peer-to-peer rental

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pages: 375 words: 88,306

The Sharing Economy: The End of Employment and the Rise of Crowd-Based Capitalism by Arun Sundararajan

additive manufacturing, Airbnb, AltaVista, Amazon Mechanical Turk, autonomous vehicles, barriers to entry, basic income, bitcoin, blockchain, Burning Man, call centre, collaborative consumption, collaborative economy, collective bargaining, commoditize, corporate social responsibility, cryptocurrency, David Graeber, distributed ledger, employer provided health coverage, Erik Brynjolfsson, Ethereum, ethereum blockchain, Frank Levy and Richard Murnane: The New Division of Labor, future of work, George Akerlof, gig economy, housing crisis, Howard Rheingold, information asymmetry, Internet of things, inventory management, invisible hand, job automation, job-hopping, Kickstarter, knowledge worker, Kula ring, Lyft, Marc Andreessen, megacity, minimum wage unemployment, moral hazard, moral panic, Network effects, new economy, Oculus Rift, pattern recognition, peer-to-peer, peer-to-peer lending, peer-to-peer model, peer-to-peer rental, profit motive, purchasing power parity, race to the bottom, recommendation engine, regulatory arbitrage, rent control, Richard Florida, ride hailing / ride sharing, Robert Gordon, Ronald Coase, Ross Ulbricht, Second Machine Age, self-driving car, sharing economy, Silicon Valley, smart contracts, Snapchat, social software, supply-chain management, TaskRabbit, The Nature of the Firm, total factor productivity, transaction costs, transportation-network company, two-sided market, Uber and Lyft, Uber for X, uber lyft, universal basic income, Zipcar

Getaround is growing rapidly, fuelled in part by over $40 million in venture financing, and a bet that its “Instant” model—where you can get a car as soon as you book it without owner approval—is what will really shift behavior from buying to sharing. Its peer-to-peer rental model is a central part of the sharing-economy narrative, the perfect confluence of two ideas: access without ownership and networks replace hierarchies. But there haven’t yet been any large-scale, digital, peer-to-peer rental marketplaces for assets other than automobiles. Snapgoods was an early effort at creating a peer-to-peer rental marketplace for everything from power saws to Roombas, but it couldn’t find a profitable business model. Marketplaces that enable the rental of expensive equipment owned by people who aren’t very wealthy might represent a new pocket of opportunity. For example, KitSplit, funded in 2014 by NYU students Lisbeth Kaufman and Katrina Budelis, is a peer-to-peer rental marketplace for independent filmmakers to get cameras, lenses, Oculus Rift headsets, and other professional equipment from each other.

Perhaps, you’ll use the equipment once in a lifetime or once a year or once a month in the summer, but the rest of the time, the equipment is lying around, idling capacity in your storage unit or garage. The introduction of peer-to-peer rental markets changes things to some extent. Now you have simultaneous access to products of differing kinds and ages for short periods of time. In other words, if peer-to-peer rental markets become more ubiquitous, you can rent a tent and other camping equipment rather than own the equipment, and you’ll be able to choose which vintage of equipment suits your needs and budget. Or you might remain an owner and rent your tent out when you’re not using it. Sure, there are still transaction costs—you have to find what you need and go and pick it up from someone—but these are far lower than the costs associated with buying and selling. Another change caused by peer-to-peer rental markets is induced in part by differences in what we earn, as well as what we like, across the population, and across time.

Gansky’s “Meshy-ness” Grid In her book The Mesh, Lisa Gansky lays out two dimensions along which one might evaluate a product before determining whether a peer-to-peer rental platform for it might emerge: how valuable the product is (cost), and how intensively the product is used by an owner (frequency of use). In her framework, low-use, high-value products (the bottom right of the figure 3.2) are in the “Mesh sweet spot.” Why? Well, products that aren’t used too intensively by an owner, like a car or a vacuum cleaner, have a lot of spare capacity, so the prospect of rental makes more sense. However, unless the product is sufficiently valuable, the coordination costs associated with a rental market become too high relative to the value gained from renting (or renting out). Thus, peer-to-peer rental of $30,000 cars makes sense, and of $100 vacuum cleaners less so. Gansky’s framework provides an elegant starting point for assessing how likely it is to see crowd-based capitalism emerge for different product categories.

