Rentoid blog

I watched an interesting TED talk recently on the world being full - while it is slightly scary - it is worth considering. Especially given that over consumption is a massive problem in the world. I’m not sure it’s a people problem or a consumption problem?

I read this really cool article a while back and thought it would be a good one to share.

http://unbridledspeculation.com/2011/03/17/the-exponential-gains-in-solar-power-per-dollar/

Summary:

The sun is a super-abundant source of energy - ‘In 14 and a half seconds, the sun provides as much energy to Earth as humanity uses in a day’. The problem is that we aren’t very good at capturing it. Currently, solar produces only about 0.2% of humanity’s energy because ‘up until now, while solar energy has been abundant, the systems to capture it have been expensive and inefficient’. But things are changing.

The cost of solar energy has been decreasing exponentially for 30 years from $22 in 1980 to under $3 today.

The things driving this change are that firstly, manufacturers are learning how to do more with less and reduce their costs. Secondly, researchers are continually improving the efficiency of cells.

What does this mean? It is projected that in the US in 2020 the price of solar electricity will cost the same amount as electricity from fossil fuels. In 2030 it will cost half of that…Amazing!

Geordie - the rentoid team.

Although the BZE plan is not new, I thought it would be good to write about in case any of our readers haven’t heard about it. Here is my summary of the synopsis, of the Zero Carbon Australia 2020 Plan.

Climate scientists predict severe impacts from even the lowest estimates of global warming. Atmospheric CO2 already exceeds safe levels. The threat comes from dangerous ‘tipping point’ mechanisms such as melting of sub-artic permafrost, which can be triggered by excessive temperatures and would prevent us from returning to safe climate conditions.

To make an immediate transition, we can use only the solutions that are available to us today. The ZCA2020 Plan has specified the 100% renewable grid based on proven technologies that are already commercially available and that have already been demonstrated in large industries. With a combination of energy efficiency, fuel switching from gas and oil to electrified energy services, then using a combination of commercially available renewable energy technologies, Australia’s energy needs can be met with 100% renewables. Wind and Concentrating Solar Thermal (CST) with Molten Salt Storage are the two primary technologies used, with minimal contingency backup from biomass and existing hydro.

Implementing the proposed renewable infrastructure over a ten-year timescale would require a small percentage of Australia’s industrial capacity, in terms of resources and labour force. The required investment of $37 Billion/year is the equivalent of 3% of GDP.

Source: http://www.energy.unimelb.edu.au/uploads/ZCA2020_Stationary_Energy_Report_v1.pdf

Note: content has been mixed and mashed by me in order to condense it

In my own words - It is possible to transition to 100% renewable energy within 10 years with technology that exists today. It would cost 37 billion dollars, or 3% of GDP per annum. The challenges of a transition to renewable energy are social and political, not a technical or economic.

Go to http://beyondzeroemissions.org/zero-carbon-australia-2020 for more information.

Geordie - the rentoid team.

Our current paradigm, our current way of living is deeply flawed and unsustainable. The threats of peak oil, climate change, water & food shortages, deforestation, mass extinction etc are all clear examples of a need for change. Not to mention that we still live in a world where war and poverty are common. It is logically inescapable that you cannot have infinite growth on a planet with finite resources.

Why are these things so obvious to some people and denied so vehemently by others? I’m not a psychologist but my guess is that, to people who tend to avoid these topics, discussing them calls into question everything they’ve know, everything they have grown up believing and by extension their identity - who they are. It’s just too difficult or maybe even scary, I don’t know.

In my opinion, this is where I see the environmental movement as having failed - in its communication, or maybe even their approach generally. To me the environmental movement seems very alienating in nature as it comes across as saying - ‘your current lifestyle is bad, you are hurting the planet, you need to pay for it by reducing your consumption, which in the minds of many people translates into - you must reduce your standard of living’. For many of those people, it is a price too great and they reject it.

Now, we could sit here all day playing the blame game and recycling arguments, getting really cranky with each other and going nowhere fast. Or, we could do something different. Something better. This is what Rentoid, and others working in the collaborative consumption space are all about - providing an alternative win/win solution:

By sharing what we already have, we can reduce our consumption without reducing our standard of living. In fact it can even enhance living standards by reducing the burdens of ownership (cost, maintenance, worry etc) and also by creating new value from underutilised resources.

