18/02/2023
by Pranav Krishna
ShareRight connects businesses in Singapore through a sharing platform to lease underutilized spaces and resources. The only problem — convincing businesses to try out the concept for the sake of sustainability.
Are you tired of witnessing companies over-consume assets that waste space and energy to produce and store? Do high rental prices in Singapore leave a dent in your business’s budget? Let me introduce you to my solution that will change the game: ShareRight.
(Feature Video: ShareRight)
I was working on a project that reduces food wastage when I had this “million-dollar” moment one day. What if the concept of food banks can be applied to businesses as well? I realised that, as a tiny megacity, Singapore doesn’t have to be wasteful with resources that harm the environment. We already have more than enough, we just need to utilise it efficiently. A staggering 70% of office space and 30% of commercial space, including warehouses and storage units, is left unused at any given time. By wasting energy in this unused space, we contribute to global environmental problems. It was then that I knew I had to create a solution to tackle this problem head-on.
That’s why I founded ShareRight in June 2021, the world’s first innovative business-to-business sharing platform that focuses on business sustainability. With ShareRight, businesses can reduce operational costs, create new revenue streams, and ultimately become more sustainable. ShareRight is also my first entrepreneurship project.
How does it work? Imagine a company named ‘Green Initiative’ has a conference room that is empty for most of the month. They can list this conference room on ShareRight for other businesses to lease on a short-term basis. Another company, ‘Eco-Friendly Solutions’, finds Green Initiative’s conference room on ShareRight and leases it for their upcoming team meeting. This transaction helps both businesses save costs and utilise resources that would have otherwise gone to waste. It’s a win-win solution.
This is just one example of the magic of ShareRight. The platform, founded by me and my undergraduate friends, has the potential to benefit any business, regardless of industry. From warehouse to office, storage to hotdesking, any type of idle space can be shared on the platform.
By creating a circular economy and promoting the sharing of assets, ShareRight is playing a crucial role in making businesses sustainable. And the statistics speak for themselves. The energy wastage caused by idle spaces is a major contributor to global greenhouse gas emissions, accounting for 2% of the world’s total. ShareRight has already helped businesses save an average of 25% on operational costs and has reduced the carbon footprint of participating businesses by up to 40%. Sharing these spaces through ShareRight not only saves businesses money, but it also helps reduce the negative impact on the environment.
However, convincing people that this model is sustainable for the environment remains a challenge. The sharing economy is still a relatively new concept, and there are still many who are sceptical of its viability and sustainability. In terms of doing business, I see at least two big challenges.
Our first one is the lack of trust in the sharing economy. Many people are hesitant to share their assets with others, as they fear losses and damages to their property. ShareRight aims to address this by offering comprehensive coverage options and fair compensation for losses and damages.
Another challenge faced is the competition from established sharing economy platforms. ShareRight has to convince people to switch to its platform, which can be a daunting task. However, ShareRight differentiates itself from the competition by offering more control and transparency for users and a focus on sustainability, making it a more attractive option for those looking for a responsible and eco-friendly sharing platform.
As a youth, I was inspired by the potential of the sharing economy to reduce waste and make the most of the resources we already have. I saw the opportunity to create a platform that not only addresses the challenges faced in the sharing economy but also prioritises sustainability. Being a youth also provides me with a unique perspective and energy to the ShareRight team, as we are driven by the desire to create a better future and solve the pressing environmental problems facing our planet.
However, being a youth can also be a hindrance when it comes to pitching to companies to embrace sustainability. Companies may view youth as inexperienced or lacking credibility, and may be hesitant to invest in a new and untested business model. But, the ShareRight team has worked hard to build a strong foundation, with a team of experts in technology, business, and sustainability, and a solid business plan to demonstrate our viability and commitment to sustainability.
We believe that as a youth, the biggest advantage we have is our determination and passion. We are not afraid to take risks and pursue our dreams, and we are willing to put in the hard work and effort to make ShareRight a success. Our message to other young entrepreneurs is simple: if you have a vision and a passion, don’t let anything stop you. The journey will be challenging, but the reward of making a positive impact on the world is worth it. Just do it!
Pranav’s team at ShareRight consists of a team of college friends who all believe in the same idea. (ShareRight)
This idea is not just restricted to Singapore, but can be replicated in other countries across ASEAN. By creating a network of shared assets, we can promote the sharing economy and build a more sustainable future for businesses and the environment. You can start by identifying unused or underutilised spaces or objects in your local area and bring together businesses or organisations that can benefit from using them. Just like a middleman.
Join ShareRight on its quest for sustainability and be a part of the solution. Visit www.buy-left.com and if you are keen to join our team and expand ShareRight in your city, drop us an email at enquiry@buy-left.com to find out how you can get involved. Let’s work together to build a better future for businesses and the environment.
(Edited by Bryan Yong)
ShareRight is a startup that helps businesses rent out unused spaces and equipment. Based in Singapore, ShareRight focuses on developing an online platform that allows businesses to reduce their operational costs and achieve their sustainability goals by reducing the consumption of storage space and heavy equipment. You can reach out to them at https://info.share-right.com/
Pranav Krishna is a young entrepreneur and leader with a passion for sustainable business and the ASEAN community. He is the Co-Founder of the ASEAN Business Youth Association and a sophomore at Singapore Management University studying Business Management with a focus on Strategic Management and Sustainability.
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