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Updated: September 21, 2020 Ask ACE

Ask ACE: But what is the gig economy?

By Terry Johnson, Practical Decisions

Q: I’m a skilled professional about to become a member of the gig economy. But what is it?

ACE advises: The gig economy is the sum of independent service contractors, the work they perform and the businesses that pay them. Gig workers are entrepreneurs and essential contributors to the entrepreneur community.

It is estimated that by 2027 more than half of U.S. workers will be self-employed.

The COVID pandemic is accelerating the self-employment trend through 1) remote work and 2) an economic downturn. 

Ryan Wallace, Director of the Maine Center for Business and Economic Research, says remote work more than doubled between 2000 and 2016. COVID increased those numbers. 

Katie Shorey, director of engagement at Live + Work in Maine, says, “Highly skilled people now work remotely because of COVID. They can live where they want. Maine’s quality of life naturally supports remote work.” 

During an economic downturn, more skilled professionals are looking for work. Remote technology allows them to find opportunities without moving. Every startup is a potential client.

Maine Impact

When talent comes to Maine, it becomes known and available to Maine employers; also, employees change jobs. This fluidity leads to “knowledge spillover” and new businesses.

“Side hustles” are a hedge against economic downturn. They often evolve into full-time self-employment. For businesses, contractors may make more sense than new hires.

The Maine Center for Entrepreneurs relies on its mentor network to match start-ups with needed talent and advice. Experienced, independent mentors make up most of the network. Professional relationships often form after MCE’s programs.

ACE President Terry Johnson of Practical Decisions provides practical professional support for established businesses and start-ups. He also manages MCE’s Maine Mentor Network. He can be reached at terry@practicaldecisions.com.

About ACE

The Association for Consulting Expertise (ACE) is a nonprofit association of independent consultants who value “Success through Collaboration.” The public is welcome to attend its regular meetings to share best practices and engage with industry experts. For more information go to www.consultexpertise.com.

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