The passion project

Move over the gig economy. A market is now emerging for people to monetise their talent and grow it into a business, writes Barkha Kumari

When it comes to one’s career, it’s good to have a Plan B. Ashrrita Chinchankar from Mumbai knows that well. The aviation staff found herself out of work during the global recession of 2008 and last year, the pandemic had her flights grounded for a few months. In both the times of uncertainty, she turned to her Plan B — her hobby. She would bake pretty cakes and festive sweets at home and sell in her circle and now via social media.

Ashrrita Chinchankar is a co-pilot is profession and a baker by passion

"Today, I have a waitlist of people wanting to try my Medovik, a Russian Honey Cake,” the 33-year-old tells us about the “lockdown experiment,” which took off in June last year and which has been bringing in a business of Rs 30,000 or so per month. Chinchankar has resumed her job as a co-pilot with an Indian airline but is also squeezing in time to keep her baking venture going.

Chinchankar is one among many people in India and outside who are trying to monetise their passion. Coincidentally, market experts see this trend as the future of work and have even coined a term for it — passion economy. But how is this different from the gig economy, where individuals hustle to write content, host shows, play music and more?

Soum Paul, founder-CEO of Spark.Live, an online platform that connects hobbyists and hyperlocal professionals with potential users, breaks it down. “The gig economy is where people make money by doing many similar tasks for a limited period. Passion economy is about monetising your skill or talent and growing it into a business. You may do it for a few months, part-time or even full-time.”

This is different from, let’s say, making money off YouTube videos. The Bengaluru-based entrepreneur explains, “On YouTube, you need to build a sizeable audience before you can start earning from the ad revenue. However, on passion economy platforms, earnings are not an afterthought. Creators offer their services against a fee right from the start.”

It’s believed that American company Patreon started the trend of connecting creators to their audience via subscription a few years ago. Then came Skillshare, Substack and Zhihu, which let individuals create educational videos, write newsletters and answer questions for paid members. “The passion economy has started picking up during the pandemic,” Paul has observed, citing that over 25,000 hobbyists have signed up on his platform since the lockdown.

Nature-lover Mayank Awasthi has co-started a business of renewable energy

India’s got talent

The passion economy might be unheard of in India but many have set out on this path already. Such as 36-year-old Mayank Awasthi. After resigning from the software firm he was heading in March last year, he started a company to promote the adoption of renewable energy in rural India with development expert Dr Utparn Dubey.

For him, it’s been the coming together of his passion to save nature and a vision that’s undebatable. “Energy and sustainability are the future,” he puts it. Likewise, Aakash Yadav from Ahmedabad always wanted to pursue a career in fitness but like most in India, he ended up at an engineering college and then, a startup. “I quit that job two years ago to look after my ailing father. Staying at home, I had put on weight but I benefited immensely from nutritionist Bhupinder Singh’s plan,” the 30-year-old recalls the ‘tube light moment’ that started his collaboration with Singh — a fitness tracker app. Some haven’t switched over yet. Arijita is an engineer by day who makes an extra Rs 10,000 a month by doing tarot card reading and healing online. When you earn money by bringing joy to others, its value increases manifold,” the Kolkata resident quips about her passion project that she wanted to pursue for long. In fact, health and wellness emerged as popular segments.

Former engineer Aakash Yadav now co-runs a fitness startup

Money matters

Not everybody is chasing a childhood dream. Former media professional Rakshita Pandey took a liking for DIY videos during the lockdown and that was it.

She’s now making and selling floral art, 3D printed jewellery and decorative tiles to folks in her Bengaluru apartment and friends beyond. “Doing what you like is liberating,” the 36-year-old says. But how lucrative is this shift?

Sanchita Kumari CS left her corporate career to become a yoga trainer

“I have given myself a year’s time. If the business picks up, I may continue or I will get back to a job,” she says, practically. Sanchita Kumari CS is aware that her yoga training may not get her the kind of money her corporate career of 18 years used to but she is optimistic. “People are taking more interest in mental and physical health now, so I am expecting a decent income going forward,” says Sanchita from Bengaluru.