Owen Rees-Hayward came up with an ingenious way to make sharing easy so we don't all have to own one of everything.
Instead of buying new stuff, sharing what you've got (tools, books, DVDs and so on) with people in your social network helps everyone. Owen turned the idea into reality and called the online community thingloop.
Borrowing stuff from people that you know and trust gives you access to all the goodies your friends are willing to lend. It saves money and it saves the planet.
This is a pretty radical concept. Intrigued, I asked Owen what issues he and his new web business were facing. The answers to that question became a six-weekly ‘business start-up diary’. I’m posting all six action-packed episodes starting today.
A radical concept that challenges the idea of ownership
Bristol-based Owen Rees-Hayward founded thingloop after several years working in software development. It’s not unusual for an entrepreneur to earn his chops while working for someone else, then to ‘step sideways’ to start their own business. But Owen has a genuinely radical idea that could change how we regard ownership: a free service to help people borrow instead of buying.
What made you want to start a business?
“I guess everyone probably begins the journey for different reasons. For me, the desire to run my own business came before the idea. I just knew I wanted to have a go. So, it made sense that I look at doing a web start-up as my background is in web-based software.”
How did you come up with your idea?
“Once I was committed, I made time every week to brainstorm ideas and evaluate possibilities. I kept a folder containing my thoughts and analysis on the more promising ideas. I must have had hundreds, if not thousands, of ideas pop into my head over that time. Maybe about 20 made it into the folder.”
Why thingloop?
“After about three months, I settled on the idea of thingloop. Initially, It wasn’t the most exciting idea I’d had… but I kept thinking about how useful it could be to share, catalogue and retrieve belongings safely. The concept grew on me over time as I began to realise its true potential. Now I think it’s a fantastic idea.”
What is thingloop?
“In a sentence, thingloop makes it incredibly easy to lend and borrow physical objects (tools, books, DVDs and so on) with people in your social network. It’s also got a very practical side, too, as it helps you to track who you have lent your stuff to, so that you actually get it back! We’ve all had that experience of lending something out, then forgetting who we lent it too.
“At the same time it’s revolutionary in allowing you to catalogue your stuff and make it visible to your social network – your friends, neighbours, work colleagues, family, and so on. It’s as if you and your friends all live in one giant house. Want to watch a movie later in the week? Go to the giant shared DVD shelf and pick from hundreds or even thousands… Need a tool for a DIY job? Then go to the giant tool shed.
“I’m also really excited about how thingloop can help people save money. Why rent when you can borrow? We’ll be reducing peoples’ carbon footprint through reuse. And, at the same time, I’m hoping it will enhance community life, and help people to gain access to things they maybe couldn’t afford.”
Unfortunately the dream behind thingloop was never fully realised, as it failed to gain critical mass, and was shutdown in September 2011.
