How does umbrella-sharing start up lose nearly all of its 300,000 umbrellas in a matter of weeks?

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The umbrellas sharing startup, E Umbrella based in Shenzen, which only just launched in 11 Chinese citiles announced that it lost nearly all of of its 300,000 umbrella. The concept of the company is similar to bike sharing companies that have become popular across china, and a number of other cities across the world....but are there some limits to the sharing economy? One question that i had, was why not make the deposit exceed the the cost of individual umbrellas? Another interesting question from commenteer erictan was, "This is a ridiculous idea. So what prevents people from stealing them? Do they not open without a special code sent by app? How do you disable umbrellas if you don't pay?"

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When I first heard about this

When I first heard about this I wondered if thsi had been properly thought through. For example, what is stopping someone buying a cheap umbrella and keeping it in their bag. Or, one of those fold-up waterfroof ponchos for when you're caught out!

Sharing a bike is undersrtandable, primarily because it won't fit in your pocket.

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