The sharing economy is one of the fastest growing business trends in history, with the BCG Henderson Institute record investors dumping more than $23 billion in venture capital funding since 2010 into startups operating with a share-based model.
As we unveil the sharing economy at the Coworking Conference 2019, we would like to dive into the simple rudiments that makes this model worthy of discussion.
Sharing economy is simply a model where factors of the marketplace allows for favourable participation of anyone without owning valuable items that makes business or value sharing possible. Sharing economy enables opportunity creation for others to extract value from temporary ownership of other people's possession and craft
The sharing economy model preaches scientific variants of what we've always known about our retail system and structure in Africa: Collaborative Consumption.
Our traditional market place exemplifies this model of collaboration; the market is a platform owned by landowners or in some other cases the village, the goods are communally bought and shared by sellers, and consumers get their chunk. Africa has never really been left behind when it comes to innovative approaches to business and economy.
A study from aidx 2018 by Hilal, McHugh, Douhaibi and Mangum estimates as many as 70% of sub-Saharan Africans being part of a pooling group and crowd funding. These opportunities are being turbocharged by the rapid and widespread adoption of digital technologies and mobile banking.
Africa’s combination of technology, culture, and youth has created a Sharing Economy ecosystem ripe for innovation and growth. As well as products and services that respond to local market demand such as Bolt and Uber ride sharing solution in the transport sector, Thriveagric and Farmcrowdy crowdfunding model in the agrotech sector, and fundraisers such as Humaniq and Wala.
While we’ve seen how dominant collaborative consumption can be in industries like transportation, consumer goods, and services, many other traditional sectors will soon experience changes because of the sharing economy.
This is what we intend to showcase at Nigeria Coworking Conference 2019 with the theme "Coworking - Unveiling the Sharing Economy". We intend to showcase industries and sectors that are key players and introducing opportunities that everyone can partake of. The aim is for everyone to come together as we foster collaboration and innovation towards a stronger economy
Register here to take part of the sharing economy at the 2019 Nigeria Coworking Conference!