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Omni's mobile app. Photo: Omni

Omni, an on-demand storage company that recently allowed customers borrow items from each other for free, will now let its customers rent or lend out items stored by Omni for a fee.

Bigger picture: Omni is finally pushing the "sharing economy" button it's had in mind since the company's founding three years ago. Though it's made a good business out of just storing items, "we expect [the two revenue streams] to grow in lockstep with each other," Omni co-founder and CEO Tom McLeod tells Axios.

The details:

  • Omni pitches itself as "additional closet space" for items customers want to keep and access, yet don't need on a regular basis — like power tools and camping gear.
  • The startup, which operates in most of the Bay Area, takes 50% of the earnings, but it handles everything including dropping off and picking up the rented items, collecting payments, and even providing insurance up to $2,000.
  • Items stored by Omni are used 38 days per year on average, so plenty of opportunity to rent them out the rest of the time. It says it currently stores more than 100,000 items.
  • 60% of the users requesting items through Omni's free borrowing feature don't have items of their own in storage — something the company says shows the high demand for this type of service.

Go deeper

The Biden protection plan

Joe Biden announces his first run for the presidency in June 1987. Photo: Howard L. Sachs/CNP/Getty Images

The Joe Biden who became the 46th president on Wednesday isn't the same blabbermouth who failed in 1988 and 2008.

Why it matters: Biden now heeds guidance about staying on task with speeches and no longer worries a gaffe or two will cost him an election. His staff also limits the places where he speaks freely and off the cuff. This Biden protective bubble will only tighten in the months ahead, aides tell Axios.

Bush labels Clyburn the “savior” for Democrats

House Majority Whip James Clyburn takes a selfie Wednesday with former President George W. Bush. Photo: Patrick Semansky-Pool/Getty Images

Former President George W. Bush credited Rep. James Clyburn with being the "savior" of the Democratic Party, telling the South Carolinian at Wednesday's inauguration his endorsement allowed Joe Biden to win the party's presidential nomination.

Why it matters: The nation's last two-term Republican president also said Clyburn's nod allowed for the transfer of power, because he felt only Biden had the ability to unseat President Trump.

GOP research firm aims to hobble Biden nominees

Alejandro Mayorkas. Photo: Joshua Roberts/AFP via Getty Images

The Republican-aligned opposition research group America Rising is doing all it can to prevent President Biden from seating his top Cabinet picks.

Why it matters: After former President Trump inhibited the transition, Biden is hoping the Republican minority in Congress will cooperate with getting his team in place. Biden hadn't even been sworn in when America Rising began blasting opposition research to reporters targeting Janet Yellen and Alejandro Mayorkas.