pages: 411 words: 80,925

What's Mine Is Yours: How Collaborative Consumption Is Changing the Way We Live by Rachel Botsman, Roo Rogers

Airbnb, barriers to entry, Bernie Madoff, bike sharing scheme, Buckminster Fuller, buy and hold, carbon footprint, Cass Sunstein, collaborative consumption, collaborative economy, commoditize, Community Supported Agriculture, credit crunch, crowdsourcing, dematerialisation, disintermediation,, experimental economics, George Akerlof, global village, hedonic treadmill, Hugh Fearnley-Whittingstall, information retrieval, iterative process, Kevin Kelly, Kickstarter, late fees, Mark Zuckerberg, market design, Menlo Park, Network effects, new economy, new new economy, out of africa, Parkinson's law, peer-to-peer, peer-to-peer lending, peer-to-peer rental, Ponzi scheme, pre–internet, recommendation engine, RFID, Richard Stallman, ride hailing / ride sharing, Robert Shiller, Robert Shiller, Ronald Coase, Search for Extraterrestrial Intelligence, SETI@home, Simon Kuznets, Skype, slashdot, smart grid, South of Market, San Francisco, Stewart Brand, The Nature of the Firm, The Spirit Level, The Wealth of Nations by Adam Smith, The Wisdom of Crowds, Thorstein Veblen, Torches of Freedom, transaction costs, traveling salesman, ultimatum game, Victor Gruen, web of trust, women in the workforce, Zipcar

It is estimated that just shifting a fifth of household spending from purchasing to renting would cut emissions by about 2 percent—or 13 million tons—of CO2 a year.16 The second hurdle facing peer-to-peer rental is security and trust. Do you want to rent out your Nintendo Wii to someone you don’t know, even if it earns you, say, $25? Peer-to-peer rental sites have several layers of security. Every transaction is backed up by a contract that lays out the legal terms. Renters are also required to leave a deposit and can opt for insurance in case the item is lost or stolen in their care. And just as with eBay and Airbnb, review and ratings tools enable the community to self-regulate who can be lent to in good faith. For these services, the peer-to-peer rental companies charge about a 6 percent commission on every transaction. If you need to trim a hedge, do you buy a trimmer from Home Depot for about $140 or rent one for $8?

You can even rent out artwork for as little as $2 per day. Peer-to-peer rental marketplaces are useful for people such as independent film producer Kestrin Pantera. Her high-definition camera is just one piece of equipment, alongside others such as amplifiers and lighting, that she does not use every day. On Zilok, a site launched in 2007, Pantera rents out her camera and sets the price, $150 per day. For Pantera, Zilok is about more than making money. “With the limited resources we have on the earth, the next step for conservation is instead of just buying stuff, sharing stuff.”14 For consumers to overcome the culturally entrenched cult of possessions, we have to get to a point where sharing is convenient, secure, and more cost-effective than ownership. These peer-to-peer rental sites use digital platforms to solve two critical hurdles.

Many of these participants may not even realize that they are part of this groundswell. To illustrate the explosive rise of Collaborative Consumption, let’s first look at the growth stats behind a few mainstream examples: Bike sharing is the fastest-growing form of transportation in the world, with the number of programs expected to increase by 200 percent in 2010.2 Zilok, a leader in the peer-to-peer rental market, has grown at a rate of around 25 percent since it was founded in October 2007.3 Two billion dollars worth of goods and services were exchanged through Bartercard, the world’s largest business-to-business bartering network in 2009, up by 20 percent from 2008.4 Zopa did more business in its fifth year, at £35.5 million (March 2009 to March 2010), than in the previous four years combined at £34.5 million.

pages: 210 words: 56,667

The Misfit Economy: Lessons in Creativity From Pirates, Hackers, Gangsters and Other Informal Entrepreneurs by Alexa Clay, Kyra Maya Phillips

