From power tools to bikes, to electronics and even to cars, people around the globe are leveraging the unused capacity of things they already own or services they can provide for a profit.
Welcome to the share economy, also known as collaborative consumption and peer-to-peer rental arrangements.
The consumer rental market is worth an estimated $26 billion, according to Rachel Botsman, a global thought leader on the power of collaboration and sharing through digital technologies.
A down economy, coupled with the ease of use and reliability of the Internet, has given rise to a network of part-time entrepreneurs who are turning personal assets into income. And more than two-thirds of global respondents (68%) are willing to join this shared community.
But does a sharing economy create new value or does it disrupt existing businesses? The answer is both, which can be good news for everyone involved.
The cornerstone of success, however, is built on a foundation of reputation and trust—the new currency.
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