The world is increasingly shaped by the sharing economy, and Cloud of Goods is at the forefront. Founded by Punsri Abeywickrema, the platform connects people with underutilized assets to those in need of short-term rentals. From mobility scooters to DIY tools, Cloud of Goods has built a sustainable model by empowering local entrepreneurs and rental businesses. However, the journey to this success was far from straightforward.
To discuss Cloud of Goods and his personal journey, Abeywickrema joined John Biggs on Grit Daily Startup Show.
A Vision Years in the Making
The idea behind Cloud of Goods first took shape in 2008. Back then, Abeywickrema sought to create a platform that would match supply with demand for short-term rentals, tapping into idle equipment that often collects dust in garages and closets. The initial attempt focused on a peer-to-peer model, where individuals could rent out personal goods. While demand was high, supply struggled due to people’s emotional attachment to their belongings, leading to the venture’s collapse.
Undeterred, Abeywickrema pivoted. His second approach involved managing inventory through a warehouse system. This model gained traction and secured funding, enabling operations across the U.S. Unfortunately, the COVID-19 pandemic brought it to a halt. With over $1.5 million worth of equipment on rent and lockdowns preventing retrieval, the company faced significant losses and shut down once again.
Reinventing the Model
In 2023, Abeywickrema relaunched Cloud of Goods with a new approach. Rather than relying on individual users or managing inventory directly, the platform shifted its focus to established rental businesses and serious micro-entrepreneurs. By acting as a marketplace, Cloud of Goods became a bridge between these suppliers and a growing pool of customers.
The strategy proved successful. Rental businesses, eager for additional demand, found a reliable partner in Cloud of Goods. The platform also opened opportunities for individuals looking to start or expand their own rental ventures, from stay-at-home parents to side hustlers. Cloud of Goods now operates in 230 cities across the U.S., Canada, and Mexico, with over 500 partners providing a wide range of items.
One of the platform’s most significant milestones is its impact on micro-entrepreneurs. Over 50 individuals have transitioned from traditional full-time jobs to focus solely on their rental businesses through Cloud of Goods.
A Platform Built on Resilience
Cloud of Goods’ business model mirrors the simplicity and scalability of gig-economy giants like Uber. Customers make a booking for the item they need, and local suppliers fulfill the request, often delivering the item directly. This model is particularly appealing to travelers, who can rent equipment such as wheelchairs or strollers at their destination instead of transporting them.
Abeywickrema attributes the platform’s rapid adoption to societal shifts during and after COVID-19. Delivery services became normalized, and people grew less emotionally attached to physical items, making them more open to renting instead of owning.
Growth and Future Plans
Cloud of Goods is rapidly expanding, adding new cities and diversifying its catalog. While travel-related rentals remain a cornerstone, the company is exploring everyday needs, such as tools for DIY projects or sporting equipment. This evolution positions the platform to cater to a broader audience while supporting its partners in scaling their businesses.
Many of these partners begin by storing rental items in garages but quickly scale to storage units or warehouses as demand grows. The platform’s success has created new gig-economy opportunities, empowering individuals to build sustainable businesses from the ground up.
A Self-Funded Revival
Unlike many startups, the latest iteration of Cloud of Goods was entirely self-funded. After the financial challenges caused by the pandemic, Abeywickrema turned to consulting to save the capital needed for a relaunch. Today, the company is profitable and reinvesting in its growth, a testament to the founder’s resourcefulness and commitment.
A Legacy of Persistence
The story of Cloud of Goods is one of resilience, adaptation, and unwavering belief in a vision. Despite setbacks, Abeywickrema refined his approach until he found a model that worked, proving the value of persistence. What started as an ambitious idea is now a thriving platform, empowering both customers and entrepreneurs.
