Is the sharing economy hurting traditional businesses, Ian Vella asks.
The late 2000s saw the introduction of a novel business model, as social media started allowing groups of people to discuss how they can better utilise resources.
Car pooling was the first offering to gain traction in this new sharing model, as it allowed people to save on fuel and maintenance while minimising parking problems. At first, it was just a great idea how to save money and help the environment. But then, as usually happens, someone noticed a potential for turning a profit and the Uber service – which allows anyone to act as a taxi driver using their own car to transport people for a fee – started being offered in San Francisco, US in late 2009.Ian Vella