I hate writing about the next big thing because it is usually trite, clichéd or just hype, but I read a great piece in the Harvard Business Review about the collaborative economy (“Sharing’s Not Just for Start-Ups” by Rachel Botsman) that I wanted to share. Most of us have come across and probably used start-ups leveraging collaboration or sharing, companies such as Airbnb (where people share excess rooms with travelers) or Uber and Lyft (where people who need a ride can find a driver who is looking to earn extra funds. In and of itself, this is an exciting space with many promising early stage companies, from peer-to-peer lending (money club) to online lessons (Udemy). What I found interesting in Botsman’s article is how this opportunity can be extended to many other businesses.
There are great opportunities in the collaborative economy to create additional revenue streams (which may supplant their core business at some point) or provide channels for user growth. Botsman starts by discussing Marriott, the hotel chain, which rolled out an offering in conjunction with LiquidSpace so people and businesses could book excess conference rooms at market clearing prices. Not only did this initiative create a new revenue stream for Marriott by generating income from rooms that were sitting unused, it also helped grow the customer base. Continue reading “The collaborative economy is an opportunity for all companies”