CEO Roundup—America’s ‘gig economy’; Wayback Burgers hits the road

An Uber application is shown as cars drive by in Washington, DC
A growing number of Americans have a side job, such as an Uber driver. (CC BY 2.0/Senator Mark Warner)

More than 44 million Americans have a gig on the side

Are you constantly working to make ends meet? According to study results released by Bankrate on July 12, you can count yourself among 44 million Americans. The survey reveals that the United States has become “a country of hustlers”—especially younger Millennials (age 18-25) among us, who work day and night to augment their main sources of income. Whether they are selling handmade items online, doing design work afterhours, running errands for people through an online app or joining the ride-share brigade, these gigs are meant to provide extra coin beyond their day jobs."It isn't spare change from a lemonade stand," says Sarah Berger, of the Cashlorette blog at Bankrate. “Of the 86 percent who say they earn extra money from a side hustle every month, 36 percent are making $500 or more.” (Bankrate)

With Rents High, Wayback Burgers Hits the Road

Fast food provider Wayback Burgers has partnered with food cart provider Move Systems to develop its first ever mobile restaurant on the streets of New York City, the company announced on July 7. The new food cart is a cost-conscious way for the burger chain to do business in Manhattan, which is known for its sky-high rents, according to a  July 12 report by CNBC. The chain currently has more than 120 locations in 27 states, but it has yet to penetrate the New York City market. "We do not have any Manhattan stores," John Eucalitto, president of Wayback Burgers, told CNBC. "Construction is expensive, rent is expensive and now we have an opportunity to have a presence there in a low-cost setting." The cart is owned and operated by Move Systems, which has 27 Nathan's Famous Hot Dog carts in New York that it owns and operates. Neither Wayback nor Move would disclose the financial details of their partnership, but they hope to expand and make food carts a fixture in Wayback Burgers' portfolio. (CNBC)

Umbrella-sharing startup loses nearly entire inventory in three weeks

Within weeks of its launch, a Chinese umbrella-sharing startup inventory due to a problem with customer hoarding, Business Insider reported on July 10. Across 11 cities, approximately 300,000 umbrellas in Sharing E Umbrella's inventory have been taken out of circulation, according to an original story in the South China Morning Post. "Umbrellas are different from bicycles," company CEO Zhao Shuping told the local news outlet. "Bikes can be parked anywhere, but with an umbrella you need railings or a fence to hang it on." Shuping began the company after noticing the global success of bike-sharing programs. And since people always seem to be without an umbrella when a rainstorm strikes, he figured a similar model could work, so long as people put the umbrellas back once the weather cleared up. Instead, Shuping found the $1.5-million-backed company has mostly handed out free umbrellas to people in need. After paying the $2.79 deposit, most users have simply kept the umbrella. Sharing E Umbrella has no way to track where each umbrella went. (Business Insider)