In less than a decade the twenty-something founders of Airbnb have gone from selling politics-themed cereal, back in 2007, to raising $850 million on a USD 30 billion valuation.
In short: Airbnb is the poster child of millennial innovation.
NB: This is an analysis by Alonso Franco, CEO and founder of Arrivedo.
What is its secret? Staying one step ahead of trends and truly understanding the needs and wishes of the millennial consumer.
Airbnb has masterfully turned what could have been a simple timeshare or price comparison platform into an inclusive experience which allows travelers of all ages to “belong anywhere” and is constantly adding new features which benefit both users and renters.
At the same time, the traditional hotel industry is attempting to innovate and improve to compete with Airbnb, which is eating heavily into the industry’s revenue and margins.
In a recent report commissioned by the Hotel Association, it is estimated that hotels lose around USD 450 million in direct revenues per year to Airbnb.
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