Lendor is an on-demand rental platform for consumer products and experiences. "We help businesses monetize their idling inventory through a rental model while empowering consumers to use products without the hassle of ownership thereby promoting a circular economy through collaborative consumption," says Wei Zhang.
The Circular Economy space that Lendor is in (specifically re-commerce and sharing economy) enables products to maximize utility in their lifespan. The CEO shares that Lendor brought to market a platform where people can rent consumer products on-demand, while the company takes care of the entire process from verifying customers to tracking and insurance through their proprietary technology and ecosystem. This allows consumers to use a product at a fraction of its cost, making products more accessible even for lower income groups while helping businesses monetize their idling inventory.
Being onboard the WingArc Accelerator Program has enabled the team at Lendor to look at the business from multiple perspectives and access to technological resources for productivity and growth. "The goals of WingArc Accelerator are very clear," Wei Zhang shares. "It assists early-stage startups with business intelligence and data visualization. We wanted to embark on implementing business intelligence in our platform but did not know how to approach it so the program helped us get started. Prior to the program, we had to rely on spreadsheets and some gut feeling in making certain business decisions."
The CEO appreciates many minds coming together during the program to work on issues the company is facing, and masterclasses gave their team an avenue to receive coaching for growth both individually and together with the company. "This is well suited to our needs along with the accelerator model where we have a group of experts that would share knowledge with us to supercharge our growth," he added.
When asked about his highlight during the program, Wei Zhang recalled the opportunity offered by WingArc to share about Lendor at SWITCH, a leading tech conference for the Global-Asia Innovation Ecosystem hosted by the Singapore Government. "It was a live hybrid event and the experience was very unique," the CEO added.
"You can only be good at so many things and do that many things with a limited amount of time. Collaboration is key to growing and growing together." This is Wei Zhang's takeaway from the program and he looks forward to a long term partnership with the potential of expanding into Japan. "WingArc1st is well networked in the market to provide us with a headstart. The enterprise solution offered is also useful which could be further developed on."