We at Bit of Good are always excited by inspirational and fantastic ideas, and one which I would like to highlight is the UK-based startup Ecomodo. Many of us have numerous items sitting idle year round, such as tools, books, and clothes, or even have spare cars and rooms which, instead of collecting rust and dust, could be rented or loaned, helping us earn some spare cash and reduce our environmental footprint. Several recent startups have recognized the immense potential in helping facilitate a barter and collaborative consumption economy—AirBnB, ZipCar, and Swap are but three. Ecomodo is another such effort, acting as an online marketplace that allows members to lend and borrow everyday objects, skills, and spaces.

The award winning online platform launched Spring 2010 and currently has over 1200 listings from over 1000 members located across the UK. A quick search for where I live (Oxford) returned over 100 items, ranging from tools and camping equipment to cooking advice and room lettings, more than enough to satisfy many of my one-off wants and needs. But, of course, 1200 listings is probably far from the critical mass needed for mainstream adoption—why waste my time searching on Ecomodo trying to find a particular item when I can easily buy the item on eBay? In short, a hook is needed to motivate people to come back and continue using the marketplace. Additionally, trust remains a significant hurdle in online transactions, especially between strangers exchanging and borrowing goods and spaces. Finding solutions to these two challenges—motivation and trust—are vital to Ecomodo’s success.

Ecomodo supplies two innovative answers. First, Ecomodo recognized that individuals participate in the barter and sharing economy for numerous reasons: some individuals want to make money from the goods they have; others simply want to give a helping hand; and others want to support good causes. To this end, Ecomodo implemented a three-pronged approach for members wanting to maximize the idle capacity of their goods, skills, and spaces: rent items and spaces for a fee; loan out for free; or use any proceeds from a transaction to be given to charity. Hence, an individual member can decide to rent her car for an hourly fee of £10, loan her books for free, and donate proceeds from renting her lawn and garden equipment to a good cause of her choosing.

Second, to overcome the barrier of trust, Ecomodo provides three assurances: (1) a ratings and review system similar to those seen on many online marketplaces; (2) the ability to purchase insurance and/or require a deposit from the person with whom one is transacting; and (3) the ability to form lending circles. By forming lending circles (think Google+ circles), members are able to form private and public trust networks, helping facilitate exchange and item procurement.

All-in-all Ecomodo provides a simple and intuitive interface to help individuals get more out of what they already own, while also helping match borrowers and lenders through ‘wanted’ ads. So whether you are just curious to see what is available, hoping to fund your next weekend getaway, or wanting to reduce your environmental footprint, be sure to stop by and see what Ecomodo is all about for yourself. If you are any bit like us at Bit of Good, you will love meeting new people, enjoy the sense of collaboration and sharing, and feel inspired to continue doing your bit of good to make the world a better place.

Kristofer Gryte is the Founder and CEO of Emaji. He is a philosopher, scientist, and all-around techie who has developed an integrated software package for robust, automated data analysis. Outside of his research, he helps consult a Kenyan MFI on improving operations. He is currently a DPhil candidate at Oxford University mining data and using statistical analysis to study DNA-protein dynamics. He lives in London.