Want to learn the newest way to become a billionaire? Try sharing.

The founders of website airbnb (Brian Chesky, Nathan Blecharczyk and Joe Gebbia) just became three of the worlds’ youngest billionaires, and the first to earn their fortune in the so-called “sharing economy.” 

Airbnb connects travelers to hosts in 192 countries around the world. The Airbnb client pays to stay in the home of an Airbnb host during their trip.

While some worry that the site cuts into hotel profits without being subject to the same regulations as the former, Airbnb trumpets the economic benefit of its service. 

Airbnb is just one manifestation of the fast-growing sharing economy. Relatively new companies such as Zipcar (car sharing, founded 2000), Capital Bikeshare (bicycle sharing, 2010), and Lyft (ride sharing, 2012) all do business  helping people share.

Book and tool libraries use a similar model, but without the element of profit. Similarly, many of our student readers probably have experience borrowing  items such as pans from their friends and residence halls.

What are the implications of all this?  

Not everyone is in favor. Some industries argue that businesses based on peer-to-peer sharing  are unfairly difficult to tax and regulate: Chicago cab drivers are suing the city in an attempt to force it to regulate ride-share service Uber.

 Conversely, environmentalists see at least one obvious benefit: less stuff consumed.

The environmental impact of buying a single vacuum cleaner to share with your neighbor is half that of producing two vacuum cleaners.  Finally, the sharing economy can benefit consumers by saving them money. 

Is the sharing economy a fad, or the future?

Share your thoughts below.