Official launch: Sharing Economy Association Singapore

Eugene Tay
Last year 22nd April.
How can we bring this sharing economy forward.
21st April this year. Registered the association.
Definition. Economic model of sharing. Physical products assets. Or non physical resources. Powered by technology and peer to peer network.
Renting and bartering.
1) More regular monthly dialogues. Public involvement.
2) Quarterly industry networking session.
3) More regular dialogues with government agencies.
Website SharingEconomy.Org.Sg
6 founding members.

Costas C.
The sharing economy: challenges and prospects.
Digital platforms.
– unlocking dormant physical capital and putting it to productive use.
– creating a wide variety of new consumption experiences.
What is new?
– Non clear boundary between personal activities and commercial service provisioning.
– Key enablers: Internet based digital platforms.
– “The Power of Organising Without Organisations”
– Roots in p2p, but actually a real market (you pay).
– The digital platforms allow for an economical efficient disaggregation of physical assets in space and in time combined with pricing, matching, and exchange in new markets.
– A “reenginnering”  of consumption “as-a-service”  business models.
– Fundamentals reinvention of old processes and models.
– Services in many aspects complementary to old economy.
New regulation models?
– Traditional role: encouraging productive trade keeping market participants safe and preventing “market failure”
– Key new idea: technology enables digitally mediated self policing: the reputations systems and monitoring tools.
Reputation replaces regulations.
– In the sharing economy reputation serves as the digital institution that protects buyers and prevents market failure.
– Sensors (observability)  substitute inspection needs.
– The profit seeking interests of the private market places aren’t that different from those of a textbook regulator.
New issues.
– How will the new business models and workforce grow the economy without the traditional economies of scale of corporate structures?
– How will the new institutions be taxed?
– Can the regulatory infrastructure adapt quickly enough to allow innovation whole still providing a fair and safe environment for consumers and businesses? Which are the new challenges?
SUTD’s role in promoting SE in SG
– become a scientific partner.
– define and analyse the socioecnomic impact to Singapore
-..

Rent tycoons. Icars club. Panda bed. SUTD.

Rent tycoons- rent out items to make extra money. 11 categories. Payment and Evaluation system. Reputation system.

Block pooling- get people in the block to share. Share their profession. Eg: florist plumber IT references. LinkedIn for neighbours. Eg: not everyone in the block need to own ladders if they were to share.

ShareTransport.sg- Car pooling. Bus pooling.

PandaBed.com- Guests share bed with homeowners. Imagine the Asian version of Airbnb. Attempt to be more culturally attuned. To match Asian homeowners with guests. Travel hospitality industry.

Qn: In what way is SE benefiting Singapore?

Costas- reduce waste. Not just about the money. About socialisation too. When people share they interact.

Seetoh- from the environmental point of view. Land constraint. Make do with less waste. Health perspective. Sharing community. Community of trust. Reservation and reputation system.

James- highly congested cities in Asia. Rural urban migration. If people start to own everything, there will be over consumption of things that could have been shared. Save transport and petrol.

PandaBed guy- a concept.. One of which to allow retirees to rent out their homes. Earn additional income for older folks.

Qn: What are some of the challenges, moving forward?

Rent tycoons- Opportunity. Government give incentives for constituents to share more.

Costas- Need a critical mass. How can we reach this critical mass? The next step..work with government and strategise.

Block pooling guy- Singapore has some issues culturally. Regulations should be expressed clearly. Self sufficient and security is important. It is a loss of face to borrow from someone. Market it as a pooling concept.. It’s not so much of you need something, but you have something to share.

PandaBed guy- Opportunity. Put dollars and sense into the average man on the street. The bigger benefit is the social change in one’s paradigm. Trust your fellow man than a global brand.

Public- Misuse of house. How are you going to prevent this?

PandaBed- For this thing to work there has to be a lot of trust and transparency.

Costas- Can the market self regulate and prevent this from happening? Why do you accept this person in this first place? Does she have enough reputation in the first place?

Public- Car sharing and electric mobility. Germany and car sharing  system. Male users between 20-35. Importance of ownership.

Block pooling guy- the desire to own the item is strong, unless it becomes impractical. Cars impractical in Singapore. People looking into car pooling. Regional jobs. 2 weeks idling in carpark. Parallel to recycling. The problem is not a mindset change. More of provision of infrastructure. Cultural phenomenon and emergence of groups. Perception of owning cars can change.

Public (Ken hickson) –  Car sharing but owned by rental company.

Public (Eco Business girl)  – 

PandaBed- the sharing economy does distribute wealth differently. The money goes into someone’s back account. There is direct impact.

The second question. On barter trade. It works better on theory and not so much in practise. Matching. How is it easy for me to find someone to do a one to one trade? Money is more practical.

Rent tycoon guy –  postal code for objects. Find items closer to you. People give away item where there is no value in it. There is a sense of quality. But if you do this, it defeats the purpose of sharing. This portal serves to empower people to share quality items. A way for you to test items first before purchasing it.

Costas- for lower quality goods, you can do a free exchange. There is no contraction.

Eugene- sometimes bartering involves some cost. Check out Trade School. In order for trade school to operate, they need a venue. They might get the venue for free, but it might mean venue owners might get owners to participants and translations between them might happen down the road.

Public- lalalalala.

PandaBed- It might not be a case of people don’t have spare room.. They might just don’t want to rent it out. Too scared to list their homes. Other countries distribution of singles rooms to entire apartments 40/60.

Block pooling- Singaporeans suffer from no U Turn syndrome. If there is no sign, Singaporeans will not turn. We need a sign to tell us to tell us what to do. If we don’t see one, we take it as it is illegal.

Rent tycoons –  Good and bad thing in having  legal binding society.

Public (SUTD) – Would the members of this association be open to having an observations.. Be subjects to huge experiment.

Costas- There were some issues. But if we are able to do it, good to have data. And have some credibility.

Rent tycoons- we are a believer of big data. Analytics of items people like to rent on certain areas. That’s something we can share.

Costas to Rent tycoons –  Is there a common platform for reputation system. Interconnected.

Rent tycoons- it can be a challenge. We need to give them incentives to evaluate.

Someone- while technicalities are hard, it’s possible to solve. (He mentioned his organisation buy I didn’t catch it).

On free services.

Leendy to provide free sharing.

Eugene- why we want to work with SUTD. In terms of within this age groups, males and females sharing what kind of items.

Ken Hickson –  from here, do you intend to open up more members in.

Eugene – Open to memberships. Two types. Check out requirements online.

Public- how would you handle spam bots and paid reviews.

Rent tycoons- we encourage people to give feedback after they  finish rental period. Build community that is trustworthy.

Costas- in Amazon anyone can write a review. Not in Rent Tycoons.

Eugene- What is the one thing  you wish to see for sharing economy?

Rent tycoons- more participation. From businesses and government. See this model happening in neighbouring countries.

Costas-

Block pooling guy –  being entrepreneurs we are explorers. We put out business concept without much data. If you go into this area for instant hits, it will not happen. Looking at future trends, the tools we create to enable sharing economy will be critical. Keep refining  execution until we see platform takes off.

PandaBed –  to see change happen, have to take small steps yourself. Instead of staying at a hotel, stay at someone’s house. Camera. We are living in a world of falsehood. If you want to get real in 2014 you have a few options. Religion. Agnostic. Sharing Economy. New generation and self actualisation. Spread the word and join our association.

Eugene- SE is in its infancy. Not just in Singapore but all over the world. The middle ground. We can have the sharing economy. Business grow. Understand government concerned. With community. Need more dialogues which will change the future of the world.

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