Travel Tech Insider

Private equity is playing an increasingly visible — and influential — role across travel and hospitality. From platform rollups and carve-outs to growth equity investments in scaled travel tech, PE capital is reshaping who owns what, how companies grow, and what “success” looks like beyond venture-backed exits.This episode unpacks how private equity really works, how it differs from late-stage venture capital, and why travel and hospitality have become such compelling hunting grounds for PE firms right now. We start with the fundamentals: what private equity is, how funds are structured, who the LPs are, and how different types of PE strategies — from growth equity to buyout funds — show up in travel. From there, we dig into what makes a strong PE investment target, including the metrics, moats, and operational characteristics that matter most at this stage of a company’s life.The conversation then turns to M&A strategy, including how PE firms evaluate acquisition opportunities, when rollups make sense versus single-asset plays, and what founders should (and shouldn’t) do to prepare for future M&A conversations. We also demystify the PE process itself — how firms engage with founders, what diligence looks like, and what realistic timelines founders should expect.Whether you’re a founder, operator, or investor, this episode offers a clear, candid look at how private equity is shaping the future of travel.FollowsGilad Berenstein – hostCara Whitehill - hostEvelyn Duan — guestVinay Shah — guestGo DeeperTravel industry trends and the opportunity for private equity - McKinsey & CompanyM&A trends in travel, leisure and hospitality - KPMGEconomic uncertainty ‘reshaping deal-making’ as travel and tourism M&A slows — HotelDiveThe coming wave: Consolidation in tours and experiences — PhocusWireM&A Activity Continues to Escalate in the Global Hotel Operator Sector - Goodwin

As we close out Season 3 of Travel Tech Insider, we’re stepping back to reflect on the conversations, debates, and signals that defined the past year—and to look ahead at what 2026 may have in store for travel, hospitality, and the technology shaping it all.We kick things off at the macro level, asking our guests to share one or two defining lessons from 2025. Those insights span far beyond any single theme—touching on investing, AI, business building, travel behavior, and even how leaders are adapting personally in a rapidly changing world. We’ll also hear from our investors on one standout investment from 2025 that they’re particularly excited about, alongside a look back at which major industry trends truly hit the mark this year.From there, we revisit the core topics that shaped Season 3, offering fresh perspective, candid reflections, and a few hot takes along the way. We unpack what’s really happening in the vacation rental market, the growing influence of social commerce, and the continued evolution of AI from experimentation to infrastructure. We explore the expanding role of FinTech and stablecoins in enabling frictionless, agent-driven commerce, examine cruising as a microcosm of innovation in travel, and reflect on why corporate travel remains in flux amid shifting work patterns and economic pressures. We also touch on the state of private equity and rollups in travel, and what consolidation signals about the maturity of the sector.We close the season by turning our gaze forward, asking each guest to share their predictions, priorities, and areas of focus for 2026. From emerging business models to changing power dynamics and new opportunities on the horizon, this season finale ties together the threads of Season 3 while setting the stage for what comes next.FollowsGilad Berenstein – hostCara Whitehill - hostMax Niederhofer — guestBesty Mulé — guestSarah Kopit — guestGo DeeperHow AI Bookings Will Rewrite the Travel Company Playbook - Bain & CompanySkift Megatrends 2026 - SkiftHot Travel Startups 2026 - PhocusWireClear Skies for Corporate Travel in 2026 - Morgan Stanley2026: Going Public. Going Global. Going Big. - Arival Travel

When we last visited the corporate travel side of the industry with OG Steve Singh about a year and a half ago, most of us were still kicking tires on ChatGPT and “agents” still referred to humans.Fast forward to today, and the implications of agentic AI are reaching into every nook and cranny of even the most slow-moving corners of the industry, like corporate travel. With travelers getting more comfortable relying on LLMs to help them plan leisure travel, will they naturally extend that usage for their business trips?And if so, what would that mean for the managed travel industrial complex that exists to optimize the budget and policy rules for corporate travel? Everything feels up for grabs, from how suppliers distribute their inventory and service the traveler, to how corporate travel managers ensure compliance and keep travelers safe, to how the TMCs (travel management companies) to whom much of this responsibility has been outsourced continue to earn the right to even exist.On the M&A front, we’re seeing the gravitational force of scale take hold, with AMEX GBT’s acquisition of CWT (and subsequent rumors of them being up for sale) and Navan’s recent IPO.And we haven’t even gotten to GDSes or NDC yet.What does business travel look like for all these stakeholders in this moment of extended transformation? We’ll dig in with two industry experts to unpack where corporate travel is headed.FollowsGilad Berenstein – hostCara Whitehill - hostCory Garner — guestJay Boehmer — guestGo DeeperDeloitte: Corporate Travel Forecast a Mixed Bag Amid Complex Conditions - DeloitteHow Corporate Travel & Payments Could Change by 2030 - PhocusWireThe State of Corporate Travel and Expense 2025 - SkiftMeet Tomorrow’s Business Travelers - AMEX Global Business TravelHow artificial intelligence is reshaping the future of travel and expense management - ITBrief 

