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Trust - The Fuel That Powers The Sharing Economy

This is the talk that I gave at the Social Media Week in Bangalore earlier this week on how trust was powering the sharing economy and "Social" being a key driver for building trust

PoolCircle is a carpool network with a strong emphasis on safety. We leverage the users corporate and social set of connections, or Circle, to provide a safe platform.
We see increased trust leading to more user engagement on the platform and firmly believe that a unified, transferable credit score that "travels" with an individual can be a strong driver for user to leverage their reputation in one platform, to others

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Trust - The Fuel That Powers The Sharing Economy

  1. 1. Trust – The Fuel That Powers The Sharing Economy Raghu Ramanujam Founder @ CEO @raghoo1
  2. 2. A Simple Idea
  3. 3. Sharing Economy Shared Economy: Collaborative Consumption: Peer to Peer Economy Will Ownership turn out to be largely a hack people resorted to before they have the infrastructure to manage sharing properly? - Paul Graham
  4. 4. What is mine is yours, for a fee 68% People Willing To Share Own Assets 74% Cars Ride With Just ONE Person 75% People Willing To Share Meals 66% People Willing To Share From Others
  5. 5. Sharing Economy - The Drivers Technology Innovation Value Shift Economic Realities Environmental Pressures
  6. 6. 200,000 Monthly Rentals on AirBnB $ 2 Million Rides on the Last Day of 2014 35 Million Private Cars in India Available For Ridesharing 2 Million Active Monthly User On BlaBlaCar Sharing Is Everywhere
  7. 7. In Ownership Economy, Service Levels Are More Established A Masala Dosa At The MTR Service Level On OLA Cabs Stay Experience At The Hilton
  8. 8. In Sharing Economy everyone is a Service Provider
  9. 9. The Challenge Source: TEDGlobal 2012, Rachel Botsman
  10. 10. The Ownership Economy has solved it well Your Credit Score
  11. 11. The Sharing Economy needs a Credit Score equivalent
  12. 12. But Trust In The Sharing Economy Has Two Parts Who You Are (Transferrable) How Good You Are At Something (Contextual)
  13. 13. A Unified Reputation Card Safe Driver; Interesting Conversations, 80s Rock Music PoolCircle Rating Nice House, Needs More Ventilation Airbnb Rating Recipes Don’t Work For Me! Yummly Rating • Stays at Brigade Gateway • Works at PoolCircle • 654 Facebook Friends • 1123 LinkedIn Connections • 17453 Twitter Followers 345 Transactions Across 5 Platforms Raghu Ramanujam Male, 44 – Bengaluru, India
  14. 14. Remember The Simple Idea?
  15. 15. Not So Simple Timings Proximity Safety Weekday/Weekend Peak hour Location Comfort Network Trust
  16. 16. Solve Safety, Crack Ridesharing 87% respondents cited Lack of trust as the biggest impediment in spite of strong intent to carpool
  17. 17. The Circle in PoolCircle Peer Rating What Others Think About Your Service Who You Are (Tranferable) How Good You Are At Something (Contextual)
  18. 18. How Trust Impacted Behaviour 0.00 0.20 0.40 0.60 0.80 1.00 1.20 1.40 1.60 1.80 2.00 Participation Interaction Initiated Interaction Received Unconnected Corporate Affiliation Social Connections
  19. 19. A Unified, Transferable Reputation Score
  20. 20. Thank You