Member Article

Nesta pairs up with Innovate UK in sharing economy initiative

Nesta and Innovate UK, the innovation agency sponsored by the Department for Business, Skills and Innovation, have put out a call for innovative new ideas that will open up new commercial markets for the sharing economy.

The new initiative, which was announced today, is offering six businesses £30,000 to come up with innovative solutions to help support the growth of the sharing economy fields of tourism, travel, home improvements, construction and data.

Along with the innovation charity Nesta, other partners include Airbnb who are looking for ways to improve trust among users, and Crossrail who will look for ways in which the sharing economy can help make construction resources more affordable and sustainable.

The sharing economy is a hot-topic in tech circles, with its global value forecast to rise to £335bn by 2025.

The UK is a particular hotbed of sharing economy businesses, with research from JustPark last year revealing that the UK was home to 10% of the total number of sharing economy businesses worldwide.

Alex Stephany, Chief Executive Officer of JustPark and author of ‘The Business of Sharing’ report, commented at the time: “The sharing economy has the potential to change everything about how we access goods and services.

“Today, there are many high-growth businesses creating new money-making and saving opportunities for consumers and creating new social capital in society. This study depicts the state of play in today’s vibrant sharing economy.

In time, the sharing economy will grow to be pervasive in an even wider array of industries. Healthcare, education, insurance, even farming - these are all sectors which disruptive sharing economy startups will shape through engaged communities that are being built around lean business models.

“Indeed, there are barely any sectors that won’t be impacted by the efficiencies of sharing economy and peer-to-peer online platforms.”

The competition opens on 7 March, and firms have until noon on 12 April to submit their applications.