The Sharing Economy is Ageless

The sharing economy is a hot new trend among millennials who don’t want to buy cars. Right? Not quite. Internet-enabled sharing networks are changing the way people of all ages make a living in a post-recession America.

The sharing economy isn't new, either. It dates back to the mid-1990s, when eBay and Craigslist pioneered the application of technology to connect consumers with the underutilized assets of other people and organizations. It was an exciting time, and I was fortunate enough to witness the revolution from a front-row seat as an SVP at eBay.com (I was at eBay from early 2001 to late 2009). I found eBay’s fresh online marketplace irresistible, and vowed to set a good example by living the product, so I committed to buy and sell as much as possible on eBay. My family bought and sold cars, rugs, bedding, clothing, shoes, books, electronics, pretty much anything we needed. More than the commerce experience, I was inspired by stories of people making their living on eBay and using the money to put their kids through college.

I see that same powerful spirit of self-reliance today, as the sharing economy finally comes of age with a new set of venture-backed companies representing over $30B of market valuation. And contrary to many news stories, it's not just for young adults who favor experiences over ownership. Companies like Airbnb, Homeaway, Uber, Lyft, Lending Club, and TaskRabbit are giving families new ways to thrive with incremental income. In fact, the sharing economy is helping fuel the growth of over 4 million part-time jobs since 2008, which has surpassed the growth of full-time jobs in the U.S.

The human connections driven by a new generation of sharing platforms are adding value and depth to all kinds of experiences. Recently, my son and I stayed in a family’s home down in Santa Barbara. This family was making a living on Airbnb, and my son and I had a wonderful experience hearing their stories. My recent UberX driver, a teacher in his 50s, told me he was using Uber for incremental income to take care of his family.

When people participate in the sharing economy, they take pride in the level of service they provide, as sole proprietors have for centuries. We were driving up to Tahoe and left our new dog that we got from the SPCA at a DogVacay home. Unfortunately, the dog escaped--frankly she would have escaped from anywhere. But we were lucky: the DogVacay owner had put a GPS tracker on her so we were able to quickly find her and bring her back home.

My friend recently used TaskRabbit to fix up her home. Three people responded for various jobs, all of who were unemployed and using TaskRabbit as their primary source of income.

People are making between $8,000 and $100,000 a year on Airbnb and between $20,000 and $100,000 driving for Uber. This isn't just money for Saturday's bar tab--these are meaningful income streams. People are monetizing their homes, their cars, and now their closets. I recently listed eight items for sale in less than 10 minutes on Tradesy for over $1,000--not a bad way to fund a new wardrobe. I used the proceeds to buy a pair of new Prada shoes at a great discount on Tradesy. I love the idea of getting a deal and sharing my closet with a global community of women. It’s engaging, efficient and environmentally friendly.

My recent experiences in the sharing economy have been a great reminder of eBay cofounder Pierre Omidyar’s oft-stated belief: People are Basically Good. Once we embrace this, everything can be shared. Why not share your barbeque grill or your wrench with a neighbor? I can envision a community of neighbors relying on one another's household goods, and Uber delivering items between them within half an hour. Everyone saves money and space.

So look beyond the "millennial" label and see the future. Consumer spending will continue to drive economic growth, but the sharing economy is here to stay, creating meaningful jobs and incremental income for people of all ages.