Recently we got into contact with the fantastic guys at Fat Lama, an innovative platform that allows you to rent out your own belongings to others, and asked them a few questions on how they came up with such an inventive business idea and their plans for the future.
We also answered their own questions for us, so be sure to check out their site to find out what our own answers were!
Who are Fat Lama and where did the name come from?
Fat Lama is a fully insured peer to peer rental platform. In essence, it’s a simple concept which in practise is even simpler. If you need to rent a drone for your holiday, a camera for a shoot or an arcade machine for your party, Fat Lama is the place just to do that. In fact, if you need to rent anything, Fat Lama can accommodate. As for the name.. Absolutely nothing to do with llamas... We wanted something a little different and it also gave us a great excuse to take two real 7ft llamas to a Shoreditch tech recruitment fair last year!
How does your platform work?
If you’re looking to borrow, you can begin by browsing our listings or requesting an item. Let us know how long you’d like to rent for and once the lender approves your request, we’ll process your payment and you can arrange a convenient handover.
Lending through Fat Lama is just as easy. Upload some pictures of your item, set a rental price and availability; we’ll verify your ID and you’ll be contacted by someone looking to borrow!
What sort of possessions can you rent out?
Almost anything. What we won’t insure are dangerous items – which means no guns, no chainsaws, no chemicals, no Donald Trump… Nor will we insure vehicles, properties, pets or kids. For pretty much anything outside of that, you’re good to go!
How did you come up with such a unique business idea?
Not so long ago, the founders of Fat Lama left their corporate jobs to create a co-working space in East London. They spent two months renovating a warehouse conversion on a tight budget. During the process they found that they were having to buy items they were only using once and were baffled by how difficult it was to borrow or rent instead. They left the project reflecting on how much cheaper and faster it could have been if there were an easy way to hire the things they needed (perhaps something useful like local tool hire?). They went on to found Fat Lama.
What are your plans for the future?
There are some really exciting things in the pipeline. As mentioned, we’ll be expanding from London to the rest of the UK at some stage; we’re also looking into logistics solutions and blockchain is always an exciting conversation...
More broadly speaking, we’re pretty excited to see our movement away from ownership to access. The World Economic Forum have estimated that by the year 2030 we will no longer own ‘stuff’ - an interesting vision!