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ACCESS IS THE NEW OWNERSHIP

WHAT YOU NEED TO KNOW ABOUT THE SHARING ECONOMY

More and more people are shifting away from owning stuff in favor of paying for quick access
to what they need just when they need it. It’s called the sharing economy, and it’s huge.

IT'S HAPPENING ACROSS
ALMOST EVERY CATEGORY

If you can name it, you can probably rent it

MUSIC/MEDIA

  • Netflix
  • Spotify
  • GameFly

TRAVEL

  • Airbnb
  • Home Exchange
  • Vayable

FASHION

  • Rent the Runway
  • Fashionhire
  • Bag Borrow or Steal

TRANSPORTATION

  • ZipCar
  • Lyft
  • Uber

LABOR/SKILLS

  • TaskRabbit
  • Mechanical Turk
  • SkillShare

AND GROWING FASTER THAN EVER

The sharing economy is exploding as it takes over the market

TOTAL STARTUP
FUNDING RECEIVED

in dollars year to date

ESTIMATED MARKET SIZE
OF THE SHARING ECONOMY

in dollars, 2013

$283M

Spotify
(est. 2008)

$237M

Airbnb
(est. 2008)

$54M

Rent the Runway
(est. 2009)

$57M

Uber
(est. 2009)

$38M

TaskRabbit
(est. 2008)

BUT WHY NOW? WHY TODAY?

We’ve been hit with a perfect storm of factors

MOBILE TECHNOLOGY

The growth and prevalence of new mobile devices means people can make on the fly market transactions.

65%

People who make
mobile purchases

STAGNANT ECONOMY

The recent economic crisis and high unemployment mean people are looking for alternative money-making opportunities.

7.6%

Unemployment
rate

DISENCHANTMENT

Difficult economic times have shifted expectations of traditional icons of success, like home or car ownership.

27%

New cars bought
by Millennials

AT FIRST, IT'S ALL ABOUT THE MONEY

Hard times mean people want to both save and make extra cash

AVERAGE ADDITIONAL INCOME
EARNED BY PROVIDER

in dollars per year

BUT IT QUICKLY BECOMES
ABOUT CONNECTIONS

Turns out, people love helping people

COMMUNITY

“Just browsing the
customer photos on @RentTheRunway–can’t even explain how much I LOVE that feature!!!” #sosmart #thebest

Jackie
Rent the Runway user

“I like to consider myself the ultimate “lyfter”. The drivers are amazing; in fact, I haven't come across one I didn't become best friends with by the end of my ride.”

Angelina
Lyft user

RELATIONSHIPS

“Tim was super friendly and a pleasure to work with. The furniture came out great, and he finished quickly! We even had time to talk about comics. Thanks, Tim!”

Matthew
TaskRabbit user

“[We exchanged with two families] and while talking about different places, we discovered we knew each other and had done business together. It’s a small world!”

Alberto and Marisol
Home Exchange users

SO WHAT DOES THIS MEAN FOR THE FUTURE?

As innovators, the sharing economy brings up several important questions that we’re keeping an eye on:

  • EVOLVING BUSINESS MODELS

    How do business models stay nimble enough to embrace the sharing economy?
  • DESIGNING COLLABORATIVE EXPERIENCES

    How do we architect inclusive experiences that focus on the community?
  • BALANCING ECONOMIC AND EMOTIONAL CONNECTIONS

    How do we emphasize the experience and not the asset to build loyalty?

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