Airbnb, Alfred Russel Wallace, Berlin Wall, Burning Man, collaborative consumption, conceptual framework, creative destruction, different worldview, disruptive innovation, double helix, fear of failure, game design, Hacker Ethic, Howard Rheingold, informal economy, invention of the steam engine, James Watt: steam engine, Joseph Schumpeter, Kickstarter, lone genius, Mark Zuckerberg, mass incarceration, megacity, Occupy movement, peer-to-peer rental, Ronald Reagan, Rosa Parks, sharing economy, Silicon Valley, Steve Jobs, Steven Levy, Stewart Brand, supply-chain management, union organizing, Whole Earth Catalog, Whole Earth Review, Zipcar

The copycat trade here does not seem to be impeded by regulatory forces. THE WORLD OF COPYCAT INNOVATION is not limited to the types of counterfeit consumer goods sold in Chungking Mansions. Since the Internet revolution, with information so readily accessible, products, services, even whole businesses can be cloned and copied with ease. The Berlin-based company Wimdu, for example, is an exact replica of the successful platform Airbnb, a peer-to-peer rental market that provides an alternative to hotels. Wimdu was built by reverse-engineering Airbnb’s functions and borrowing from the site’s look and feel. Illustrating the power of iteration over pure invention, Wimdu created in a matter of months what it had taken Airbnb four years to develop. By June 2011, the company had raised over $90 million.7 Wimdu was started by three now-infamous German brothers—Oliver, Marc, and Alexander Samwer—who have a history of reverse-engineering U.S.

pages: 290 words: 72,046

5 Day Weekend: Freedom to Make Your Life and Work Rich With Purpose by Nik Halik, Garrett B. Gunderson

Airbnb, bitcoin, Buckminster Fuller, business process, clean water, collaborative consumption, cryptocurrency, delayed gratification, diversified portfolio,, estate planning, Ethereum, fear of failure, fiat currency, financial independence, glass ceiling, Grace Hopper, Home mortgage interest deduction, Isaac Newton, litecoin, Lyft, market fundamentalism, microcredit, minimum viable product, mortgage debt, mortgage tax deduction, Nelson Mandela, passive income, peer-to-peer, peer-to-peer rental, Ponzi scheme, quantitative easing, Ralph Waldo Emerson, ride hailing / ride sharing, sharing economy, side project, Skype, TaskRabbit, traveling salesman, uber lyft

The Sharing Economy Also referred to as collaborative consumption, the sharing economy is based on people sharing their access to goods and services, and coordinating this sharing via community-based online services. In this new model, people rent beds, cars, boats, and other assets directly from each other instead of owning things themselves or purchasing them from traditional retailers and service companies. Just as Amazon allows anyone to become a retailer, sharing services lets people act as a taxi service or hotel. At the time of this writing, the consumer peer-to-peer rental market is valued at $26 billion.10 Harvard Business Review argues that the term “sharing economy” is a misnomer and that a more accurate term for it is “access economy.”11 We won’t split hairs. The point we want to make is that this new technology-facilitated model is a great, simple way to leverage your existing assets to earn extra money on the side. Here are just a few examples of ways you can use the sharing economy to boost your income: Airbnb Airbnb, VRBO, and other companies allow you to rent a room or your whole home to travelers, thus earning supplemental income with existing assets.

