More and more established players are realizing that the sharing economy is not a passing fad but a business opportunity. Sharing businesses such as Fiverr, Skillshare, TaskRabbit, HelpAround, Lending Club and TransferWise epitomize this trend. Many terms describe the various new economy models, including: Sharing economy – using the underutilized assets of other people either for money or for free to improve sustainability and community – Uber and AirBnB. Gig economy – using the skills and/or free time of other people for single projects or tasks – TaskRabbit for small jobs. Peer economy – peer-to-peer networks that create products, deliver services, offer funding - LendingClub connecting lenders with borrowers Crowd economy – includes crowdsourcing and crowdfunding
IMD Speaks
“For traditional players, understanding sharing- based businesses requires nothing less than a paradigm shift. A useful way for established players to grapple with these innovations is to adopt more structured ways of thinking about strategic change. The key is to examine how your company creates value which is unique and sustainable, as compared to competitors. This allows you to capture the extra value and translate it into profits.” – Professor Albrecht Enders
