Dare to Share: MBAs and the Sharing Economy
How will the sharing economy affect business?
It’s understandable that the first critics of ride-share services like Uber were traditional taxi companies. Even if the company claims its intention is not to completely overhaul the taxi industry, it’s unavoidable that these new services will have a broad impact in the field. As products are more easily shareable, the demand and consumption of such products will invariably decrease.
Since it doesn’t seem that the sharing economy is decreasing, it is important for companies to adapt and grow accordingly, and hiring millennials who understand the benefits of the sharing economy is just one way to stay ahead. Companies should consider how to make their own products more shareable and see if they can join the sharing economy, rather than rebuke it. Businesses might also consider finding ways to partner with sharing economy companies to benefit their product such as Ford’s 2011 partnership with Zipcar.
It is clear that many users find numerous benefits to being a part of the sharing economy, and while this shift in need may be worrisome as new graduates join the workforce, it’s important for companies to consider why and what about the sharing economy is appealing to consumers. Now more than ever, companies will need to hire young MBAs who can help a business stay ahead of the curve of consumer interest, rather than fall behind.
How is the sharing economy changing business education?
With the growth of the global sharing economy — valued in 2015 at $15 billion — and the concern it is bringing to some industries, understanding how and why sharing works is an increasingly important skill for MBAs.
Some schools have even adapted their curriculum with this in mind. Last year, the UK’s sharing economy trade body, SEUK, announced a partnership with the Skoll Centre for Social Entrepreneurship at Oxford University’s Saïd Business School. Together, SEUK and Oxford aim to develop the world’s first “trustmark” for the sharing economy, laying down best practices and standards for sharing economy companies and consumers. U.K Business Secretary Sajid Javid even commented on the sharing economy’s vast potential to create new jobs.
In the United States, research on the sharing economy and its impacts is still divided. While the industry’s growth is irrefutable, concerns like accessibility and the negative effects on existing industries are still real concerns. Nevertheless, the partnership between Oxford and SEUK is an important step forward, especially as more MBA programs face the question of how to adapt to this changing economy.
In order for both consumers and companies to benefit most from this changing world, such partnerships are imperative to success. Not only do today’s MBAs stand to benefit from the growth of the sharing economy, but companies stand to benefit greatly from these students, who possess a unique combination of yesterday’s know-how and today’s ambition.
About the Author
Alanna Shaffer
Staff Writer, covering MetroMBA's news beat for Atlanta, Houston, and Dallas.