The cruise industry has quietly become one of the most fascinating — and technologically advanced — corners of the travel sector. Once viewed as a niche for retirees and sun-seekers, it’s now riding a powerful wave of innovation, luxury, and digital transformation. From ultra-high-end yachts to fully connected smart ships, cruising has evolved into a microcosm of where travel is headed next.In this episode, we unpack the major trends shaping the modern cruise market — and explore what makes it such a compelling space for travelers, technologists, and investors alike.From the luxury side of the industry, global hospitality icons like Four Seasons, Ritz-Carlton, Belmond, and Aman are extending their brands into the water, bringing the same elevated design and service ethos that they’re known for on land.At the same time, around-the-world itineraries and the rise of residential cruise lines — floating communities where travelers actually live aboard — are blurring the lines between hospitality, real estate, and adventure.Then there’s the family dimension. Cruising has become a top choice for multi-generational travel — offering everything from kids’ discovery camps to Michelin-level dining for grandparents — all within a single, self-contained experience.And while sustainability is often a buzzword across the travel industry, cruising may actually be leading the way. From LNG-powered vessels and advanced waste treatment systems to experiments with alternative fuels and onboard recycling ecosystems, major cruise operators are investing billions to minimize their environmental footprint.But perhaps the most underappreciated story — at least for the digital crowd — is the astonishing level of connectivity that exists onboard. In many ways, cruise lines have already built what other sectors of travel are still chasing — a truly connected trip experience, where data flows across every stage of the customer journey.In today’s conversation, we’ll bring together several leaders from across the sector to explore the forces driving this boom.Welcome aboard! FollowsGilad Berenstein – hostCara Whitehill - hostShane Buksh — guestThatcher Brown — guestSam Chamberlain — guestCaptain Bill Wright — guest Go DeeperState of the Cruise Industry Report 2025 - Cruise Lines International Association (CLIA)Inside the Strange and Lonely Test Run of a New Cruise Ship - Wall Street Journal [$]Next Growth Phase for Cruises and a New Sustainability Test - SkiftVirtuoso’s New Vice President of Global Cruise Shares Current and Future Trends - Travel Age WestGen Z and millennials fuel cruise industry rebound - Hospitality Today

Fintech has quietly become one of the most transformative forces in the travel industry — shaping how we pay, how we earn and redeem loyalty, and increasingly, how companies manage global transactions behind the scenes. From B2B payment flows between hotels, OTAs, and suppliers to B2C innovation in digital wallets, loyalty currencies, and embedded finance, fintech is no longer just an enabler — it’s a strategic differentiator.Fintech also plays a role in the expanding agentic AI space. After all, agents can’t really “agent” without the ability to execute a transaction. How will autonomous digital agents transact on behalf of travelers? What role could blockchain and digital identity play in enabling trusted, frictionless payments between humans and machines?We’ll also examine the regulatory shifts reshaping the playing field — including the GENIUS Act and other global efforts to modernize payment infrastructure and consumer protection.FollowsGilad Berenstein – hostCara Whitehill - hostRandall Davies — guestJames Lemon — guestGo DeeperWhat’s up with stablecoins after the GENIUS Act? - BrookingsAre Stablecoins the Game-Changer for Cross-Border Payments? - Edgar Dunn & CompanyThe 2025 McKinsey Global Payments Report - McKinsey & CompanyKYAPay: Toward an Open Payment and Identity Layer for Agentic AI - ***KYAPay.ai & Skyfire.xyzWhitepaper***The era of payment stablecoins has arrived - Deloitte

Show NotesAgentic AI is the latest buzzword in travel tech — but beyond the hype, it raises big questions about how travelers will discover, plan, and book their journeys. Will the power of agentic AI reinforce the dominance of OTAs like Expedia and Booking, or will it open the door for smaller travel brands to compete on equal footing? In this episode, we explore what agentic AI means for personalization in travel retailing and service delivery: how it could reshape loyalty, rewire customer expectations, and redefine the role of intermediaries versus suppliers. We’ll look at emerging best practices, potential pitfalls, and the debates shaping how our industry adapts to this next era of AI-driven travel.This week we are joined by two leaders building for this new agentic world, Kosta Krauth, CTO of Bilt, the next-gen loyalty and payments platform, and Charles Packer, Co-Founder & CEO of Letta, the operating platform for building stateful agents. FollowsGilad Berenstein – hostCara Whitehill - hostKosta Krauth — guestCharles Packer — guest Go Deeper4 scenarios on the future of agentic AI in travel - PhocusWireReady for takeoff: Reimagining travel and hospitality with agentic AI - Google CloudPersonalized agentic AI experiences are coming - Fast CompanySeizing the agentic AI advantage - McKinsey QuantumBlackEnabling Personalized Long-term Interactions in LLM-based Agents through Persistent Memory and User Profiles - Rebecca Westhäußer, Wolfgang Minker, Sebatian Zepf

