Collaborative Economy

The collaborative economy, often referred to as the sharing economy, involves people sharing resources or services, often facilitated by digital platforms. Instead of owning items outright, individuals can rent, share, or trade goods and services, maximizing utility and minimizing waste. Examples include ride-sharing apps like Uber, home-sharing services like Airbnb, and platforms for lending tools or skills. This approach fosters community connections, promotes sustainability, and can provide economic benefits to individuals by generating income from underutilized assets. Ultimately, it redefines ownership and promotes access over possession.