TED Tuesday: The Economy Of Trust
On TED Tuesday, we will share videos that will inspire you to be a better leader. Learn from thought leaders on subjects of leadership and success. This week, we will share videos on the economy of trust. Hope these videos make your day
There's been an explosion of collaborative consumption -- web-powered sharing of cars, apartments, skills. Rachel Botsman explores the currency that makes systems like Airbnb and Taskrabbit work: trust, influence, and what she calls "reputation capital."
Joe Gebbia, the co-founder of Airbnb, bet his whole company on the belief that people can trust each other enough to stay in one another's homes. How did he overcome the stranger-danger bias? Through good design. Now, 123 million hosted nights (and counting) later, Gebbia sets out his dream for a culture of sharing in which design helps foster community and connection instead of isolation and separation.
Trust: How do you earn it? Banks use credit scores to determine if you're trustworthy, but there are about 2.5 billion people around the world who don't have one to begin with -- and who can't get a loan to start a business, buy a home or otherwise improve their lives. Hear how TED Fellow Shivani Siroya is unlocking untapped purchasing power in the developing world with InVenture, a start-up that uses mobile data to create a financial identity. "With something as simple as a credit score," says Siroya, "we're giving people the power to build their own futures."
Lisa Gansky, author of "The Mesh," talks about a future of business that's about sharing all kinds of stuff, either via smart and tech-enabled rental or, more boldly, peer-to-peer. Examples across industries -- from music to cars -- show how close we are to this meshy future.
Uber didn't start out with grand ambitions to cut congestion and pollution. But as the company took off, co-founder Travis Kalanick wondered if there was a way to get people using Uber along the same routes to share rides, reducing costs and carbon footprint along the way. The result: uberPOOL, the company's carpooling service, which in its first eight months took 7.9 million miles off the roads and 1,400 metric tons of carbon dioxide out of the air in Los Angeles. Now, Kalanick says carpooling could work for commuters in the suburbs, too. "With the technology in our pockets today, and a little smart regulation," he says, "we can turn every car into a shared car, and we can reclaim our cities starting today."
A decade ago, Robin Chase founded Zipcar in the US, now the largest car-sharing company in the world. Now she's exploring the next level of car-sharing: Buzzcar, a French startup that lets people rent their own cars to others. The details are fascinating (how does insurance work, exactly?), and the larger vision (she calls it Peers, Inc.) points to a new definition of ownership and entrepreneurship.
Something profound is changing our concept of trust, says Rachel Botsman. While we used to place our trust in institutions like governments and banks, today we increasingly rely on others, often strangers, on platforms like Airbnb and Uber and through technologies like the blockchain. This new era of trust could bring with it a more transparent, inclusive and accountable society -- if we get it right. Who do you trust?