June 30, 2015 Comments Off on Is on-demand the new normal?
December 29, 2014 Comments Off on ‘Tis the Season for Gifting
In the collaborative economy, there’s a subset called the gifting economy, a mode of exchange where things are not sold but given. In simplest form, it’s the arrangement for the exchange of goods or services without expecting anything in the return. It’s a concept that’s slowly catching on. In the US, Philadelphia-based web designer Adrian Hoppel made news when he stopped charging his clients and instead began to operate within the “gift economy.” This means payments are based on mutual respect and trust: Adrian builds quality websites for his clients and they in return pay him an amount they believe is fair. Trust, not money, became the medium of exchange. UK-based model Lily Cohen set up a non-profit called Impossible.com, a website and app that encourage people to do things for others for free. The site urges people to post wishes of things they need help with and in exchange, offer what they can give. The goal is to create a community that encourages giving and receiving. Gifting may not fix the problems of capitalism but it may help build a sense of community, where wealth and services are shared, and good deeds are passed from one person to the next.
December 22, 2014 Comments Off on The sharing economy boom
In today’s collaborative economy, anything can be shared. From rides to tools, from rooms to home-cooked meals, anything that is worth sharing is now being shared and the surprising thing is, the market is responding positively. Thanks to the recession, today, hundreds of people have realised the value of collaboration and relied on peer-to-peer services to earn or save extra money. Social media and mobile technology have enabled the sharing economy and helped turn startups like Uber and Airbnb into billion dollar businesses. The success of these companies has inspired many startups to aspire to be the next big thing. One of these companies is Rent the Runway. What makes Rent the Runway exceptional is it’s known for being reliable and for its mammoth collection of expensive designer clothes and fashion accessories. The New York-based company boasts that it rents as many as 65,000 dresses, 25,000 earrings, bracelets and necklaces every single day to more than five million members. A $3,000 designer gown can be rented for as low as $70 on the site. Some clothes can go as low as $30 per rental. With very affordable rates, how couldn’t Rent the Runway have a five million customer base? The company recently announced a $60 million round of Series D funding led by Technology Crossover Ventures, with participation from Bain Capital Ventures, Highland Capital Partners, and Advance Publications, Inc. The latest investment brings the company’s total funding to $114.4 million.
December 19, 2014 Comments Off on Weekly Featured Company: Airbnb
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