Sharing Economy Redefines How We Work
The sharing economy is redefining how we work, and how we view work. Weak economic growth, and a depressed labor market are contributors to the increasing adoption and penetration by the Sharing Economy. Counting the many ways to turn idle capital into revenue sources is generating alot of buzz on a daily basis. It’s changing the thought process on how you view the things you own. From the moment you purchase a new car, sign the dotted line on that mortgage, you now find yourself thinking about what ownership truly means. Take insurance companies….now it’s standard practice whenever you file an auto claim for them to ask if you use your vehicle for Uber or Lyft. That tells you this is a pretty big deal.
Workers unable to find work or those needing supplemental income are also using the sharing economy platforms to earn additional income. This means after your Nine to Five job, you can still monetize your time either by renting that spare room, your garage, Ubering for an hour or two, drive for pHlatbed, rent out your kitchen, among other things. In other cases, the Sharing Economy could be your main source of income!
The challenge however are existing monolithic institutions that clearly have a change management problem in their hands. This is why it’s a disruptive industry, every few years massive change happens that forces utilization of the left brain. Unfortunately, it also takes massive legal and civil changes to attain normalization. Recent regulatory changes in major cities from Amsterdam to New York City are examples. In a way it protects but also hinders the local population. What does this mean? A balanced regulatory approach to the Sharing Economy will be needed in the long run that will create a level playing field without stifling innovation. The reality it, the cat has been let out of the bag…and it’s not going back in!