Generative AI is not only impacting how travel is bought and sold as we heard in Part 1 of our AI Effect series, it’s also impacting how companies are building and delivering the travel services that are bought and sold.Companies used to stockpile servers, engineers and access to bandwidth, all of which required considerable capital. In this new AI era, anyone can use Replit or Lovable to spin up their own travel app in a matter of hours. Companies no longer need teams of expensive engineers to code up a new application — the just need a Cursor subscription and a few developers with some free time to vibe code. Legacy infrastructure is getting deprecated in favor of AI-based solutions that didn’t exist a few months ago.So what does the enterprise tech stack look in this era of AI? Is it proving to be more cost-effective than the legacy platforms our industry was built on? Is it unlocking opportunity for startups with fresh ideas to take share from incumbents? Or is it enabling the incumbents to finally catch up to startups in terms of speed of innovation? Or is it a combination (or collaboration) of both?FollowsGilad Berenstein – hostCara Whitehill - hostJosh Dow — guestSJ Sawhney — guestGo DeeperFrom Prompts To Products: The Business Of No-Code AI Is Booming - Forbes [$]McKinsey Technology Trends Outlook 2025 - McKinsey & CompanyThis Week in Lessons from (Technical) Founders - Gilad BerensteinBuilding the Foundation for Agentic AI - Bain & CompanyAgentic AI in the enterprise: An evolution, not a revolution - Red Hat Blog

Generative AI has upended just about every part of the travel lifecycle for both buyers and sellers of travel services. From the consumer perspective, the resources available to inspire, research, plan, book and share your favorite trips have simultaneously expanded the possibilities for consideration and curated that consideration set to a handful of suggestions — all in a matter of seconds.From the perspective of those selling travel services, that path to reach your buyers has become exponentially more complicated. The old reliable model of online search (primarily through Google) has a half life that is accelerating faster than anyone could have predicted. The promise of agentic AI in the hands of consumers may feel more like a curse to travel suppliers who haven’t yet figured out how to be relevant to the constantly evolving LLMs.At the same time, traditional SEO- and SEM-based acquisition channels, which have been economically dominated by the OTAs for a generation, are now being replaced by this new algorithmic approach of the proliferating LLMs, providing an opening for direct booking channels that could level the playing field. Likewise, the fine-tuning that AI tools provide to brands for optimizing pricing, offers and channels could be an opportunity…or a race to the bottom.We’re still in Act I of this AI era, and we’ll talk to a couple experts for their take on where we are and where we are headed. FollowsGilad Berenstein – hostCara Whitehill - hostLayton Han — guestChristian Watts — guest Go DeeperRemapping Travel with Agentic AI - McKinsey & CompanyAltimeter Capital Partner Says AI Will Transform Travel Search: ‘It’s Already Happening’ - Skift [$]How hotels should be thinking about their visibility on AI platforms - PhocusWireForget the funnel. Welcome to AI: The new distribution channel - CoStarThe Great Tech Reset: Agentic AI and the Coming Rebalance of Power in Hospitality - Hotel Online 

With all the debate over agentic AI and its impact on the traditional search ecosystem, we seem to have forgotten all about that other massive acquisition channel — social commerce.TikTok, Instagram, YouTube, Reddit, Twitter, and other popular commuity sites around the globe all continue to garner a significant share of top-of-funnel attention and mid-funnel intent. This is acutely true for the Gen Z and younger millennial cohorts when it comes to travel planning and even more so for Gen Alphas who may not be buying travel yet but who are heavily relying on social for their retail commerce purchases.What we haven’t yet seen is a clear winner, a household name emerge when it comes to translating that attention to revenue. Does that mean there is no real winner here, or do we just lack a good attribution model that connects the dots from social to booking?Social also seems to be leveling the playing feel between brands and individuals. The creator economy is massive in categories like fashion and beauty — but how does it play out for big ticket, highly considered purchases like travel?And as agentic AI takes over from traditional search, will that help or hurt social commerce as a channel for discovery, planning and potentially booking? Are social and agentic AI parallel channels that will coexist to serve complementary use cases, or are they on a commercial collision course?FollowsGilad Berenstein – hostCara Whitehill - hostHannah Bennett — guestAbby Dichter — guest Go DeeperState of the Consumer 2025: When disruption becomes permanent - McKinsey & CompanyHow Social Media Is Shaping Travel Planning and Booking - SkiftUnder the influence: Social media's role in trip planning - PhocusWrightU.S. Traveler Trends 2025: More Social Media and AI, a Rebound for Online Travel Agencies - SkiftIs your brand ready for the $3 trillion social commerce marketplace? - PWC

