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But let’s backtrack a little. I’m

sure you know at least a little

about the share economy:

after all, the word was

added to the Oxford English

Dictionary this year. It’s based

on the ability of individuals to

borrow or rent assets owned

by someone else.

“The share economy is a lens

with which to look at our

world,” Botsman shared in

an interview with American

BOSS Magazine.

The term “collaborative

consumption” is a pretty good

summary of where Botsman

thinks things are going—and

where things are for many

countries’ economies. It

describes the shift in consumer

values from ownership to

access: the reinvention of

traditional market behaviors

through technology, taking

place in ways and on a scale

not possible before the

Internet. Botsman gives a great

example of this in her 2010 TED

Talk “The case for collaborative

consumption”, about how the

actual life of an electric drill is

only 12 to 13 minutes per owner.

Pretty silly to own a drill for a 12

to 13 minute useful life—but it

becomes a great investment if

you agree to rent it out to other

people who need the tool.