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Shared Economy Misconceptions


Shared Economy Misconceptions

I can’t make any money by participating in the shared economy; it’s all not for profit

A penny saved is a penny earned. The shared economy allows individuals to make money by saving money or offsetting costs. You can also make money through the resale of a good or service after it is no longer useful to you. Companies such as Rover, Blancride, and varage sale function exactly like this.

The shared economy is just services about transportation and accommodation.

Many other companies exist in the shared economy outside of transportation and accommodation, such as Meal Surfers for food sharing, Tool Libraries for equipment sharing, spinlister for bike sharing and Task Rabbit for general task sharing. The shared economy participates in all market places.

Only young people are using shared economy services

The demographic of 40-60 is very active in the sharing economy, using services like ROVER Parking to share their driveways and AirBnB to share their homes.

The sharing economy is new and just a fad that will be over in a few years.

Sharing economies have been around for years. South Korea for example has had a very robust sharing economy for over 15 years. The popularity of the sharing economy just seems recent due to advancements in technology like smart phones.

Sharing economy companies are trying to put people out of work

Companies like AirBnB have been able to prove that they are actually stimulating the market place and creating new jobs and opportunities by expanding tourism circles outside of city cores.

All the cool shared economy services come from Silicon Valley, California

Many sharing economy companies are Canadian. BlancRide for carpooling, Rover Parking, Meal Surfers, and varagesale for the re-utilization of processions, are just a few examples of Toronto based sharing tech companies. Every city around the world has utilized advancements in tech to help provide society with economic alternatives.

It’s not secure to put my personal or financial information into a shared economy mobile app.

Mobile Application security is as safe as online banking or any other secure online data. Companies such as STRIPE and PAYPAL monitor and insure their systems very closely to prevent any fraud or information leaks.

You don’t have to pay tax on money you make from shared economy services

Income from shared economy services must be treated as income from any other source.

Sharing economy services are usually dangerous

Because of the technologies involved in most shared economy services, they are in fact usually much safer than their similar counterparts.

If I don’t have a car to drive or a house to share, I can’t participate in the sharing economy

There are many other sharing economy services in Canada today such as Meal Surfers for meal sharing,

Shared economy services only work for people living in the city

Sharing economy services are very prevalent in places outside of the city. Services like BlancRide are great for getting from the city to places well outside the

Canada is one of the top sharing economy leaders globally

In fact, Canada is well behind in most areas of the shared economy. Although companies like BlancRide and Rover Parking were started in Canada, countries like South Korea and Europe have many more share based services being offered and much more consumer adoption.

Governments cannot benefit from the sharing economy themselves

Governments around the world are achieving greater efficiencies, saving money on upfront capital costs and infrastructure by instead allowing consumers to use services that give them direct access to goods and services.

The insurance industry is against the sharing economy

The sharing economy is presenting the insurance industry with a completely new market and opportunity to grow in a completely new way.

The shared economy is illegal

While some companies that label themselves as shared economy participants might be in need of new regulation, the majority of the companies that actually participate in the shared economy, such as BlancRide, Rover Parking and Meal Surfers do so in a completely legal fashion.

Shared economy services are all unregulated by the government

Many shared economy services are already regulated by local governments, and are working hand-in-hand to ensure future regulations make sense for these new technologies and market demand.

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