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5 Things You Never Knew About the Sharing Economy

5 Things You Never Knew About the Sharing Economy
In TIME’s new cover story, Joel Stein takes readers on a wild ride through the sharing economy—renting out his car, chauffeuring people around late into the night, making dinner for strangers and even toying with the idea of doing other people’s laundry. To read the full post, please subscribe to TIME. Here are five big takeaways about why we trust strangers with our stuff, our lives and our homes. These companies are more successful than investors ever thought possibleAirbnb was rejected by almost every venture capitalist it pitched itself to. But now an average of 425,000 people use it every night worldwide, and the company is valued at $13 billion, almost half as much as 96-year-old Hilton Worldwide. Uber is valued at $41.2 billion, one of the 150 biggest companies in the world–larger than Delta, FedEx or Viacom. It makes people nicerNo matter how well trained service employees might be, everyone is nicer when they’re dealing with customers directly. Colin Anderson—Blend Images/Corbis

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Inventure Microfinance banks generally give small loans to people with no credit scores, but that means "there’s no real data to answer the question, ‘What’s my basis for investing in this person?’ " says Shivani Siroya. She’s the CEO of InVenture, a certified B Corporation with an inventive solution: software that prospective borrowers willingly download onto their Android phones, which monitors and crunches 10,000 indicators of each person’s level of responsibility. For example, are the majority of someone’s calls longer than four minutes? Good: They may have stronger relationships and be a better credit risk.

Meal Sharing is the Newest Player in the Sharing Economy The sharing economy is gaining momentum on the back of social and economic trends: the recession incentivizing sharing resources instead of owning goods, technology enabling transparency and social connection, and climate change increasing awareness about resource consumption. More and more organizations are popping up focused on collaborate consumption. Fast Company estimates the sharing economy as a $2 billion industry.

The Extra Mile: Customer Service and the Sharing Economy McNeal Maddox | December 17, 2014 | 0 Comments With the growth of the sharing economy, brands must be ready to respond to customers' grievances and issues in a timely manner, or face losing valuable market share. The sharing economy has enabled millions of consumers to access tangible, real-world objects such as cars, tools, designer clothes, and vacation rentals. This phenomenon is often described in tech circles as "bits controlling atoms."

Use Co-opetition to Build New Lines of Revenue Examples of high-profile failed business collaborations are everywhere. From the WordPerfect-Novell acquisition that led to bankruptcy, to the misfires of the Target-Neiman holiday experiment, it’s clear that despite the plethora of management literature on how to launch a successful partnership, collaborations often go bust. It turns out, where there is money to be made, self-interest prevails, thus trumping cooperation in the process. Traditional collaborations fail because deep down, stakeholders assume their success must come at others’ expense, which is clearly a zero-sum game. The way forward is co-opetition, in which entities in the same industries act with what everyone recognizes as partial congruence of interests.

Sharing Revolution The recent rise of the commons and the sharing economy seems to suggest a growing recognition of the fact that our health, happiness, and security depend greatly on the planet and people around us. On the Commons highlights the many ways, new and old, that people connect and collaborate to advance the common good and develop greater economic autonomy in our new e-book Sharing Revolution: The essential economics of the commons by Jessica Conrad. You can download the free e-book here. If Sharing Revolution adds value to your life and helps you see how the commons amplifies this new economic revolution, we hope you: Consider supporting our work with a financial contribution of any amount. Help us stand up to protect all that we share together.

5 Marketing Lessons From The Sharing Economy The sharing economy, simply put, is the phenomenon where people are increasingly willing to share their home, car, clothing, goods, services—almost anything—online. It’s having a major disruptive influence on the way business works today. New consumer-driven businesses are cropping up quickly and taking a significant share of revenue from traditional counterparts. Just look at the hotel industry—it’s taking a hit from Airbnb. Sharing sites like Peerby are driving a whole new commerce engine where people share anything from tools to evening dresses.

Self-Regulation and Innovation in the Peer-to-Peer Sharing Economy 82 U Chi L Rev Dialogue 116 [Essay PDF] Introduction A growing fraction of the world’s economy involves digitally enabled peer-to-peer exchange. What will the UK collaborative economy look like in 2025? Amid rising popularity and disruption, where is the UK collaborative economy headed? Nesta has created six possible future scenarios for the UK collaborative economy. Looking ahead to 2025, each scenario highlights some of the key trends and assumptions that are currently driving forward this space, such as micro-entrepreneurship to environmental sustainability to local economic development. By no means exhaustive or exclusive, the scenarios are intended to stimulate discussion and prompt reflection on the future of the collaborative economy – and how we can influence this future.

The Shut-In Economy — Matter In 1998, Carnegie Mellon researchers warned that the internet could make us into hermits. They released a study monitoring the social behavior of 169 people making their first forays online. The web-surfers started talking less with family and friends, and grew more isolated and depressed. What will the "sharing economy" mean for health care? Boomers have marveled at the return of bellbottoms, skinny ties, mullets, and moustaches. Memories of misspent youth, suddenly became exciting trends for the generations that followed. Now we’re discovering that the process of rejuvenation applies not only to fashion, but business models too. Take, as examples, the kid across the street who cut your grass in the idyllic days of the Cleavers, hitch-hiking (a staple of the 60s), or timeshares (a favourite investment of the 80s). A spirit of sharing once drove these services. We had faith in people, penny-pinching grandparents despised waste, and we didn’t mind the grade-schooler not taking debit.

The Institution Of Environmental Sciences environmental SCIENTIST | New materials and the circular economy | March 2015 The circular economy has become a hot topic for business leaders in Europe over the last three years. Spurred by a resource price shock following the financial crisis, many companies are exploring whether greater resource productivity can help them to maintain profi tability in an era of volatile prices. Governments are catching up: despite the withdrawal in January of the EU's proposed circular economy legislation, the European Commission has pledged to reintroduce a more ambitious proposal before the year's end. Three good reasons