pages: 361 words: 81,068

The Internet Is Not the Answer by Andrew Keen

"Robert Solow", 3D printing, A Declaration of the Independence of Cyberspace, Airbnb, AltaVista, Andrew Keen, augmented reality, Bay Area Rapid Transit, Berlin Wall, bitcoin, Black Swan, Bob Geldof, Burning Man, Cass Sunstein, citizen journalism, Clayton Christensen, clean water, cloud computing, collective bargaining, Colonization of Mars, computer age, connected car, creative destruction, cuban missile crisis, David Brooks, disintermediation, disruptive innovation, Donald Davies, Downton Abbey, Edward Snowden, Elon Musk, Erik Brynjolfsson, Fall of the Berlin Wall, Filter Bubble, Francis Fukuyama: the end of history, Frank Gehry, Frederick Winslow Taylor, frictionless, full employment, future of work, gig economy, global village, Google bus, Google Glasses, Hacker Ethic, happiness index / gross national happiness, income inequality, index card, informal economy, information trail, Innovator's Dilemma, Internet of things, Isaac Newton, Jaron Lanier, Jeff Bezos, job automation, Joi Ito, Joseph Schumpeter, Julian Assange, Kevin Kelly, Kickstarter, Kodak vs Instagram, Lean Startup, libertarian paternalism, lifelogging, Lyft, Marc Andreessen, Mark Zuckerberg, Marshall McLuhan, Martin Wolf, Metcalfe’s law, move fast and break things, move fast and break things, Nate Silver, Nelson Mandela, Network effects, new economy, Nicholas Carr, nonsequential writing, Norbert Wiener, Norman Mailer, Occupy movement, packet switching, PageRank, Panopticon Jeremy Bentham, Paul Graham, peer-to-peer, peer-to-peer rental, Peter Thiel, plutocrats, Plutocrats, Potemkin village, precariat, pre–internet, RAND corporation, Ray Kurzweil, ride hailing / ride sharing, Robert Metcalfe, Second Machine Age, self-driving car, sharing economy, Silicon Valley, Silicon Valley ideology, Skype, smart cities, Snapchat, social web, South of Market, San Francisco, Steve Jobs, Steve Wozniak, Steven Levy, Stewart Brand, TaskRabbit, Ted Nelson, telemarketer, The Future of Employment, the medium is the message, the new new thing, Thomas L Friedman, Travis Kalanick, Tyler Cowen: Great Stagnation, Uber for X, uber lyft, urban planning, Vannevar Bush, Whole Earth Catalog, WikiLeaks, winner-take-all economy, working poor, Y Combinator

“You know, the thing that is illegal when the Mafia does it.”42 As Brad Stone notes, Amazon is becoming “increasingly monolithic in markets like books and electronics,” which is why he believes that antitrust authorities will inevitably come to scrutinize Amazon’s market power.43 Let’s hope that there will be politicians bold enough to take on Bezos before Amazon becomes, quite literally, the Everything Store. No, the Internet is not the answer, especially when it comes to the so-called sharing economy of peer-to-peer networks like Uber and Airbnb. The good news is that, as Wired’s Marcus Wohlsen put it, the “sun is setting on the wild west” of ride- and apartment-sharing networks.44 Tax collectors and municipalities from Cleveland to Hamburg are recognizing that many peer-to-peer rentals and ride-sharing apps are breaking both local and national housing and transportation laws. What the Financial Times calls a “regulatory backlash”45 has pushed Uber to limit surge pricing during emergencies46 and forced Airbnb hosts to install smoke and carbon monoxide detectors in their homes.47 “Just because a company has an app instead of a storefront doesn’t mean consumer protection laws don’t apply,” notes the New York State attorney general Eric Schneiderman, who is trying to subpoena Airbnb’s user data in New York City.48 A group of housing activists in San Francisco is even planning a late 2014 ballot measure in the city that would “severely curb” Airbnb’s operations.49 “Airbnb is bringing up the rent despite what the company says,” explains the New York City–based political party Working Families.50 The answer is to use the law and regulation to force the Internet out of its prolonged adolescence.

Autonomous Driving: How the Driverless Revolution Will Change the World by Andreas Herrmann, Walter Brenner, Rupert Stadler

Airbnb, Airbus A320, augmented reality, autonomous vehicles, blockchain, call centre, carbon footprint, cleantech, computer vision, conceptual framework, connected car, crowdsourcing, cyber-physical system, DARPA: Urban Challenge, data acquisition, demand response, digital map, disruptive innovation, Elon Musk, fault tolerance, fear of failure, global supply chain, industrial cluster, intermodal, Internet of things, Jeff Bezos, Lyft, manufacturing employment, market fundamentalism, Mars Rover, Masdar, megacity, Pearl River Delta, peer-to-peer rental, precision agriculture, QWERTY keyboard, RAND corporation, ride hailing / ride sharing, self-driving car, sensor fusion, sharing economy, Silicon Valley, smart cities, smart grid, smart meter, Steve Jobs, Tesla Model S, Tim Cook: Apple, uber lyft, upwardly mobile, urban planning, Zipcar

