The sharing economy has arguably never been driven purely by altruistic motives, and its success has more likely rested on “people’s practical needs and their ability to save or make money.” Tellingly, 52% of Leo Burnett survey respondents said they agreed with this statement, “I think most people would rather own than share, if they can afford to.”
USAA, Uber and the state of Colorado have all taken actions that not only protect consumers but also facilitate the continued growth of sharing economy firms. Their actions demonstrate how Transportation Network Companies (TNCs, such as Uber and Lyft), states (including lawmakers and regulators) and insurance companies can innovate and collaborate to resolve the issues of risk and protection that hinder growth, acceptance and adoption of ridesharing.
The sharing economy has thrust the concept of paying purely for what you use firmly into the mainstream. Whereas historically we would regard buying a car, and then not using it for 95% of its life, as very much the norm. Now though, we regard it as perfectly normal, and infinitely more sensible, to pay for a car as and when we need it.
This is a growing problem in other areas of the online marketplace, as tech start-ups designed for the share economy are being encroached by commercial interests looking to increase their own profit margins
The sharing economy has been fantastic in both encouraging and facilitating the utilization of previously under-utilized stuff. Whether it’s lending out spare equipment or selling un-used facilities, the sharing economy has been a boon for maximizing what we have. As the industry has grown, so too have the number of innovative ideas looking to tap into the burgeoning marketplace.
The report surveys some 200 sharing economy companies with an average funding of $29 million. Almost two-thirds of these companies focus on peer-to-peer sharing (where an individual who owns an asset or has a skill makes this available for rent to other individuals) as opposed to business-driven sharing (where a business makes goods or services available to consumers).