The vacation rental industry has transformed from a scrappy alternative to hotels into a global powerhouse—but is the model starting to strain under its own weight?In this episode, we explore how the ecosystem is evolving, and where fault lines are beginning to show. Can tech keep pace with rising guest expectations? Will hosts, managers, and platforms ever find equilibrium in their tug-of-war over economics, control, and trust? And what happens when regulators and communities push back against the very growth that made vacation rentals mainstream?We look at the opportunities and tensions shaping the next phase of this category—where innovation collides with customer demands, and where the future may depend less on scale and more on who can truly deliver a consistent, high-quality experience.FollowsGilad Berenstein – hostCara Whitehill - hostAnnie Sloan — guestJosh Kristoff — guest Go DeeperAirbnb Lets You Add a Private Chef to Your Rental. Your Host Might Not Like It. - Wall Street Journal [$]**How much opportunity is there for STR ancillaries? Experts weigh in - PhocusWire**U.S. 2025 Mid-Year Short-Term Rental Outlook Report - AirDNAShort-Term Rental Headwinds: U.S. Supply Growth Is Slowing - SkiftPerplexity Travel for Vacation Rentals: How AI Is Powering Trip Search - RentalScaleUp

In this emerging AI era, what’s different this time when it comes to tech investing? We’ve seen major disruptions before, both business model (eg, internet > mobile > social > AI) and cultural/structural/economic (eg, ZIRP, gig workers, Covid, remote working, cloud computing).Prior eras followed a similar playbook: irrational exuberance leading to the trough of despair, followed by the emergence of a handful of market leaders with escape velocity and long tail of minor players, all setting into a level of market maturity that keeps things in balance.Will the AI era follow same? Or does the velocity of tech evolution and democratization of access to these sophisticated technologies mean something different?What have investors learned from these past cycles that informs how they select investments and support their portfolio companies? What past mistakes have they made that they are correcting for now, and how?We unpack all these topics with another Salon episode featuring three leading travel tech investors to share their battle scars and assessment of this new climate of investing.FollowsGilad Berenstein – hostCara Whitehill - hostGaurav Tuli - guestChris Hemmeter - guestMia Morisset - guestGo DeeperWhen Not to Take VC Advice - SiftedThe great SaaS obituary: why reports of its death are greatly exaggerated - MediumThe 3-Person Unicorn Startup - NfXHow AI is disrupting the VC and startup ecosystem - Fast CompanyHow AI is fundamentally changing the operational needs of startups - World Economic ForumBook Recommendation: Quit: The Power of Knowing When to Walk Away, Annie Duke

In our first two seasons we took a deep dive into the venture investing scenes in both the US and European markets, comparing and contrasting the startup trends, approaches to risk, and styles of investing that are taking hold.Now we shift our focus east, and take a look at the state of the APAC VC ecosystem. Given the multitude of different countries, cultures, and currencies the region encompasses, it has a far more diverse customer base to tap into than the US or EU.How does that impact the type of startups that grow up and find success in that region? How easily (or not) can those startups scale beyond APAC? For investors, what do they look for in the startups they back across the region, and are there nuances within each corner of APAC itself? And given the current tumultuous geopolitical environment, is it more of a challenge or an opportunity for starups and investors across the region?So for this mid-season break episode, we are tapping into some of the investors on the front lines across Asia salon-style, to see what we can learn from our friends there.Follows:Gilad Berenstein - hostCara Whitehill - hostNick Cocks - Founder & Director, Velocity VenturesMurli Ravi - Co-founder, Tin Men CapitalMizuho Hiraguri - Corporate Development for Recruit CoGo Deeper:Trump, tariffs and travel: How will the turbulence play out in Asia? - Web In TravelSoutheast Asia’s Travel Tech Sector at Pivotal Moment for Value Creation - PhocusWireAsia's Travel Surge Drives Moderate Global Growth - Skift24-fold increase in Japanese corporate venture capital in the past decade - Global Corporate VenturingUnpacking Asia’s corporate investment trends in travel - TNMT

Wrapping up season two of the Travel Tech Insider podcast, we turn the tables on our favorite trade media voices to hear what they’re keeping an eye on for 2025. What are they most excited to cover? What under-the-radar trends do they think will have an outsized impact on the ways we plan, shop, book and experience travel? And how do they go about their day-to-day jobs in the media world, identifying stories and cultivating their sources to find their unique angles and insights? We’re joined by four of the leading thinkers, writers and question-askers in the industry to learn what they see on the horizon for 2025 and beyond. FollowsGilad Berenstein — hostCara Whitehill — hostJay Boehmer — guestMichael Coletta — guestSarah Kopit — guestSiew Hoon Yeoh — guest Go DeeperSkift Megatrends 2025 - SkiftTravel Forward: Data, Insights and Trends for 2025 - PhocusWright2025 What to Watch - Business Travel NewsYour Guide to 2025 – Problems to be fixed and trends no one is talking about yet - WIT / Web in Travel12 technology and CX trends that can enhance airline and airport operations in 2025 - Future Travel Experience

