In Australia, fractional ownership encouraged through social networks

OwnMutually enables users to share in the initial investment of an item as well as its subsequent use.

Australia-based OwnMutually is offering fractional ownership through their new platform, with an emphasis on users sharing items they’d like to part-own through their social networks in order to encourage their friends to join them. Members of the site first list the item they are looking to part-own, with images, information and the number of people they would like to share it with. Users can then easily share the listing on social networks to enlist their friends – or friends of friends – to take part in the scheme. Interested parties pledge to pay their share of the item’s cost and the money is transferred only when the target number of people is reached. Once the item is purchased, users can schedule when they want to use it through the micro social network on the OwnMutually platform. OwnMutually taps into users’ existing networks of acquaintances to find fellow sharers, keeping ownership on a local and manageable scale. The platform hopes to launch at the end of April. Spotted by: Murray Orange