small businesses seeking
vetted, temporary staff, particularly
in events, office administration and
customer service functions, now account
for 40 per cent of their revenue. As Leah
Busque, founder of TaskRabbit, says,
“Providing people with the tools and
resources to set their own schedules,
be their own bosses and say how much
they want to get paid is incredibly
empowering. This has huge implications
for the global workforce.”
Hired in Hong Kong
Hong Kong is picking up on this trend,
too: handbags can be rented for a single
evening (Icon Lady); you can rent
the latest clothing for every occasion
(Mariée); luxurious yachts are for rent
(Elite Charters); caterers can be invited
home to prepare meals and parties
(Gingers). Why not opt to rent a toy
from the toy library (Hong Kong Toy
Library)? There are neighbourhood
clothing swaps and co-working spaces
(The Hive). How long can it be before
we can car-share, task-share, land-
share, tool-share… And what about
tapping into the boundless skills of
professional mums who have opted to
stay at home to raise their children? Or
empowering senior citizens who have
retired with a wealth of knowledge
ready for sharing?
And perhaps it goes beyond access:
With the global population expected
to reach nine billion by 2050, and our
supply of natural resources on the
wane, it is ever more important to find
ways to curb the waste inherent to the
modern consuming world. When we
commit to owning less, sharing more
and making the most of the unused
capacity of the goods already in
circulation, it’s better for us all, and for
our planet.
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