to Share (R2S) is Singapore’s first nationwide B2B resource sharing platform for businesses, launched to the public in February 2018. Businesses with underutilised equipment, vehicles, spaces, and assets (such as manpower, skills, and expertise) can list these resources on R2S (www.resourcestoshare.com
) entirely for free. Other companies can then rent these listings for a mutually agreed fee between both parties. R2S aims to be the one-stop solution for small-and medium-sized enterprises (SMEs) by serving as the go-to platform and community for shared resources, services, and information.
This ties in with the recently announced Integrated Pact programme for start-ups and SMEs, administered by the Economic Development Board (EDB) and Enterprise Singapore. With over S$100 million allocated over the next three years, the pact encourages partnerships among SMEs and start-ups, such as link-ups that the R2S platform facilitates. It will support up to 70 per cent of qualifying costs for partnerships in capability development—including pooling of resources.
Sustainable Solution for Businesses to Minimise Resource Wastage and Maximise Productivity
Most businesses experience peaks and troughs in resource utilisation as part of business operations. Hence, resources are scarce and overstretched during busy periods but underutilised and left idle during lull periods. Underutilisation during down periods lead to resource wastage, bringing about uncertainty when it comes to investing in an asset. This is especially problematic in bidding for project tenders or ad hoc commissions. With R2S, this uncertainty is reduced, and large, ad hoc purchases may not be necessary for small businesses.
Additionally, combined turnover for SME 1000 firms fell 11.8 per cent from S$30.2 billion in the 2016-2017 period to S$26.7 billion the next year according to a study by DP Information Group. By capitalising on Singapore’s move towards a more data-driven economy, SMEs’ resources can now be commercialised, generating additional untapped revenue for companies and reducing wastage from avoidable purchases.
In the Sustainable Singapore Blueprint 2015, Singapore aims to be a zero-waste nation and cut greenhouse gas emissions intensity by 36 per cent by 2030. This movement aligns with the values R2S wishes to bring to its clients. By pooling resources and connecting demand and supply efficiently, the platform can create greater productivity, more sustainable communities, and environmental conservation for businesses in Singapore.
Collaboration is Key to Building a Full-Fledged Sharing Economy for Enterprises
Besides solving a longstanding problem of mismatched demand and supply in the utilisation of business resources, R2S optimises the workings of a sharing economy that powers businesses in Singapore. During Budget 2018, Finance Minister Heng Swee Keat spoke about the importance of collaboration: “Competition is not the only driving force in our economy. Cooperation is also key.” As developed countries worldwide like Singapore rapidly progress in their transformation into sharing economies, symbiotic business communities that R2S plan to build are crucial to the collaboration culture. As such, the platform harnesses technology to bridge the gap between demand and supply and connect users digitally, to promote a mutually beneficial culture of collaboration.
Particularly as a resource and manpower-scarce nation, Singapore should proactively work towards becoming a well-developed, borderless sharing economy on a global scale. The potential of developing businesses using information, resource, or capacity sharing is virtually limitless. Benefits include sustainable consumption and production patterns, access to previously unattainable resources and lower wastage costs. In line with that ideology, CEO and co-founder of R2S, Mr Arun Murthy also said: “Collaboration is key as companies cannot survive in silos in today’s dynamic world. To innovate and grow, businesses need to collaborate and share resources and R2S is providing the platform to connect demand and supply for Singapore’s sharing economy.”