1. What is the sharing economy?

Put simply, this is where individuals share items or services, usually on the internet.

Even if you haven’t heard the term, you’ll know about the phenomenon.

Through countless apps and websites, it’s possible to rent things by the day or the week – even by the hour. Occasionally it’s free, but usually there’s a fee.

For those doing the borrowing, it can bring considerable savings when compared to buying a brand-new item that might only need to be used once.

Meanwhile, for individuals who are willing to share their stuff, the concept can help them make a decent side income – boosting their usual earnings.

As well as traditional rental firms, several tech-savvy companies have launched platforms to facilitate sharing between individuals.

Given the sharing economy is still in its infancy, most of us have little awareness about the plethora of companies already in this industry. The accommodation app Airbnb and ride-hailing service Uber are two of the biggest and best-known players, and both are now mainstays in cities worldwide.