From the World Global Startup Ecosystem Ranking report: New power structures cater to the new ideals of an Information Era society: People expect to share, shape, fund, produce, and co-own companies, products, ideas, governments, and even art. They feel an inalienable right to participate and value informal decision-making, collaboration, do-it-yourself ideals, transparency and informal affiliation over long term allegiance.
Sharing economy, ‘peer economy’, ‘collaborative economy’ and ‘collaborative consumption’, all go hand in hand with ideas like ‘crowdsourcing’ and ‘co-creation’. The sphere is getting foggy as these terms have been manoeuvred to fit different situations.
But if I had to try define the sharing economy, it’s a trending business concept that highlights the ability (and perhaps the preference) for individuals to rent or borrow goods rather than buy and own them. The idea is to share under utilized assets from spaces to skills to stuff for monetary or non-monetary benefits.
Previously, people would find out about shared assets via newspaper ads or by word of mouth, but with the outburst of the internet and the ease of online payments these things have changed immensely.