The sharing economy has made it easier for communities to peer exchange anything from a spare bedroom in your house to car rides and bicycles. But the model doesn’t work for everything, as one umbrella-sharing startup learned the hard way. Just under three months after launch, China-based E Umbrella has reportedly lost almost all of its 300,000 umbrellas available to rent across 11 Chinese cities.
E Umbrella had an investment of 10 million yuan (approximately $1.47 million USD) when it launched in April, and charged customers 19 yuan ($2.90 USD) per umbrella deposit and an additional half yuan ($0.07 USD) per 30 minutes. Stands were typically scattered across the cities near train and bus stations...
