Shanghai umbrella-sharing startup went broke because users like stealing more than renting

The grease that makes the wheels of the sharing economy work is the assumption that most people are good. There’s an assumption that you won’t vomit in an Uber, steal from your Airbnb host, or crash your Turo car. One startup that’s learned the hard way you can’t always rely on the goodness of strangers is the snappily-named Chinese startup, Sharing E Umbrella. This newly-formed company lets users rent out umbrellas for 0.50 yuan ($0.07) for 30 minutes, in addition to a 19 yuan (roughly $2.80) deposit. The only problem is that just a few weeks after it launched, the…

This story continues at The Next Web


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