Recently we met Deemly, a start-up that is tackling one of the main challenges of the Sharing Economy: trust. In this interview they tell us how they create trust among peers, future trends, and a bit more. 😊
What is Deemly’s mission?
We’re building trust between users of the sharing economy. By smashing down trust barriers in order we can accelerate the Sharing Economy’s growth and foster safer peer-to-peer communities.
How did you start Deemly?
I talked to Sharing Economy entrepreneurs all over the world and they each faced the same obstacle to their platform’s growth: trust. Lack of trust between users prevented new startups from succeeding and discouraged less-active users from participating in established platforms. I realized that I could kickstart growth and increase the rate of innovation by breaking down these “trust barriers” that prevent new startups from growing a sustainable user base.
Trust is one of the key elements in the Sharing Economy. How do you tackle that?
Trust is abstract and hard to quantify. We’ve commoditized it by creating Trust Profiles and providing an ID verification software. We want to make platforms think about trust as just another KPI that they work to improve. While we don’t give an exact number to a community’s relative trustworthiness, we can measure increases in platform activity and user satisfaction that result from increases in trust.
Your clients are the Sharing Economy companies themselves. Working with them, what do you see as the main trends in this market?
As Sharing Economy companies develop at a breakneck pace, brand building has become a major trend in the industry. Companies like AirBnB and Uber rely on powerful brand recognition, which is helping them lead the market due to people’s inclination to compare all the other peer-to-peer businesses to these powerful companies. Another major trend that I’ve observed is “transparency”. The collaborative space disrupted the way we do business, and customized interactions are a must in order to succeed among the competition. Customers love being involved in the business process, and creativity is a huge asset when running a Sharing Economy platform.
How do you think that the Sharing Economy impacts the world?
When you participate in peer-to-peer transactions you have the chance to interact with people that you would not otherwise meet. You’re exposed to people that may have different opinions and backgrounds from your own. Such experiences help to make people more open minded, trusting of strangers, and can help overcomes prejudices. I think the Sharing Economy can be a valuable tool for improving the world.
You are based in Denmark but you have clients all over the world. How do you cope with that?
I am hyper-aware of time zones: I have clients, team members, and business partners all over the world. I do a lot of business over video and voice calls, but I also travel for particularly important business conferences and meetings.
Do you think Deemly can help bring more users to the sharing economy?
Absolutely! Central to our mission is to make it easier for new people to get started on Sharing Economy platforms.
What is your advice for Sharing Economy ‘newbies’?
Do what you’re comfortable with! If you’re nervous, try engaging in a simple transaction in a public place on an established and well-trusted platform. As you get more comfortable, expand your horizons and try other services.
Bonus questions – Playing Jori
Jori is a cards game tested with more than 700 people to create real connections, by playing a game and asking profound and weird questions.
Profound question: What’s the day-to-day activity that makes you feel the most powerful? Describe this feeling.
I’d have to say talking to customers is the most empowering experience. The rush of watching the gears turn in their heads as they start to see the value in your idea is exhilarating.
Weird question: If you were a sandwich, what would your ingredients be? What do they represent for you?
I’d probably a simple sandwich of lettuce, cheese, and other assorted vegetables. I believe that health is key to a clear and sharp mind, which is essential for being a successful entrepreneur. I guess the vegetables would represent physical well-being. The cheese makes the sandwich a little less boring, and you definitely need a bit of personality to be an effective entrepreneur.