A study on gig economy to identify feasible entrepreneurial opportunities

Abstract

In the pre-industrialization period, most of the work was done based on contractual terms. This changed post industrialization when organized employment with specified job hours came into existence. This was coupled with various employee benefits, job security and employment perks. However, in today’s era, we are once again witnessing the move towards the gig economy with the rise of tech-enabled platforms like UrbanClap, Ola, Uber and other on-demand services. In layman terms, the gig economy is nothing but the emergence of on-demand, freelance and task-based economy instead of full-time employment. The major driver for the shift back to the gig economy is the rising inclination towards flexible work fueled by factors like ownership of work, convenience and flexibility. Digitization and adoption of smartphones is enabling the workforce to be able to find employment through tech-based platforms. Also, the work from home culture being promoted due to the ongoing Covid times is aiding the emergence of the gig economy by eliminating the need of an organized work environment like office spaces, reinforcing the ability to manage work independently and providing requisite flexibility. This report analyses the Indian Gig Economy space and forms a comprehensive yet brief landscape which helps to identify various sub sectors within the gig economy market based on secondary research. Further, it contains primary research which brings forth key insights into challenges, trends & nuances of undertaking a gig economy start up. Based on these findings, the report implements a SWOT analysis which helps to identify that there is a need for white collar gig workers by start-ups looking to scale, do project management, understand & implement financing models etc. The report concludes with a recommended business model for the same and identifies weaknesses & scope for future work based on key insights from faculty guide – Prof. Rakesh Basant.