How to Encourage Start-ups in the Hotel and Hospitality Industry?
Start-ups must have a purpose and the purpose should be inspiring and genuine, and they require a proper ecosystem that can nurture them in the initial days. An adequate amount of funding along with aid from the hospitality community, in terms of proper guidance, references is important to establish a strong foundation. Taking certain risks, planning something that has not been done before and building effective strategies are essential for the growth of the start-up. If entrepreneurs feel that the hotel and hospitality industry boast of a supportive start-up culture, they will become more confident about investing their time, money and efforts in the business.
To build up an inductive start-up culture in the hotel and hospitality industry, Philip Anandraj hotelier believes that it is essential to break through certain hindrances and make oneself a noticeable target for investment. Here are certain factors that the budding companies in the hospitality industry need to take care of:
- Proper Mindset – Having a positive mindset is vital, and a healthy self-image will really make you go a long way in the industry. Firstly, it is essential to realize your self-worth, and once you have done that, you are almost halfway there. The next thing you need to do is to pour all your heart and soul into action. You need a get a hang of how your business should run, and what you want to provide your customer with. Then you should focus on opting for the technology that works for you, solves your issues. A close look into whether or not the technology allows other integrated systems to work better is also essential. On the side of the vendor, a start-up company that expand the functionality of your products or services should be looked upon as a strategic benefit that makes your relationship with customers better.
- Integrations – Philip Anandaraj hotelier says that a start-up culture is necessary for every industry to stay relevant and noticeable to the target customers, who are in quest of something new or exclusive. At every hospitality technology meeting, there is always a discussion on the challenges of integration. If you are not being able to integrate with large software providers, the cost of production of new products would increase. This is because, for the functioning of each of the software applications, you would need to spend a lot of money. APIs should be open and all-inclusive.
- Valuable Guidance – Philip Anandaraj believes that every budding entrepreneur needs a network of well-connected advisors and mentors, who would nurture an interest in aiding the start-ups to expand and flourish. The mentors should be willing to share their experience and expertise to help the new entrepreneurs on such networks come up with brand new ideas. When C-level executives participate in such a network, it indicates that their companies are open to helping the new entrepreneurs to understand the difference between actual and perceived issues in the business. l
Start-ups play a vital role in incubating new products or services in every industry. So it is essential to collaborate with them and help them find out what works best for their companies. In addition to innovative products or services, the ideas would inspire the existing hotels, suppliers and other associates in the industry. Philip Anandaraj observes that the hotel and hospitality industry operates across a number of businesses. The industry is volatile, labor-intensive and requires a high amount of fixed costs. These complexities can be solved by dint of innovation. Those start-ups who will be able to innovate new products or services and respond effectively to challenges can expect to go a long way in the current hotel and hospitality industry.