What makes this solution so special is that because it benefits everyone who participates and the environment, not either/or, it is finally possible to get everybody working on the same team.

This is why I love rentoid.

Geordie, the rentoid team.

The traditional approach for most businesses has been to: create a product/service, sell it, end of story. This has worked well up until recently. But now many consumers are looking for a change. There’s a couple of good reasons for this:

Financial - The GFC has bred distrust of old companies and has also forced or at least encouraged many people to tighten the belts, downsize and re-examine what is actually important to them. Many are actually finding that they prefer simpler lives, with less stuff and want invest more in the things that actually make them happy such as their friends, family, health, traveling and new experiences.

Environmental - Growing awareness of environmental issues is causing people to question the consequences of our lifestyles - where do these products come from? What does it cost to produce them? What are the unintended side-effects of our production system? Where do they go once they’re no longer useful or wanted? It is an inescapable fact that we live on a planet with finite resources and need to find a better way of doing business.

The solution is a model based on sharing that Lisa Gansky calls ‘The Mesh’. The mesh is a new business model that is taking the world by storm. It is about giving consumers more tools, choices and information. It is about sharing products and services - giving people superior access without the burden and expense of ownership.

Mesh businesses work by leveraging the following growing trends:

Urbanisation - The increased population density caused by urbanisation makes sharing networks possible. Once people are living nearby one another in large numbers, sharing of certain items such as cars and tools can become practical.

Use of Data & Social Media - Whereas a buy/sell model encompasses one transaction, a sharing model inherently creates a conversation between providers and customers as they need to continually interact to do business. Every time a product or service is rented, leased, or borrowed the company can collect data about the transaction. This lets them get to know the customer better and then use that data they have compiled to personalise the offerings for the customer for next time. These conversations are happening in real life but also online with the explosion of social media, which provides an effective platform but also another point for data collection and further personalisation. Conversations over social media tend to be much more genuine and human, as opposed to the traditional scripted press release/sell approach.

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Mobile - the Internet started by moving data around but now with widespread adoption of smartphones it is also moving around physical goods. Mesh companies are leveraging this trend to enable their customers to reserve cars, bikes, homes, meals and more - on the go.

Examples of mesh businesses are popping up everywhere. Here are a few to check out if you’re interested!

Carsharing - www.zipcar.com

Entertainment - www.netflix.com

Kids clothes swap - www.thredup.com

Collaborative funding - www.kickstarter.com

Group discounts - www.groupon.com

And there are plenty more here - http://meshing.it/

Geordie - rentoid team.

Yes, I own a ladder. But why? It’s something that most of us only need to use a few times a year, if that. I’m sure it’s a similar story at your house. Is it really necessary for us all to have one each? Why couldn’t we just buy one collectively with our neighbours and share it? Well I’d like you to tell me! In the meantime, here is my theory:

People have been willing to pay for access to a ladder anytime, with no hassles for say $100 for a new one, and the space it will take up in the already cluttered garage because until very recently there hasn’t really been an alternative, no other easy option.

Sure you could ask your neighbours if you could borrow theirs but maybe you’re afraid of annoying them. You could post an add up at the local shops asking to borrow one but this is quite a bit of hassle and maybe no one who owns one.

But things are different now. With the Internet and rentoid it is easy to rent access to a ladder only when you need it for say $10 each time. Is that all? Sounds too good to be true! Well yes, there is a small caveat, if someone rents the ladder at the same time you were planning to then you have a problem. But the thing is, it’s unlikely that will happen, and if it does, well it’s also pretty unlikely that it will be the end of the world if you can’t rent it today like you planned and have to get it tomorrow instead. For me, that small chance is definitely worth taking because I save money by renting, and because I can feel good about saving the environment by getting one less ladder manufactured.

The real truth behind this post is that the ladder is just an example for most things we buy. So remember this post nexct time you go out to buy something you intend to use infrequently.

Geordie - rentoid team.

A few bits and pieces I have lying around the house…

Books - don’t read them every day (and hard to read more than one at a time.)

