Sharing is caring: How fainin works and what advantages the platform offers in terms of sustainability and security
Interview with Maximilian Lehmann, Co-Founder & Chief Executive Officer of fainin
Source & Copyright by fainin
Source and Copyright by fainin
Author: House of Eden
fainin is the sharing community for safely borrowing and lending everyday objects. This includes insurance, verification and documentation to ensure a consistently positive experience. In addition to security, however, there is much more at stake: democratization, inclusion and sustainability. The platform makes a wide variety of objects - whether SUP board or drill - accessible to a broad community. This can both rent and rent the items and thus benefits from a fair win-win model. This also contributes to promoting conscious consumption and thereby conserving resources and minimizing waste.
In an interview, co-founder Maximilian Lehmann talks about the opportunities and challenges surrounding sharing models, fainin's innovative approach and the circular economy.
Source & Copyright by fainin / fainin Family: Max, Johanna, Tina, Vincent, Johann & Kevin
What problem are you addressing with fainin?
The need for a platform that enables sharing within a community stems from both global and individual issues. On a global level, the increasing consumption of resources is reflected in climate change. In contrast, individual access to high-value items is quite exclusive: you have to buy them from a manufacturing company or rent them from a rental company. With the increasing Inflation As a result, private individuals are increasingly forced into a one-sided dependency.
This tendency is to be remedied by fainin the sharing economy democratized and offers everyone the opportunity to benefit from the megatrend. According to our own surveys (sample +1.000 students), our target group can only imagine sharing with private individuals with additional trust-building measures (Campbell Mithun, 2021). So to make sharing between strangers as easy and secure as between friends, we at fainin have integrated a unique design-for-trust.
(Rental) Lending is not a new business model - what accounts for your success?
fainin has evolved onto the trusted platform Renting and Renting specialized. That's why we have our Design-For-Trust: transactions insured up to €15.000, 100% tenants verified with their ID card, an intuitive user interface, automated rental contracts and, thanks to verified profiles, a rating system that cannot be manipulated.
There is also the "Closed Community Feature" for universities, institutions and companies. We want to create a cluster-like spread by bringing users to the platform who are directly related to each other. These - whether students, employees or community members - are more willing to enter into rental transactions due to their relationship. Even in more exclusive areas. This results in positive network effects, which offer participating rental companies attractive upselling potential.
fainin is simply the safest sharing community currently establishing the "stuff-sharing economy" in Germany. All trust-building measures are of course integrated into the closed community feature via Platform-as-a-Service.
fainin not only motivates people to act sustainably, but also to act socially. How exactly?
fainin promotes the feeling of doing good in society: a real-time CO2 counter currently under development visualizes the impact of our users and the fainin boomerang rewards them in a playful way. You can redeem these rewards directly for a good cause or optionally donate your rental income. Both coming soon - first the CO2 counter and in the course of the year the boomerangs.
How does fainin differ from other sharing concepts and what is your biggest challenge?
We create a win-win situation for our community. In contrast to classic B2C rental companies, we enable tenants to earn money themselves. For example, students can borrow a music system while lending their camera. And so benefit on both sides of the transaction.
Source & Copyright by fainin
The Challenge: Solving the chicken-and-egg problem of platforms. The development of nationwide rental offers can only be scaled with commercial providers - although our vision was initially to provide the offer mainly through private users. Unfortunately, in a survey of more than 3.000 users, we found that the majority of private individuals have only a minimal interest in renting things out.
The sharing economy is experiencing a boom in the luxury segment - what does this mean for consumer behavior and the market?
The sharing economy closes the Luxury industry, but also other areas such as sports and electronic items. At fainin, above all, high-quality tech article divided, which do not necessarily belong to the luxury segment. The special thing about sharing models like fainin is that not only private individuals but also commercial entrepreneurs benefit. Since we not only offer measures that create trust, but also efficiency, our app is interesting for both parties.
How do you rate the ambition to achieve a circular economy?
As a co-founder of fainin, I value the ambition to create a circular economy to achieve as absolutely essential and groundbreaking for the future. It is crucial that we transform our business models and the way we consume towards a sustainable and resource-efficient approach.
The circular economy aims to extend the life cycle of products, minimize waste and establish sustainable consumption. For fainin, the circular economy is not only a goal, but also an integral part of our corporate philosophy and our business model. By promoting collaboration with commercial and private landlords, we want to ensure that there are fewer products lying around unused. This saves valuable resources.
The ambition to achieve a circular economy is not only a question of sustainability, but also an economic opportunity. It offers companies the opportunity new business models to develop, offer innovative products and services and strengthen customer loyalty.
I firmly believe that a circular economy is key to a more sustainable future. At fainin we are proud to be at the forefront of this movement and will do our best to make this vision a reality. Like House of Eden, we want to make a difference and create a world where resources are conserved, waste is minimized and sustainable business practices become the norm.
What can we expect from fainin in the future?
Cooperation with universities and corporate partners who integrate the platform-as-a-service approach. Sub-communities are to be established with these exclusive closed communities: A realistic impact quantification and the saving of more than 2.000 unnecessarily produced tech articles.
Source & Copyright by fainin
Thank you for the interview, dear Max!