The Collaborative Economy Is Defined As An Economy

The collaborative economy is defined as an economy built upon a distributed network of connected individuals and communities working together, contrasted with centralized institutions, redefining how individuals and companies produce, consume, finance and learn (Botsman 2013). Crowdfunding, a subset of the financial component, is a method in which a large number of individuals fund a project, activity or cause. Leveraged by a technological platform, individuals seeking capital could solicit investors in aggregate with funds as modest as $5. Elements of the crowdfunding methodology possess attributes that are fully in line with Islamic concepts and ultimately Islamic business and social principles. Such interlinked attributes can be summarized as follows; Cooperation. Fundamental to the collaborative economy is the collaboration and participation of individuals with identified resources. The syncing, sharing and distribution of the respective resources and assets, benefit both parties. The fostering of such mutual cooperation is the nature of Islamic teaching and business practice. Conversely, there is a stern warning relayed, in the Quran, to one who chooses not to promote mutual cooperation; It is He who made you the vicegerents of the earth and raised some of you in ranks over others so that He may test you in what He has given you. Surely, your Lord is swift in punishing, and surely He is Most-Forgiving, Very-Merciful (Quran 6:185). Consultation. A benefit ofShow MoreRelatedThe Difference Between Collaboration Advantage and Collaboration Inertia953 Words   |  4 PagesCollaboration can be defined as a process, where two or more people or organizations work together to achieve shared goals by sharing knowledge, learning, and building consensus. In order to explore the nature of the practice of collaboration, the author has specifically focused on some of the concepts which challenges the individuals involved in collaborative alliance. 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