The Sharing Economy 2.0

Sustainability Problem

  • Substantial waste is created by our consumer society; capitalistic economy is founded on the unrestrained sale of goods and services to the buying public for continuous growth.
  • A majority of goods are intended for limited use and are frequently discarded prior to their lifespan; clothes are often discarded after one wearing.
  • Most of this waste is sent to refuse centers—ending in landfill—or sent to developing nations that have limited ability to manage the tsunami of products dropped on their shores.
  • According to the Environmental Protection Agency, Americans generated 254 million tons of solid waste in 2013; the waste leads in increase greenhouse gas emissions.
  • Developed Nations produce and buy more than we need, which drives the economy of developing and emerging markets.

Summary of Seoul Sharing City Executive Summary 2015

  • Seoul Metropolitan Management (SGM) has designated and supported 57 sharing organizations and businesses, and will promote 300 additional businesses, into their Sharing City initiative.
  • 5M Won ($4K) per company has been dedicated to sharing business strategy within Seoul, and 3.5M Won ($3K) for surrounding areas. Car sharing alone accounts for 400,000 members.
  • Sharing City includes 2,000 parking spots in 7 districts, 8,000,000 articles of children’s clothing, 230  daycare centers, a reduction of single-person households, and other businesses that might target the emerging Korean middle class.
  • Since implementation in 2014, Seoul has saved 12 Billion won annually, created 1,280 jobs, and reduced almost 30 thousand tons of CO2 emissions by reducing landfill.
  • Locally developed application allows Koreans to share products and services to reduce the overall footprint/cost of the population.

Stakeholders:

  • City Dwellers
  • Manufacturers
  • Retailers
  • Commercial industry

Deployment

  • Continued adoption of crowd-sharing services will reduce car production through ride-sharing, Uber, Lyft), parking spots, children’s clothing, and material goods (local application of shared services).
  • Many applications have been launched successfully in Korea and have spread globally with reduced engagement. Additional resources will need to be provided to upsell shared services to the US and European markets.

Resources:

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2 thoughts on “The Sharing Economy 2.0

  1. Seoul’s approach is really interesting and I really like the concept of the Sharing City Initiative. However, while the strategy of zero waste by sharing products and services makes sense, it requires a significant cultural shift. Fortunately, crowd-sharing services like Airbnb, Uber, etc. have made this change easier as they have taken off in recent years as cities have struggled to keep up with the growing pains of urbanization. New technologies or services like these can help to influence the change in consumer behavior, as evidenced by Seoul’s success so far in emission reduction and job creation.

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  2. Hi Sean,
    Thanks for sharing this concept. I love the idea of creating a new sharing economy. Initially it was the community driven cities that saw the success of the sharing economy initiatives (like Auroville in India), but thanks to easy access to apps like BikeShare, Uber, HomeAway, etc, scaling up this concept has been pretty easy. Minimizing waste this way is a great way forward. I am pretty excited to see the future of this economy.

    UNI: mb4033

    Like

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