Yeung came across the car-sharing concept while studying in Britain. After returning to Hong Kong two years ago, he worked briefly at a bank, but he wanted to do something more challenging. So he decided to set up his own car-sharing service here. After toiling alone on the project and realising his limitations, he joined CoCoon.
The social enterprise provides a space where budding entrepreneurs can meet potential start-up co-founders with a range of technology-related skills. It also organises activities for members to meet investors and learn from seasoned entrepreneurs.
Yeung acknowledges that car-sharing might be a radical concept in Hong Kong, but says: "We believe sharing is the future. We think lifestyles should be more affordable and flexible."
Seventy-nine per cent of potential renters surveyed by the team wanted a car to go out with family and friends, he says; 42 per cent wanted to take a trip out of the city. The average owner surveyed would be happy to earn about HK$2,000 a month by renting their car, while the average renter would consider paying about HK$1,300 for a full day. Hourly and half-day rentals are also an option.
"How it works is simple. A renter checks out the details and availability of cars on the website, makes a request and, minutes later, gets an approval," Yeung says. "Renters can get a car instantly from their neighbours; owners can earn thousands of dollars a month by sharing their cars."
