The sharing economy is booming, but not every business using the sharing model is destined to thrive. As the Chairman points out, we can learn as much from the failures as we do from the successes.
For example, analysts identified market saturation and loose management of too many bikes as causes for the closure of Hong Kong’s first bicycle-sharing company last year. Ultimately, as in similar scenarios, the situation may have been avoided by developing a unique business model, rather than using a template set by industry counterparts abroad.
The lesson? What worked elsewhere won’t necessarily work here.
Creativity is just as important when entering mature sectors of the sharing economy, such as workspace sharing. Pico’s new P3 Space in Wanchai differentiates itself from other space-sharing businesses by catering to MICE industry start-ups. It provides tenants with the added value of brand promotion and consultancy by Pico, and opportunities to interact and explore business opportunities with Pico’s global customers and partners.
Overall, like any other business, sharing-based companies must do their analysis and research to find their competitive edge. Merely following trends never guarantees success.
*The above is a summary of the original Chinese article.