How does NEMs start?

NEMs should have a much higher profile, and pre-launch registration figures, than purely private sector marketplaces. But that could translate into more fervent bad mouthing if expectations aren’t met. So, the system needs to start with a focus on one area of activity where immediate liquidity can be assured.

This is probably the market for “Bits of Work”, hiring workers for short temporary assignments. This allows individuals to work the hours they want, on their own terms. The public sector has a huge need for this very ultra flexible work, ensuring that multiple government agencies focus this buying power into the fledgling markets from day one would be crucial to a smooth launch. The actual work could cover tasks such as road crossing patrols, catering duties, street wardens, public area improvements and public outreach. Much of it is achieved more effectively with very flexible, willing, workers on tap.

Depending on the seasons, the next area NEMs could serve is tourism. Anyone with a room to let, facilities to hire, local guiding knowledge, meals to offer or transport to provide could list their services, times of availability and the terms under which they would sell. Chain hotels can put inventory into NEMs if they wish, so can individuals with one room for one night and no experience in the accomodation market.

Anyone can purchase personalised bundles of these services, combining for example transport to a location, accommodation in a private home or Bed & Breakfast, hire of bicycles and windsurfing tuition from a wide range of sellers. Purchasers could include foreigners who would be able to use a credit card to register, as a buyer only, on NEMs. (They may need to provide further authentication and deposits before being acceptable as a guest for many individual householders.) As part of government’s commitment to driving economic opportunity through NEMs, the country’s Tourism Promotion Agency may promote a “holiday with the locals” proposition that focuses exclusively on micro-providers.

With hundreds of markets covering irregular formal work and tourist facilities, NEMs’ operators could take stock. Markets with less certain buying power could now follow. A push into local services (decorators, home minding, gardening and so on) plus business services (industrial storage, manufacturing capacity, space in trucks) would be logical.

The way NEMs markets interlock could solve some of the Empty Marketplace problems normally associated with launches in these sectors. If, for example, you book a taxi journey and there is no car available at the time your require NEMs might scour its home removal market to find a van and driver. It’s not ideal, but it gets you to your destination and the unmet demand for a taxi would instantly show up in that market which should attract further sellers.

Where does NEMs end up? Allowing anyone to sell anything they are legally entitled to, with full protections against failed transactions or abuse by market operators. More examples in our “what can be sold?” section.

•  NEMs' technology