The sharing economy has grown by 25 percent in the last 12 months alone. As many people are beginning to turn to access instead of ownership, established brands are realizing the potential benefits of entering this space. In a recent article for Vision Critical, Kelvin Claveria (@kcclaveria) discusses five prominent companies that have joined the collaborative economy.
The sharing economy has grown by 25 percent in the last 12 months alone. As many people are beginning to turn to access instead of ownership, established brands are realizing the potential benefits of entering this space. In a recent article for Vision Critical, Kelvin Claveria (@kcclaveria) discusses five prominent companies that have joined the collaborative economy.
The 130-year old company is backing a service sharing initiative called Coca-Cola Founders. This platform funds sharing startups by giving them the resources they need to thrive. By accessing the relationships, resources, and reach of this world leading brand, founders are able to leverage the power of Coca-Cola to grow their businesses faster than they could independently. The moto: Co-founder network X Coca-Cola = Win-win.
In 2011, U-Haul launched the U-Haul Investors Club. This program is a crowdfunding platform that allows people to fund the company’s activities and share in the profits. Claveria notes two unique benefits the program creates for U-Haul: it allows funding with lower lending rates and creates a special long-term loyalty for investors.
Patagonia has an environmental sustainability initiative integrated into its business mission, which has earned it many loyal customers. In 2013, it partnered with eBay to create a place where people could sell their secondhand Patagonia products. They also invested in Yerdle, which is an online marketplace for swapping preowned goods.
In 2011, automaker BMW partnered with Sixt to launch a car-sharing program called DriveNow. The platform now has 500,000 customers in nine cities throughout the world and makes over half a million trips per month.
The broadcast company worked with Vision Critical in an open-source initiative to gain feedback from its viewers on programing, design, and advertising. After tuning into 15,000 viewers, Discovery Communication launched a brand new channel that viewers wanted to watch called Destination America.
Established brands entering the collaborative space tells us one thing: the sharing economy is here to stay. It is not just a fad of sustainability-minded Millennials, but rather a viable market with profit potential and the hopes of making the world a better place.
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