Manufacturing Subcommittee on Commerce

The Disrupter Series Manufacturing Subcommittee on Commerce

The sharing economy has captured the entrepreneurial spirit of many Americans. New platforms have enabled self-employed individuals or small businesses to connect with the consumers who demand their goods and services. Freelance jobs are expected to skyrocket to 40 percent of the workforce in the next 5 years, and almost 8 million will be participating in a sharing economy. One of the most intriguing aspects of this model is that it is not tied to any particular industry. The press regularly highlights the disruption in the lodging and transportation sectors but there is innovation in every facet of the U. S. economy. The sharing economy generated $15 billion in global revenues in 2013; in a decade, the sharing economy is expected to generate $335 billion annually. The sharing economy has given folks across the country a chance to make decisions about how and when they work in a way that was not feasible even a few years ago. As with any developing marketplace, we must recognize the risk of stifling innovation with regulatory measures. The Competitive Enterprise Institute, CEI, estimates that the Federal Government has stifled progress through regulation to the tune of almost $2 trillion per year.