The sharing economy has experienced a global increase over the past few years. Things that were previously unheard of as being shared, ranging from cars to even errands, have now become common place as millennials embrace new ways of accessing and sharing through technology.
In a society as digitally connected as Hong Kong – where the average individual ranging from 5 – 50 is able to wield a smartphone with relative ease – it’s not surprising that the sharing economy has been growing tremendously via the use of some new apps.
Local vs. International Sharing Apps
Uber and AirBnb have long been touted as the disruptive innovators towards traditional modes of economy. Both have eyed Hong Kong as important locations for their expansion in Asia, with AirBnb launching in 2012, and Uber after in June 2014.
Alongside the increase of start-ups such as AirBnb and Uber, certain local start-ups have also begun to gain a lot of traction. These start-ups are able to become better known to the local market at a faster pace, since most of their marketing materials and information is more suited and integrated into the local context.
5 Sharing start ups changing the sharing Economy
TradeDuck
How it Works: Hong Kong’s first-ever barter based platform. After signing up as members, individuals list their pre-loved or unwanted goods for direct exchange of other goods posted by other members. Members can grade other members in case of improper conducts or disputes. Offered in Chinese, the platform caters exclusively to the local market in Hong Kong.
Founders: Christopher Yeung, Joyce Kan
Origin Story: Since Hong Kong is a city that relies on mostly public transport, most car owners find themselves not always needing a car on a daily basis, meaning that every day, there are many cars that are underutilized resources. Inspired by the various car share initiatives abroad, the founders of car share hope to be able to match these resources with individuals who are in need of cars for only a few hours, in order to create a win-win situation both car owners and users.
How it Works: Carshare.HK enables owners who are not using their cars to rent them out to neighbours who may only occasionally need a vehicle for a few hours or a day. A wide variety of cars is available and prices vary.
How it makes money: The start-up takes a commission from transactions on the platform, and takes care of identity verification, insurance and all other technical issues.
Founders: Rachel Cheung
Origin Story: Rachel Cheung founded Rent-a-Suitcase to offer short-term use of sturdy suitcases and lightweight, mountable cameras that can capture action videos as well as still images. She noticed that many people were buying many cheap suitcases that were prone to damage after only a few uses, and so in order to stop the wastage, she founded Rent-a-Suitcase, which has become highly popular with the younger generation in Hong Kong.
How it Works: Potential renters just need to fill out a form with the dates of their vacation and also necessary rental equipment, pay the required deposit, and then either pick up in person or receive their items via courier. After the trip, rentees simply return the items, and the deposit is returned upon confirmation!
Hong Kong Really Really Free Market
Organizer: Hong Kong Design Community
Origin Story: The RRFM movement aims to counteract capitalism; its objective is to build a community based on sharing resources, caring for one another and improving the collective lives of all. Participants bring unneeded items, clothes, books, skills and talents such as massaging or haircuts. RRFMs are usually held at easily accessible places like public parks or community commons.
How it Works: The RRFM movement is a collective of individuals who gather together to form a temporary market on the basis of an alternative gift economy. Gift market is a society where valuable goods as well as services are constantly given in the absence of any explicit agreement for rewards or paybacks.
Founders: Steven Lam Hoi-yuen, Gabriel Fong, Calvin Chan
How it Works: GoGoVan is a free, van-hailing app available on Apple’s iOS and Google’s Android devices.
How it Makes Money: Customers are charged by the length and also time of their trip, with Gogo Van taking a commission from every successful booking.
Origin Story: Steven Lam Hoi-yuen, co-founder of GoGoVan, was running a lunchbox business with his partners originally before GogoVan. Each day, in order to transport their lunchboxes, Steven would have to call a van via the call centre, often to much frustration, despite seeing the many parked vans around clearly waiting for jobs. This led him to think that there had to be a more efficient way to call for vans, and with the rise of mobile apps, why couldn’t there be an app instead? With this in mind- the idea of GogoVan was created.
