The sharing economy allows people to share property, resources, time and skills across online platforms. This can unlock previously unused, or under-used assets – helping people make money from their empty spare room and the tools in their sheds they use once a year. It allows people to go from owning expensive assets, such as cars, to paying for them only when they need them. Individuals can make more from their skills, and work more flexibly. There has been tremendous growth in the sharing economy in recent years, and this is set to continue. This is a huge opportunity and our ambition should be to be the world’s leading sharing economy. As with all disruption, we also need to be careful. Sharing economy businesses and traditional operators need to be treated fairly, particularly in terms of regulation. Consumers must be protected, and trust must be strengthened in online transactions. However, a degree of caution should not stop us from embracing the potential sharing offers for a new, more efficient and more flexible economy.
Read also: Design for Sharing