In part 1 of our exploration of M&A trends in the travel sector, we talked to the bankers and advisors who have a front row seat to the circus that is the M&A process. Given this is their job day-in and day-out, they have a deep understanding of the steps involved in buying or selling a business, can anticipate the gotcha’s and stumbling blocks, and are primed to help their customers avoid pitfalls that can unexpectedly snag a deal.Now we turn to the other side of the table and talk to the founders for their perspective on the exit. Since most founders will only experience an M&A event once or twice in a career, there is considerable information asymetry in the process. Exits can also take many different forms, depending on who’s buying, whether the startup is bootstrapped or venture-backed, and what’s actually being sold.We talked to three travel startup founders who have gone through this process (a couple of whom have done it multiple times), to hear what their experiences were like, lessons learned, what they might have done differently, and what their exits enabled them to go on to do next. Because after all, an exit is just an entrance to somewhere else.FollowsGilad Berenstein — hostCara Whitehill — hostSarah Dusek — guestSam Shank — guestJeroen Van Velzen — guestGo DeeperThinking Bigger - Sarah DusekThe Art Of The Founder Exit - ForbesWhy Founders Are Afraid to Talk About Exit Strategies - Harvard Business ReviewWhat Founders Need to Know Before Selling Their Startup - Harvard Business ReviewEuropean founders are thinking more creatively about exits. Here are some of the options - SiftedExit strategies: When to sell and not to sell - Silicon Valley Bank

Dining out, room service, fine dining, continental breakfasts, a fancy cocktail, and food and drink in general have always been a part of the travel experience and hospitality offering. Today more than ever before Michelin Stars, hidden gems, street eats, food tours, cooking classes, Agriturismo, and gastropubs are the central aspirations of an enormous percentage of the traveling public.As we learned from 100’s of millions of travelers at Utrip, for most Americans, and everyone else too, most trips revolved around food, drink, and relaxation. But even though we all know this, for some reason the arena of F&B Tech and Restaurant Innovation are often absent from major conversations, conferences, and events within our industry.To begin to address this hole in our conversation, and to learn from the incredible innovation sweeping through this industry, we are excited to dig into all things Tech and Innovation in the restaurant space.To kick off this conversation, we decided to slightly change our format and split this episode into two conversations. First, we will be joined by David Peller. David lives and works in Singapore, a region much more focused on restaurant tech than the American startup market. In his various roles, David invests in, sits on boards of, and helps lead both restaurants and restaurant concepts themselves and many technology companies innovating in this space. So he is the perfect person to give us a high-level overview of the scope and breadth of the innovation landscape in F&B on both the restaurant side and Technology company front.And after that we will dive into the deep end with a conversation with 3 innovators working directly within these themes to learn what's actually going on, how meaningful it really is, and what lessons the rest of us can take.FollowsGilad Berenstein — hostCara Whitehill — hostDavid Peller — guestWiggs Civitillo — guestUrsula Siker — guestMarc Zornes — guestGo Deeper2025 Food Industry Tech Trends: AI and Supply Chain Solutions Lead Investment Priorities - Food Industry ExecutiveEmbracing Advanced Tech In The Food And Beverage Industry, Part 2: AI And Automation - Forbes6 Technologies That Boost F&B Revenue - HospitalityNetAI M&A Wave Coming in the Food and Beverage Sector - Mergers & AcquisitionsWhat are the barriers to innovation in food and beverage? - Food Navigator

We’ve spent a lot of time on the pod talking about startups, and now we’re going to shift gears to talk about the finish line, and what the climate is looking like for exits. The IPO market has been virtually non-existent the past couple years, and M&A activity (particularly for Big Tech) has been stagnant.That said, there is a ton of capital sitting on the sidelines, seemingly ready to jump in when conditions improve. Coupled with the volume of early-stage companies that have matured from concept to commercialization since the pandemic, this combination of dry powder, lower interest rates, and a new administration taking over that is anticipated to be more deal-friendly all seem to point to conditions ripening nicely for more M&A activity.So, what does the state of M&A look like in the travel tech sector heading into 2025? Is the market open for business again, and if so, who is buying what?FollowsGilad Berenstein — hostCara Whitehill — hostMorgann Lesne — guestRoopak Pati — guestJonathan Weibrecht — guestGo DeeperVenture Buyouts: Look Where Other Investors Aren’t Looking - Substack: The CapitalistEurope could lead the world for travel tech but needs more ambition says leading investment banker - Breaking Travel NewsPlay or be played: M&A consolidation in corporate travel - BTN EuropeLeisure M&A: Travel deals are back! - BDO UKWhat's driving the resurgent M&A interest in the travel sector? - TravelTrade Gazette

