Perhaps they just wanted it to rain by leaving it at home?

In China the sharing economy seems to have met its match after a startup that rented umbrellas in 30-minute blocks lost nearly all of its stock in just three months.

The company Sharing E Umbrella required a deposit of £2.20 per umbrella and charged about 6p for every half an hour of use, deducted from a minimum top-up of £1. Each GPS-enabled umbrella cost the company about £6.85.

6 comments on “Perhaps they just wanted it to rain by leaving it at home?

  1. Cultural stereotypes maybe wrong, but possibly they should have chosen a different country to test this?

  2. “The company Sharing E Umbrella required a deposit of £2.20 per umbrella… Each GPS-enabled umbrella cost the company about £6.85.”

    Sounds like they need a larger deposit.

  3. In fact if you read elsewhere you find that they are not GPS enabled, the next lot will have to be. Given I can buy an umbrella for under a fiver in seven-eleven in Hong Kong, I very much doubt that the original 300k umbrellas cost much more than two pounds each, (which is pretty much the deposit).That estimate must be for replacement ones that do include GPS. Thus of the $1.5m raised I reckon they spent $100k on giving away umbrellas basically and now want more money.

  4. If the deposit is about the same as the purchase price then they might want to rethink their business model

  5. We once had one of those free-to-use bicycle schemes locally. It failed because the bikes were either (i) stolen, or (ii) ridden from the city centre to outlying parts, and then abandoned or vandalised there.

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