Startup Spotlight – SHARING IS NOW A DISRUPTIVE IDEA
Startups tend to enamor the imagination of the public as companies with billion-dollar potential. But most startups fizzle out after a few years in business. Either you grow or you die. That’s the nature of the game. To play it thick skin is a mandatory requirement.
The startups listed in this section are new and still in the infant stage. Some of them have won accolades in glitzy startup competitions, some are opening up un-ventured markets and some think they have just the right idea.
This is their story.
Sharing is Now a Disruptive Idea
The used goods market is bigger than most people realise. It’s huge for cars and, until recently, mobile phones. Some companies are already mining sharing’s hidden economic potential
A US-based startup with local roots launched a sharing platform named ‘Bundlhub’ for swapping, selling and donating unwanted or used goods. “It’s a Goodwill meets eBay meets Craigslist, all in one,” says Founder Thikshan Arulampalam.
Arulampalam says the economic value generated in the transaction of used goods is under-realised. Even though players like Yerdle and ‘Let go’, which primarily focus on used goods, have a growing following, he believes there is still space for new companies to enter the secondhand market.
The company will not attach a commission fee for any of the transactions, so users can list products at no cost. The revenue model is for advertising, which targets the eyeballs on the platform. Arulampalam believes developing markets are harder to crack for transacting used goods, unlike European and American markets. “In developed countries, people are comfortable buying used stuff. But in developing countries, there is this need for accumulating goods.” The company plans to expand its services to the Middle East, targeting expatriates on temporary work assignments. “Americans and Europeans there are not keen on shipping their fridges and furniture back home. Sri Lankans, Indians and Egyptians are happy to receive that stuff.”