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The idea behind sharing economy

The sharing economy is one of the fastest-growing trends in business and technology. Since 2010, it has attracted an estimated $23 billion in venture capital funding, fueling startups that operate on a shared-based model. Although the exact size of the sharing economy is difficult to determine due to the private nature of many platform providers, its impact is undeniable.

The sharing economy represents a new way of distributing goods and services, distinct from the traditional corporate model of hiring employees and selling products directly to consumers. Instead, individuals rent or "share" their cars, homes, and personal time with others through peer-to-peer platforms. Simply put, it's the use of technology to facilitate the exchange of access to goods or services between parties.

This model leverages underutilized resources or skills, allowing participants to share value in new and efficient ways. These exchanges typically occur through online marketplaces or peer-to-peer platforms.

While the sharing economy might seem like a modern innovation, the concept of sharing resources is not new. Historically, communities have engaged in bartering and resource sharing. However, the advent of the internet and mobile technology has significantly simplified and expanded the reach of these transactions, making the sharing economy more accessible than ever before.