The fintech sector has expanded massively beyond its origins as a way to modernize and connect the plumbing across the various segments of the financial services world. The intersection of fintech and travel — the “Financialization” of the travel sector — is leading to some incredibly interesting applications that help consumers find value and help merchants more efficiently serve those consumers. Alternative forms of payment, loyalty program extensions, creative new approaches to funding travel purchases and insurance-type products that help travelers protect their trip investments are all popular examples of this trend.Now we’re seeing the convergence of fintech and travel in the reverse direction — call it the “Travelization of Finance” — where deep integration of travel offerings into financial services platforms is unlocking opportunities to explore the world that previously wouldn’t have been possible for many. Unlocking the spending power of things like rent and healthcare expenses, or creating new credit alternatives for pre-credit customers are activating new demand channels for travel sellers that they couldn’t reach before.Tune in to our latest episode to hear from guests Ankur Jain, Founder & CEO of Bilt Rewards, and Hussein Fazal, Founder & CEO of Super.com, are pushing the cutting edge forward in this unique moment of digital transformation between travel and fintech.FollowsGilad Berenstein — hostCara Whitehill — hostAnkur Jain — guestHussein Fazal — guestGo DeeperHow Fintech Companies Are Progressing in the Travel Space - PhocusWireSuper apps’ secret sauce - PhocusWrightMeet The Fintech Billionaire Making A Fortune Rewarding Home Renters - ForbesThe rise of the theme-based super app - FinextraTravel Disruptors: Bringing fintech to travel booking - McKinsey & CompanyWhy is FinTech in Travel accelerating while slowing down elsewhere? - LinkedIN

It might be hard to tell at times, but we’re in the midst of a renaissance when it comes to the air travel experience. Everything from the aircraft we fly to the routes they take to the in-flight experience is getting a major redesign. The pandemic and subsequent Infrastructure Act provided the downtime and funds for our airports to get badly needed investment, enabling them to modernize their operations and overhaul the passenger experience into something that is actually pleasant. While it’s been over 30 years since the last flight of the Concorde, new aviation technology is opening up alternative modes of transport that will make getting from here to there faster, cheaper, more accessible and more climate-friendly.FollowsGilad Berenstein — hostCara Whitehill — hostPasha Saleh — guestBrian Cobb — guestGo DeeperAlaska Airlines’ venture lab spins out its first startup: Odysee - TechcrunchThe Future of Aviation Report - ICAOThe race to become the world’s first document-free airport - CNNSupersonic passenger planes 1 step closer to return after successful Boom XB-1 test flight nears sound barrier - MSNExploring the Future of Urban Air Mobility (UAM): Key Concepts and Innovative Technologies - Sustainable ReviewThe future of air mobility: Electric aircraft and flying taxis - McKinsey & Company

We’ve talked a lot on the pod about the mythical Connected Trip concept, and the vision for a unified travel experience across all the different touchpoint throughout the journey. One that is personalized and understands the context of the trip — is it for work or for fun, with family or solo, international or local — and what type of support we might need throughout the journey.One key foundational element of this vision is the concept of identity: who you are, what are your preferences, and what relationships do you have with the various suppliers and service providers that are part of the experience.This is one of the last few areas of the travel industry that hasn’t gone through a full digital transformation yet, but with the advances in AI, Gen AI and the evolution of cloud- and services-based architecture, it sure feels like all the ingredients are there. So where are we now with the concept of digital identity and a universal travel profile that can finally unlock a smoother, slicker journey?FollowsGilad Berenstein – hostCara Whitehill - hostVikas Bhola – guest Go DeeperDigital identity models: What’s next for secure and seamless travel? - World Economic ForumDigital travel and decentralized identity reveal the value of simplicity - IndicioHow Verifiable Credentials and Digital ID Will Transform Travel - PhocusWireTravel And Mobile Are Driving Decentralized Digital Identity (DDID) Growth - Forrester [$]Decentralized Identity Foundation Hackathon Kicks Off With Travel Solutions Track - PhocusWire

Last season we took a deep dive into the venture investing scene here in the US, including the different approaches taken by corporate ventures teams and institutional funds, and the growth of new platforms like studios and accelerators.Now it’s Europe’s turn. We’ll take a look at the European venture scene and what investors are seeing on that side of the pond. Valuations, M&A activity, implications of governmental regulation, and fundraising trends for both VCs and startups.The ecosystem across Europe and the UK is has taken a big step forward in its maturity, with the rise of travel tech “mafias” as the unicorns like Booking and Get Your Guide spawn the next generation of startup founders with the recycled cash from those exits. Coupled with the strong corporate venture capital (CVC) foundation and the commitment by governments to support their startup ecosystems, it seems this market is flush with the alchemy of funds, talent and ideas to position it for some incredible growth.We talk to some of the big brains who are actively investing across the UK and EU to hear what they are most excited about.FollowsGilad Berenstein – hostCara Whitehill - hostMichael Trescow – guestBobby Demri – guestBeat Blaser - guestGo DeeperThe Travel And Mobility Tech Sector Attractiveness Report - TNMTThe EU AI Act: A Critical Analysis of Its Potential Impact on Innovation in Europe (and Benefits to the US) - LinkedINEuropean startups and policy: Navigating challenges, harnessing opportunities - EU-StartupsVCs torn about European startups’ M&A path - Sifted [$]Europe’s Venture Capital Scene Is Narrowing The Gap With The US Despite Global Investment Slowdown - ForbesStepping Up Venture Capital to Finance Innovation in Europe - IMF

