Joe Issa and staff in animation in the dining room where love and satisfaction are shared.
Technology savvy Joe Issa, who has previously hailed the Internet for enabling efficiency and convenience at both the individual and organisation level thereby revolutionizing the way they do business, now finds more reason to celebrate the digital platform: enabling the rise of the sharing economy and the opportunity for everybody to earn some extra money.
Issa explained that the sharing economy is an economic model based on individuals and businesses sharing their skills and assets to make some extra money, as has been done through barter for thousands of years. The only difference is today we have the internet and smartphones making it easy for suppliers and consumers to meet and transact.
Lyft and Uber, two of the biggest names in the sharing economy are going public in early 2019.
“As is commonly understood, the economic model is set on the premise that there is enormous downtime in the use of skills and assets that can be utilized to earn extra income, while sharing value between providers and consumers, made possible through an online sharing platform.
“Because the suppliers in that shared marketplace do not carry costs like traditional businesses do, they can afford to provide them more cheaply. At the same time everybody gets a chance to make some money and generate economic activity,” said Issa.
Explaining that the term ‘sharing economy’ goes by several other names, and therefore is more like an umbrella name for other types of economic systems, Issa said that kind of dynamic has also been referred to as share economy, collaborative consumption, collaborative economy, or peer economy.
He noted that the hybrid model marketplace is taking business away from traditional markets, citing the rise in market share.
An article on the website small business in August last year, said the sharing economy is one of the fastest growing business trends in history, with investors dumping more than $23 billion in venture capital funding since 2010 into startups operating with a share-based model. It said because many of these businesses are private, it’s impossible to know the actual size of the sharing economy. Some experts have projected market capitalization to reach over $335 billion by 2025.
Another article said sharing economies allow individuals and groups to make money from underused assets. In this way, physical assets are shared as services, citing for instance, car sharing services like Lyft and Uber.