Wharton Knowledge – The Sharing Economy’s Success Lies On Creating Accessible & Affordable Solutions

In an article from December 2015 on Wharton Knowledge – The Sharing Economy: A New Way of Doing Business, there are really good insights into the motivation to create sharing solutions and the success of such solutions.

Source: Venture Beat
Source: Venture Beat

At least until recently, car buyers haven’t worried about the excess capacity they were purchasing, as long as the lifetime value of the vehicle was greater for them than its lifetime cost.
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“In the collaborative economy it’s not the idea of sharing that’s new… What’s different now is the introduction of technology into the concept.” — H.O. Maycotte, Umbel

All this excess capacity is what makes the sharing economy possible.
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“Consumers simply want to make savvy purchases, and access economy companies allow them to achieve this, by offering more convenience at lower price.” — Giana M. Eckhardt and Fleura Bardhi, researchers

Author: Venkata Gandikota

Venkata has more than 13 years of technical engineering, research, ideation, strategy and business modeling experience. Based on his experience with the Indian market and realizing also the need for affordable & sustainable solutions for Finland and other European markets, he started The Nordic Frugal Innovation Society in late 2013 with 2 colleagues. By organizing ideation workshops and 2 major conferences involving Cities, Universities, and businesses he started to mainstream the concept in Finland and the Nordics. Gandikota has also written several articles focusing on frugal innovations in the Finnish media. He has also been helping Finnish businesses in India as CEO of Indianeer Consulting and gives guest lectures at JAMK University of Applied Sciences in Jyväskylä. He has a Bachelors in Chemical Engineering from India and a Masters in Environmental Engineering from USA.