Japan's cautious approach to the so-called sharing economy is nothing to worry about, a U.S. expert said, adding that the key to success lies in developing services that match one's local culture.

"You can be a little bit late and the second follower, learn from everyone else, and do a better job," Neal Gorenflo, the co-founder and executive director of Shareable magazine, told The Japan Times on Wednesday. "So, this is the opportunity for Japan."

U.S.-based Gorenflo was visiting to participate as a guest speaker at the two-day Share Summit forum that ended Thursday in Tokyo.