Ancillaries! It’s such a nebulous term for the travel industry that it’s incredibly hard to figure out exactly how big the market is — but we know it’s massive and getting bigger by the day.In some cases, what we refer to as ancillary products are actually the primary reason for the trip to begin with! Think Disney park tickets or the surfing lessons you booked for that major milestone birthday trip.In other cases, they’re things we used to get for free before folks like RyanAir realized they could charge for them separately — like seats on the plane or bringing your luggage with you.We’ve also seen the rise of ancillaries as an intersectional business model, where certain services can be sold as either a standalone offering or as a value-add option bundled with other components of the trip — like car rentals and in-destination tours and activities, or even travel insurance.An even newer segment of the ancillary market is creating entirely new categories of demand, packaging things like hotel amenities into day passes for local customers.Are ancillaries still “ancillary”, or are they becoming the main dish?FollowsGilad Berenstein – hostCara Whitehill - hostElad Schaffer – guestMichael Wolf - guestGo Deeper2024 CarTrawler Yearbook of Ancillary Revenue – Report - IdeaworksAirlines are pushing ancillaries to boost revenue, but offerings slow to come - PhocusWireHotels figured out they were leaving money on the table. Enter the paying non-guest. - Hotels MagShaping Airline Retail: The Unstoppable Rise of Airline Ancillaries - OAGFrom Base Stays to Premium Experiences: How AI is Redefining Ancillary Revenue Generation for Hotels - HFTP

Corporate travel has been ripe for disruption for quite some time, so why is it taking so long?Road warriors hate the tools they are compelled to use (and frequently bypass), travel managers hate the cat-and-mouse games they have to play to enforce policy on their employees and to police rates and configuration rules with their TMC partners. Suppliers hate the complexity involved in getting the right offers to the right customers. TMCs hate the goat rodeo of program leakage and shoe-horning new technology services on legacy tech platforms.We’ve seen some innovation around the edges, but it comes in fits and starts and struggles to realize the transformative traction that truly shifts the paradigm. Is it a technology challenge, a commercial challenge, or a bit of both? Will disruption come from the travelers themselves — a new generation of road warriors that refuses to go along with the status quo? Will suppliers finally gain the upper hand over intermediaries via NDC or direct booking commercial arrangements? Will AI be the straw that breaks the back of legacy tech platforms that simply can’t keep up?Who is leading the way, and when will we get there?Follows:Gilad Berenstein - hostCara Whitehill – hostSteve Singh - guestGo Deeper:Hotel Chains Bet on New Ways of Selling to Corporate Travelers - SkiftFormer Expedia exec’s startup uses AI to help smaller companies book travel - TechcrunchTransforming Corporate Travel: An Open Roadmap to Fixing a Broken System – MadronaBlockskye Ready for the Long Journey to Transformation – Business Travel NewsBusiness Travel Would Be Booming—if Flying Weren’t So Miserable – Wall Street Journal [$]

Following up from our Season 1 episode on the investor perspective in travel tech, we bring you the latest from the front lines of venture capital and corporate innovation.What, if anything, has changed for the ecosystem in the past year? Are we bullish or bearish on where the innovation market is heading for travel, hospitality and mobility? If you’re a startup in this space, how should you be thinking about fundraising now? And if you’re heading up innovation within a corporate enterprise, how can you best capitalize on the new ideas coming to market so you don’t get left behind?For this episode we hosted a Salon featuring some of our good friends in the investing community, Gaurav Tuli (Partner, F-Prime Capital), Suzanna Chiu (Head of Amadeus Ventures) and Katelyn Foley (President, UP.Labs, to break down what they’re seeing, what they’re excited about, and how they each approach investing in innnovation in the travel sector.We also shine a light on some of the alternative models available for fundraising and innovation, digging into the differences in models among traditional venture capital, corporate venture capital, accelerator programs and the venture studio model. Each of these approaches may work better (or worse!) for a given type of startup or corporate innovation team, so we break it down for you.Finally, we hear from our guests what areas they are keeping a close eye on and where they are most excited to invest.Follows:Gilad Berenstein - hostCara Whitehill - hostGaurav Tuli - guestSuzanna Chiu - guestKatelyn Foley - guestGo Deeper:Travel Startup Funding Peaked Pre-COVID. Now TravelPerk And Others Are Scaling Up, CrunchbaseDeep Dive: Understanding the Venture Studio Model, VC StackThree essentials of successful corporate venture capital, McKinseyWhy corporate venture capital programs are more important than ever, EYThe Travel And Mobility Tech Sector Attractiveness Report 2024, Lufthansa Innovation Hub and TNMT

