Tuesday, October 20, 2015

Is the Sharing Economy hurting traditional businesses?

The late 2000s saw the introduction of the term “sharing economy” as social media started allowing clusters of self-minded people to discuss how they can better utilize resources. 

Car pooling was the first such idea to gain traction, it allowed people to save on fuel, maintenance and minimize parking problems.  It was just a great idea to save money and help the environment but then someone noticed a potential for money making as well and the Uber service, whereby anyone can become a taxi driver offering his own car to give rides to people for a fee of course, started being offered in San Francisco in late 2009.  Uber expanded internationally within 5 years and disrupted the entire small vehicles transportation business model.