The concept of “sharing” has been embedded within us ever since we were born. From parents teaching children that they should always share their toys, to forming teams in school to work on assignments, and recruiters looking for the ideal candidate that’s as much a team player as he or she is an independent learner. So when it came to business, it was only in due time that the term “sharing economy” became one of the biggest buzzwords of the past 5 years. Writers have been quick to prove that the sharing economy does nothing for productivity and growth. But to those naysayers, we say “Hold on a second!” because here are 3 examples on how businesses can benefit from the sharing economy.
Hiring woes. We all have them and we all dread the amount of time it takes to recruit, train and manage a new addition to the team. Most companies spend at least a month trying to fill up a single role, regardless of seniority or department. Then, freelancing platforms like Freelancer and Upwork made it more accessible for businesses or individuals to find the right person with the skills and track record who can execute work remotely. For most, time equals money. So, time not spent on going through countless applications and interviews means time spent executing more meaningful work that directly impact that strategic goals of a business. The need for businesses to go digital in the 21st century also means that many companies are suddenly faced with an influx of large volumes of raw, and often messy data. At this point, they are then faced with a choice – either hire an in-house team to clean and filter the data to make it useable or crowdsource a remote team of workers to execute the work. Hiring an in-house team would mean facing the same recruitment issues such as cost and time. Opt for the latter, and you may have to deal with lapses in communication as instructions are relayed virtually. But all is not doom and gloom in the remote talent world as companies like Supahands help businesses leverage off the diversity, scalability, combined industry experience and flexibility that remote workers typically have, in order to guarantee almost round-the-clock execution of work.
Every major city in the world now has at least one co-working space filled with companies of all sizes. As they say, “your network is your net worth”. So now, early-stage startups and small factions of large multinational corporations can gather in the same space and leverage off each other’s network and expertise. For B2B companies, working out of a co-working space almost guarantees you a meeting with at least one other company who may end up being a client. Large MNCs also get to experience first-hand the latest tech and innovation that takes place in a co-working space. Most co-working spaces are also designed to encourage such interaction between their tenants. Many are equipped with a very impressive set up that includes meeting rooms, private booths and communal activities, allowing companies to run their day-to-day operations seamlessly. As a testament to the true potential of how co-working spaces can change the way businesses of different sizes can function and mingle, one needs to look no further than at what WeWork has achieved. With over 200 spaces in 20 countries under the WeWork brand, they are estimating a $2b revenue in 2018 alone.
Going through funding rounds with venture capitals or angel investors can be an extremely tedious and time-consuming process. It is not just about raising enough money to grow a company, but also about finding the right people to grow your company with you. Some business models may not even be “attractive” enough to investors to even consider raising funds with. When that fails, there’s always crowdfunding. You only have to take a look at projects that came into fruition thanks to crowdfunding in order to feel the sheer impact a sharing economy can have on businesses. Crowdfunding platforms have been responsible for the launch of namely games and wearable tech projects such as the iconic Oculus Rift and the Veronica Mars movie. However, it is important to be aware of the different types of crowdfunding platforms that are available. If you’re looking to raise funds to build and launch a consumer-friendly product, Kickstarter and Indiegogo are your best bets, but you’ll have to be prepared for some tough competition. Looking to raise funds to launch your company in exchange for shares? You’ll want to look for equity crowdfunding platforms such as Crowdo and Seedrs.
Doing what is naturally human
Regardless of cultural or religious background, the concept of “sharing” is something that every individual around the world has been taught at some point in their lives. The idea of a mutually beneficial relationship is not a brand new concept – it has just been adapted to the way businesses progress in this current technological landscape. So, a sharing economy seems like a natural progression of how businesses can thrive. Thus, why would we avoid doing that which is naturally human of us to do?
Supahands is a technology company that provides business processing services with specialties in content moderation and database management. Supported by our 2000+ strong remote workforce and its slew of innovative tech platforms, this Kuala Lumpur based company has made it effortless for tech-driven companies around the world to scale their business rapidly. Greg Meehan, our Head of Sales, is also a mentor on FutureLab. You can get in touch with him via the FutureLab platform here.