Come on, travel startups: Please innovate and stop replicating!
Travel startups should come up with new business models, or tackling an actual industry challenge/shortcomings to deliver large, sustainable, and long-term profitability.
NB: This is a guest article by Andrey Spektor, founding CEO of Carsolize.
The travel industry is flooded with venture capital investment. Millions of Dollars and Euros are poured into a multitude of travel startups all the time.
One would expect these investments to result in exponential technological progress of the industry – however, a closer look reveals that most of the funding is spent on so-called concept interfaces, most linking back to established OTAs for content and booking services.