Press Release – London, 12 May 2016: The growth in development of on-demand apps for everything from cleaners to couriers is being partly driven by the erosion of spare personal time, says Seedrs, the UK’s No.1 equity crowdfunding platform.
Seedrs has observed significant growth in on-demand apps that choose to raise funds on its platform including the recently launched blow LTD, which provides an app designed to suit today’s time-poor consumers with beauty services. Other brands targeting the time-poor include Neardesk which offers same day bookable shared work spaces, Wriggle, an app matching users with last-minute deals at independent eateries, Yellowdog which releases spare processing power from people’s computers, giving their users money for nothing and Vrumi which converts spare rooms in people’s homes into workspaces.
According to Seedrs’ online poll¹ of investors and entrepreneurs, almost two thirds (65%) believe they have less free personal time than five years ago, while 28% say they have more time and 7% don’t know. 17% say they have over 10 hours’ less personal spare time, while over a fifth (21%) say they have between five and 10 hours’ less personal spare time and 16% say they have between one and five hours’ less personal spare time.
The main reason for the loss of personal time is that work requires respondents to complete more hours (32%). Having children has led 13% of respondents to lose personal spare time, while having an extra job takes up previously free time for 8%. Almost a fifth (18%) didn’t know specifically where the time was going.
Interestingly, more men (30%) than women (22%) said they have more personal spare time than five years ago. However the proportion of women who had lost more than 10 hours a week over the past five years was much higher (26%) than men (15%).
Jeff Lynn, CEO and Co-founder at Seedrs, said: “The need for on-demand apps is clearly demonstrated by the wide range of apps that have raised funds on our platform over the past few years, from the HiyaCar peer to peer car sharing app to blow LTD, our most recent successful launch. Our poll demonstrates one key reason why these apps are in such demand: many of us simply don’t have the same amount of spare time that we used to have for ‘life admin’.”
Seedrs has funded more than 340 deals and had more than £110 million invested on its platform since launching in July 2012 and, according to research firm Beauhurst, is the top UK investor in technology and the most active seed-stage equity investor in the UK.
1 Survey conducted online with 99 Members of the Seedrs community