Think of all the things you want to buy but can't afford. You can snag a loan, if you're lucky. But that might still leave you over budget. The other option, of course, is going in on it with a friend who's interested in the same thing.
With team2own, a new social network that launched this week, you can post a product that you'd like to buy. Then, other friends, family or strangers who might be interested in the same thing can partner up to buy and share whatever that may be. And you can split it as many ways as you want, so long as everyone agrees on the plan.
The team2own network suggests that a lot of people might look to the site to purchase expensive items like a boat. But it's a wide-open space where, if you want, you could split the cost of a $20 electric toothbrush, which one user already did, saying "I will rinse it really well."
While that may sound a bit absurd, the idea is full of potential and pitfalls. For example, someone who owns a motorcycle and occasionally wants to haul it up to Sturgis or out to Big Bend may not see much value in purchasing one for such rare use. And renting one may also be a little too much money out the door with little to show for it. But, if three riders pitch in, you could fit it in your budget and have access to it as long as one of the other part owners isn't using it.
And therein lies the potential for pitfalls. team2own is a network that connects people. It doesn't make any pitches about mediating what happens after those connections are made. So if one person damages the motorcycle trailer or rides off into the sunset with it, you may be dealing with a sticky situation in small claims court if you didn't set up a clear agreement.
Founder and CEO Jared Hillam says that team2own website tries to help prevent those problems before they arise by suggesting ownership teams agree on a range of details before the purchase is made -- just as they would if agreeing on a shared purchase in-person. And the site encourages people to set up voting criteria, so that you can require, say, 75 percent of the purchasing team to agree on something before it becomes part of the deal.
Hillam said that his company plans to monetize the site and add to the experience by having third party ads for services to accommodate shared buys. That includes things like storage facilities for large purchases, legal services to forge ownership and liability agreements and more.
"I see the use cases to be a lot less, at least initially, just random people getting together but more people posting and sharing with friends and neighbors they already know," Hillam said.
In its early days, many people were concerned that Airbnb rentals would be a major problem, with people trashing other people's homes. But, for most, Hillam said, renters are extra cautious not to cause problems for property owners and both parties understand there's some accountability.
team2own is being backed financially by Hillam's employer, Intricity, a New York-based big data consulting company. Initially, Hillam said that Intricity executives thought the idea was a dead end. But after they reviewed a few studies on the growth of the sharing economy and how much Millennials embrace it, they provided him with an undisclosed amount of funding.
Hillam foresees several likely shared purchases, including: Neighbors splitting the cost and ownership of vacuums and lawnmowers; Buddies splitting the cost of a boat; And families teaming up for gifts or mutually beneficial purchases. But he said he's already had people suggesting a wide variety of uses, including one person who wants to get dozens of friends together to buy tools and property for a woodworking work space.
"The beauty is that because we're sharing, everything is cheaper," he said.
(Photo credit: Richard Luney)
