Staying relevant in the collaborative economy
The concept of ownership is changing and brands that don't become involved in the collaborative economy will be left behind. That was the message of a well-attended session, titled "How to stay relevant in the collaborative economy", at the Mumbrella360 conference held in Sydney in June 2014, where delegates were told that the rise of sharing over buying is no mere fad.
Rachel Botsman, founder of Collaborative Lab and one of four panellists on the session, told delegates that the collaborative economy – also known as the "sharing economy" – is a "big economic change that's going to fundamentally disrupt businesses".
Citing examples such as Uber, Airbnb, social lending and Borrow my Doggy, Botsman said what these new types of businesses have in common is an economic principle. "It's about activating the untapped potential of an asset and making it liquid through some kind of collaborative model to enable shared access," she said.