With ride sharing (Uber, Lyft, myTaxi) or carpooling (BlaBlaCar), they are driven by a chauffeur. So far, most sharing models have been station based (A-to-A), i.e. the customers have to drop off the vehicle where they picked it up. However, an increasing number of sharing providers are making their customers a free-floating offer (A-to-B); recent examples are Car2Go and DriveNow [131, 1, 90]. The consumer peer-to-peer rental market alone is valued at $26 billion, with new services and platforms popping up all the time. It has disrupted mature industries such as hotels by providing consumers with convenient and cost-effective access to resources without the financial, emotional or social burdens of ownership. At the same time, ride-sharing models have emerged that are operated for business or private customers as taxi-like services.

pages: 497 words: 150,205

European Spring: Why Our Economies and Politics Are in a Mess - and How to Put Them Right by Philippe Legrain

3D printing, Airbnb, Asian financial crisis, bank run, banking crisis, barriers to entry, Basel III, battle of ideas, Berlin Wall, Big bang: deregulation of the City of London, Boris Johnson, Bretton Woods, BRICs, British Empire, business cycle, business process, capital controls, Capital in the Twenty-First Century by Thomas Piketty, Carmen Reinhart, Celtic Tiger, central bank independence, centre right, cleantech, collaborative consumption, collapse of Lehman Brothers, collective bargaining, corporate governance, creative destruction, credit crunch, Credit Default Swap, crony capitalism, currency manipulation / currency intervention, currency peg, debt deflation, Diane Coyle, disruptive innovation, Downton Abbey, Edward Glaeser, Elon Musk,, energy transition, eurozone crisis, fear of failure, financial deregulation, first-past-the-post, forward guidance, full employment, Gini coefficient, global supply chain, Growth in a Time of Debt, hiring and firing, hydraulic fracturing, Hyman Minsky, Hyperloop, immigration reform, income inequality, interest rate derivative, Intergovernmental Panel on Climate Change (IPCC), Irish property bubble, James Dyson, Jane Jacobs, job satisfaction, Joseph Schumpeter, Kenneth Rogoff, Kickstarter, labour market flexibility, labour mobility, liquidity trap, margin call, Martin Wolf, mittelstand, moral hazard, mortgage debt, mortgage tax deduction, North Sea oil, Northern Rock, offshore financial centre, oil shale / tar sands, oil shock, open economy, peer-to-peer rental, price stability, private sector deleveraging, pushing on a string, quantitative easing, Richard Florida, rising living standards, risk-adjusted returns, Robert Gordon, savings glut, school vouchers, self-driving car, sharing economy, Silicon Valley, Silicon Valley startup, Skype, smart grid, smart meter, software patent, sovereign wealth fund, Steve Jobs, The Death and Life of Great American Cities, The Wealth of Nations by Adam Smith, too big to fail, total factor productivity, Tyler Cowen: Great Stagnation, working-age population, Zipcar

The world’s biggest, America’s Zipcar, snapped up European rivals such as Britain’s Streetcar and Spain’s Avancar, before itself being bought by Avis, a traditional car-rental company, in 2013.554 Others allow people to hire out their own car. One is Paris-based Buzzcar, founded by the founder of Zipcar. Tamyca is a German equivalent. (Whipcar, a British one, closed in 2013.) Still others offer taxi-like services, notably Uber, that can call on additional drivers at peak times. In France, La Machine du Voisin even allows people to rent out the use of their washing machine.555 Such peer-to-peer rental schemes make better use of an economy’s assets, provide extra income for their owners and are often cheaper and more convenient for borrowers. Just find somewhere nearby with your smartphone, check out the reviews and pay online: simple. Or at least it should be. Unfortunately, vested interests and bureaucratic regulation sometimes impede collaborative consumption. Taxes can be prohibitive.