The Passion Economy: Taking the pajama party #wfh culture to the next level in the future of work.
So, you want to know about this thing called the Passion Economy? Well, buckle up buttercup because it’s a wild ride.
Basically, it’s a new way for people to make moolah doing what they love. No more boring 9–5 jobs, or stressing out about finding the next gig. It’s a way for freelancers and entrepreneurs to scale their businesses and earn some passive income on the side.
Think of it like this: the gig economy is like being a gladiator in ancient Rome. You’re constantly fighting for your next job, and if you don’t perform well, you’re outta there. But in the Passion Economy, you get to choose when and how you work. It’s like being a king or queen of your own little kingdom, ruling over your passions and making a living from them.
Li Jin, the founder of Atelier Ventures, calls it “the future of work.” And who are we to argue with the future?
But seriously, the Passion Economy isn’t just about making money. It’s also about pursuing your passions and using them to make the world a better place. In his book “The Passion Economy” released in 2020, Adam Davidson claimed that we are moving toward a new economy, centred around the identification and development of individuals’ unique talents and passions. And with the rise of the robots, automation and AI, it seems that Davidson may not be far off the mark.
So, where did the Passion Economy come from? Well, the world of work has been changing rapidly in the past decade, and Covid only accelerated the trend. Gone are the days when a “job” meant working for someone else in a stuffy office.
Companies like Uber, Deliveroo, and Fiverr have allowed people to monetize their skills in things like transport, design, and food delivery. These gig platforms have given lots of people the chance to be self-employed, but they also often require workers to be super consistent and efficient. It’s like they say, “Be your own boss… as long as you do everything we say.”
But then, something amazing happened. New digital platforms emerged that celebrate people’s individuality and creativity. They allow users to earn money in a way that highlights their unique skills and personality.
And thus, the Passion Economy was born. People wanted a way to make money doing something they were passionate about, rather than just making money so they could do what they love in their free time. It’s a whole new model of entrepreneurship.
According to some estimates, there are over 50 million people worldwide who consider themselves part of the Passion Economy. That’s 50 million people doing what they love and finding ways to earn a living from it. And with platforms like Wedo, it’s easier than ever for people to create and grow their own online businesses without all the technical hassle.
But wait, what’s the difference between the Passion Economy and the Creator Economy? Well, it’s kind of like how the Creator Economy is a subset of the Passion Economy. Creators are usually earning an income from doing something they’re passionate about, like turning their fitness hobby into a scalable business, or even turning your drumming skills into the same.
Now, you might be wondering why the Passion Economy is better than the gig economy. Well, for starters, the gig economy can be tough on individual workers. Freelancers often have to deal with unstable revenue streams that can make their financial lives more uncertain. And when people don’t know where their next pay check is coming from, they might feel pressure to undercut each other to secure jobs. This can create a vicious cycle where freelancers undercut each other on price, companies pay less for skilled services, and freelancers have to work longer hours just to make ends meet. It’s like a race to the bottom, with the only winners being the big, established businesses that get cheap labor.
But in the Passion Economy, it’s a different story. People are empowered to pursue their passions and create value in a way that is meaningful to them. And it’s not just for people with weird passions, either. It’s also for serious consultants, designers, coders, and people who create innovative products and services like coaches, trainers, and educators.
So if you’re tired of the grind and want to turn your passion into a career, the Passion Economy might just be for you. With Wedo, you can get all the tools you need to succeed, from financial tools like banking, invoicing, and contracting, to the ability to sell evergreen resources and products and services that you’re passionate about. But wait! Wedo is also a social freelance network that helps you pursue your passions and connect with others who share similar passions with tools like 4K video alleys, social audio (that you can monetize for real), chat, profiles, portfolios and… yeah, that social stuff. So why not join the revolution and see where your passions can take you?
Hey reader, if you're human, follow us here on medium and clap this because that will create endorphins for both me and you and may prompt me to adopt more kittens. I’m Indiana (Indy) Gregg, the CEO and founder of Wedo, a new app that takes care of all your work problems, sorts out your invoicing, payments and contracts. It’s the world’s first commission-free social freelance network, and the tools are epic. We built it because we were all freelancers too. So, check out https://wedo.ai and download the app on IOS or Android, and put your cat skills to work on Wedo!