DVDs - I’ve already watched the.

Clothes & shoes - can’t wear them all at once.

Backpacks - I have 2. I might use one in a day, but almost never need to use both at once.

Musical instruments and gear - that guitar has been sitting in the corner for quite a while now. But I’m still very attached to it and don’t want to sell it.

Bubble machine - bought it for a party but I don’t have parties very often.

Hard drive space - I while back my external hard drive was having some problems and needed to be reformatted. The problem was I didn’t have anywhere to put all my files so I had to go out and buy another one just so I could copy over the files and fix it. Crazy right?! I hope I can help someone else avoid this conundrum by listing my own hard drive space on rentoid.

Dumbells - These are something that many people have, but think about it, if you’re like me, most people don’t use them every day and the days I do use them it will only be for 15 minutes or so.

Suit - what do I need this for? Weddings and funerals. Do these come around often? Nope.

TVs - Sure, it might turn out that nobody wants to rent your old TV but you never know, and it certainly doesn’t hurt trying.

I’ll be listing these on rentoid in the next few days. What items do you have lying around the house that could be out there making you easy money?

Geordie - rentoid team.

How to be your own boss, make money and create value for your community - become a rentrepreneur!

I’m sure that most of you have heard of a little company in silicon valley called eBay yeah? (If not you’ve probably been living under a rock, but that’s ok!). Well I don’t know this for sure, but I would guess that the vast majority of people that use ebay are ordinary folk like you and me - people who want to sell something they hardly ever use or buy something online because it is often much cheaper. Well did you know that there are also a large number of people who sell things on eBay for a living, not just for a bit of extra cash? So here’s a thought, why not do the same thing on rentoid?

1. List the items that you already have and that you are happy to rent out on rentoid
2. Tell your friends, family, neighbours or heck, anyone who will listen to do the same
3. Ask those people to also list which items they would like to rent themselves
4. See which items are in high demand on the rentoid wanted list
5. Go and buy those items yourself, list them on rentoid for a price that is fair and will cover the cost of the item and there you have it! You have set up your own mini rental business!

By doing this you will:
-help your community make money from their idle assets
-help your community save money by encouraging them to rent instead of buying goods that are used infrequently
-help your community create closer relationships by doing business with one another
-save the environment too by reducing the number of things that need to be produced
-create value for other rentoid members, because like the telephone or the Internet, the more people use it the more valuable it is. You know it makes sense - Jusk like Keka said.

So give it a go, and please let us know if there is anything you would like help with that we could cover in future blog posts - such as how to convince people to use rentoid (it makes perfect sense to us! But we realise the rentoid model is something that most people are new to).

Cheers, Geordie.

We’ve decided to make rentoid Free to list your items to rent. After a few years of trying to work out the best system, we think we’ve landed on what works best for everyone. It’s sometimes known as the ‘Freemium‘ model.

So what does this mean for you?

1. It is still free to join.
2. It is now free to list as many items as you like.
3. You still pay the rental fee to the owner of the item when you exchange the goods.

We will shortly be adding some very nice ‘paid only features which people renting out their goods - to make their items more attractive. But more on that in later posts.

Why have you done this?

It’s pretty simple from our perspective - we want to reduce the barriers that exist for peer to peer renting. What we are doing here is very important to us - personal in fact. While we have had steady growth, most people are slow to embrace the idea of renting instead of buying. (Not you - hey, your reading this!) Sure, we’ve got a loyal group of innovators, but a bigger community will benefit everyone using the site.

How will rentoid make money now?

Well thanks for caring, but that too is not important right now. It’s more important that we create as much value for our community as possible and that’s why we are reducing the barriers to come and play rentoid style.

So feel free to spread the word to your ‘less adventurous’ friends.

The rentoid team.

We thought this piece from John Stewart was really great. He’s kind of like, well he is one of our heroes here at rentoid. We’re lucky to have people like him. Invest the 7 minutes in watching this. It’s worth every second.

Here’s what we think. The only real change that have ever occurred for humans has been driven by entrepreneurs providing better solutions. So let’s not wait for governments (we’ll be waiting a while) and create our own future.

Cheers, rentoid team