Source: IE Business School
Mar 25th, 2015
[dropcap]S[/dropcap]ome 53% of Spaniards say they are interested in the idea of taking part in sharing activities, compared to the 44% average in the rest of Europe, putting Spain in fifth position in the EU when it comes to the growth potential of its shared economy. These figures were highlighted at a session on Sharing Economy organized by the EY-IE Global Corporation Center.Madrid, March 25, 2015. Some 53% of Spaniards say they are interested in the idea of taking part in sharing activities, compared to the 44% average in the rest of Europe, putting Spain in fifth position in the EU when it comes to the growth potential of its shared economy, behind Slovenia (71%), Greece (61%), and Italy (55%), according to Nielsen. These figures were highlighted at a session on Sharing Economy organized by the EY-IE Global Corporation Center in Madrid.
Kiron Ravindran, a researcher at the EY-IE Global Corporation Center and Associated Dean of IE Business School, along with Pablo González, Digital Transformation Partner at EY, have analyzed the benefits and risks of the sharing economy and how it can be applied to different sectors and areas. Participants in the event included Ian Paterson, co-founder of Respiro; David Sucar, Director of Business Development at Traity; Juan Ignacio García, CEO of Cabify Spain; Ramón Blanco, CEO of Etece; and Alejandro Artacho, co-founder of Spotahome, all of whom shared their experiences as well as exploring the challenges and growth potential of the sharing economy.
Kiron Ravindran pointed out that Uber, the world’s largest taxi company, doesn’t own any vehicles; Facebook, the largest social network, doesn’t create content; Alibaba, the Chinese online distributor, has no stock; and similarly, Airbnb, the leading accommodations website, owns no properties. Nevertheless, Airbnb is valued at 20 billion dollars and Uber at 41 billion dollars, more than many long-standing companies in similar sectors. Among the main reasons consumers are increasingly prepared to take part in the sharing economy is to reduce their costs, along with the appeal of sustainable business models, the use of technology, a shift in values, and a new mentality that shuns excessive consumption and finds doing things with other people attractive. At the same time, growing numbers of people no longer wish to own vehicles or property, and would also like to help others, Ravindran said.
Pablo González, Digital Transformation Partner at EY, said: “New business models are appearing, new ways to generate income, and new agents. The sharing economy is a great opportunity for new companies and entrepreneurs, but can also be one for many traditional players. If you don’t think ahead and aren’t proactive in adapting your business model, you run the risk of losing value.” González added that the current economic crisis has speeded up the phenomenon, “but really it involves a change in attitude on the part of consumers, supported by technology, so that transparency, speed, and sharing at all levels becomes the priority.” He concluded by saying: “many companies came late to e-commerce and now have a new opportunity with the sharing economy, an unstoppable phenomenon.”
The collaborative economy is set to grow by 25% in 2015, with turnover of around 3.5 billion dollars, according to Forbes. Among the strongest sectors in the sharing economy are education (29%), tools (23%), electronics (19%), bicycles (18%), or cars (17%), according to Nielsen. These figures portend major changes to the business scenario in which the key factor in consumption will be sharing, according to the experts.
The EY-IE Global Corporation Center (GCC) is working to help businesses find answers to the challenges posed by globalization. The GCC was set up by EY and IE Business School in 2014. Giuseppe Tringali, Vice President of Mediaset Spain, is the President of the EY-IE Global Corporation Center. Francisco Navarro, Associate Dean of IE Business School, is the General Manager of the Center. The GCC organizes regular analysis sessions and promotes research and debate on three main areas: the evaluation of intangible assets, corporate diplomacy, and digital transformation.
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