Buy Nothing, Borrow Almost Anything
The peer-to-peer economy has become big business with great examples from companies like Airbnb where users rent their homes and Uber where users share their cars. For fashion lovers it has become increasingly more popular to rent than own the latest fashion items with Rent the Runway a great example of how to do this conveniently. As consumers begin to embrace a circular economy there are more peer-to-peer services becoming available.
I was recently introduced to one of the leading platforms in the rental marketplace Fat Llama. The marketplace facilitates lending items that you own, but don't necessarily use very often. Think of that GoPro camera that you got for Christmas or the time you were going to be the next Mario Testino and invested in some expensive photography equipment. Well, now you can make money from these items by sharing them with others. This is the simple concept behind Fat Llama.
The Founders
Fat Llama was founded in 2005 by Chaz Englander, Rosie Dallas and Owen Turner Major, after a frustrating experience trying to renovate a warehouse conversion and struggling to hire the equipment needed. The idea to make borrowing safe, reliable and convenient seemed like the answer. Why the name Fat Llama you may ask? It was inspired by the advice in Seth Godin's book Purple Cow, which is all about how to be a remarkable business. It also happens to be a memorable name so chances are you won't forget it! There was no backup plan for the founders and with over $10 million in investment funding I'm glad it all worked out.
Why use the platform?
It does take some trust that the items that you share will be returned in the same condition, but if this is the only thing stopping you from using the platform, Fat Llama's insurance policy will take care of this. The insurance backed policy will cover items up to the value of $30,000, which encourages users to at least try the service as you have nothing to lose! It will also give you a chance to:
Make money by lending out your items
Save time by borrowing instead of buying
Borrow quality items
Reduce your impact on the environment by renting instead of buying
The service is currently only available in the US and UK. The founders will focus on expanding into more US cities and work slowly to build the vision where items can be borrowed all over the world in minutes.
So the next time you are thinking to buy something, why not borrow it instead. I like to live by the saying that "having experiences is more important than owning stuff".












