THE GENERATIONS COLLABORATE TO BUILD THE COLLABORATIVE ECONOMY
A few weeks ago, Maria Bartiromo did a “Seat at the Table” segment on her Sunday NBC program about the sharing or collaborative economy. The key concepts are Rent, Share and Trust. You rent your car or home or dresses or cook, etc. on a temporary basis.
The entrepreneurs behind the new businesses say this approach changes the concept of “consumption.” And they say they are in it for the long haul – that this is not a fad concept. It focuses on the actual user of a product rather than intermediaries. Though these businesses operate on technology, they are actually very personal. Person-to-person connections are facilitated by the technology. It is efficient for the new normal and sustainability because it uses excess capacity.
So you can rent a chef to come into your home to cook for your family or dinner party guests, rent expensive textbooks, or rent a designer dress you will only wear once anyway. These are examples of enabling luxury experiences for people who couldn’t live that way every day but can on a select, limited basis.
The businesses were started by young, “digital natives” – that is, Gen Y/Millennials or young Gen Xers – mostly under age 35. The venture capitalists supporting them are in their 40s and 50s – Gen Xers and younger end Baby Boomers. They are united in the excitement of these new concepts and services and their collaboration with the young entrepreneurs.
They have identified and latched onto some trends that have emerged, especially with the Millennials:
- Decreased interest in ownership of cars, houses and other possessions other than electronics/technology
- Desire to live in urban areas where the action is and have what they need and want nearby
- Sustainable environment lifestyle
- Innovate and love your work
I find this very exciting. Simplify. Save time and money. Avoid waste. Connect for personal needs and to fulfill dreams. I guess my Millennial tendencies are showing J
Phyllis Weiss Haserot www.pdcounsel.com