UNDERSTANDING THE RISKS AND SEIZING THE OPPORTUNITIES
In recent years, the sharing economy has been developing at a pace and is showing no signs of slowing down, with its five sub-sectors - peer-to-peer (P2P) finance, online staffing, P2P accommodation, car sharing and music/video streaming - set to grow to £9bn by 2025^ in the UK and Europe. Traditional business models in these sectors have been disrupted and emerging sharing economy companies are now focusing on fashion, food, personal items, B2B and logistics.
Through mobile phone applications, ratings systems and instant digital payments, people now have the power to connect instantly with the market and carry out activities which traditionally only established business could do. Clearly this has implications not only for traditional incumbent companies who could lose a significant share of the market, but also for regulatory bodies, where innovation is outstripping their ability to regulate the industry effectively.
On Tuesday 17 March, over 180 delegates attended the FT Sharing Economy European Summit to examine the state of play, the issues that institutions and individuals are facing, and what the future holds for the sharing economy in the UK and across Europe.
View photos from the event here.