The season finale is here! Episode 10 wraps up with some special guests to help us check in on the latest goings-on among all the hot topics we covered in Season 1. Cliffhangers abound...What's next with NDC, loyalty program changes, regulatory trends, and all things AI? Luxury and Zillennials, venture capital funding (or lack thereof?) and the future of destination marketing are all looking a little different from when we covered them just months ago.Thanks to Friends of the Pod Janette Roush, Daniel Green, Tiffany Funk, Bobby Demri, Michael Levinson, Zach Demuth and Paul Tilstone for sharing your thoughts with us!And a special thanks to our fabulous producerZach Vanasse for serving as maestro for this little endeavor.Catch the latest episode below and stay tuned for season 2 this summer!Follows:Gilad Berenstein – host Cara Whitehill – host Bobby Demri – guest Zach Demuth – guest Tiffany Funk – guest Daniel Green – guest Michael Levinson – guest Janette Roush – guest Paul Tilstone - guest

This week we continue our deep dive into what we know so far about AI, and how it’s being used, being disruptive, being overestimated and perhaps underestimated across the travel ecosystem. In our last episode we spoke to two startup founders who have incorporated AI into their applications to get the perspective of the early-stage company and how AI is changing the landscape for these new players.Today we talk to two leaders from the other end of the spectrum, Marilyn Markham of AMEX Global Business Travel, and Shane O’Flaherty of Microsoft, to hear how the big guys are tackling the opportunities presented by AI. While they may have far more resources than the startups we talked to, they face many of the same questions on where and how to deploy AI, what use cases are best suited for it, and finding the discipline to treat AI as one of many tools in the toolkit.The build vs. buy vs. partner question is front and center with these larger enterprises. While they may have considerable resources to deploy toward building their own proprietary AI-based solutions, it’s not always the most efficient path given opportunity costs, skill sets, and layers of organizational prioritization that have to be navigated. This creates some interesting opportunities on the buy and partner side of that decision where smaller startups and specialists can find traction (and our guests share some good tips for making that process work!)Finally, datasets, frameworks, governance, talent and learning processes are all of paramount importance for mapping out an AI strategy — whether you’re a massive enterprise or a lean startup.Follows:Gilad Berenstein - hostCara Whitehill - hostMarilyn Markham - guestShane O'Flaherty - guestGo Deeper:How Travel Companies Can Use Generative AI as a Strategic Advantage - PhocusWireAI: How Carriers Are Using Artificial Intelligence To Optimize Cost Reductions & Operational Efficiencies - Simple FlyingThe Monk Who Thinks the World Is Ending - The Atlantic [$]Air Canada Ordered to Pay for Its Chatbot’s False Info - Skift5 ways CIOs can help gen AI achieve its lightbulb moment - CIO

It’s been a little over a year now since ChatGPT burst on the scene like a cannonball into a pool, soaking us all. The initial waves have settled down, giving us a chance to see what kind of ideas and applications are making the best use of this fascinating technology. And while AI isn’t exactly new, the democratized access to it that ChatGPT introduced means virtually anyone can make use of large language models and generative AI tools without needing a PhD.This expanded access in turn is driving the early commoditization of a sophisticated technology, making it even cheaper to incorporate into all aspects of business. It’s unlocking innovation and reducing barriers to entry in a similar way that cloud computing did in the Web 2.0 era, and the internet did for Web 1.0. The ability to hoard teams of engineers and data scientists is no longer the moat it once was. It’s still early days, though, and there is a lot of runway yet to travel. Joining us for part 1 of our deep dive into the state of AI in travel are two startup leaders operating in this rapidly evolving space, Andrei Papancea, CEO and Co-Founder of NLX.ai, and Stephanie Daniel, CEO and Co-Founder of  Legends.Follows:Gilad Berenstein - hostCara Whitehill - hostAndrei Papancea - guestStephanie Daniel - guestGo Deeper:The promise of travel in the age of AI - McKinsey9 Months Into the GPT Era, What Has Travel Learned? - PhocusWireHumans at the heart of generative AI - MIT Technology ReviewAsk Skift: the AI Chatbot to Answer All Your Travel Industry Queries - SkiftTravel Early Adopters Share Lessons After Year With Generative AI - PhocusWireHow AI is disrupting the luxury experience - Jing Daily

The way we travel has evolved pretty dramatically since the pandemic. The traditional “Dream/Plan/Book/Go/Share/Repeat” lifecycle has essentially been replatformed as a result of macro trends like the shift to remote work, multiple rounds of stimmie checks, a growing loneliness epidemic, and an acute appreciation for authenticity and sustainability in the travel brands we engage with. We have more time, more money, and more desire to see the world, and we want to do it on our terms.We’re also seeing the stratification in how different generations of travelers are engaging across that travel lifecycle. The “zillennial” demographic (short-hand for the younger millennial and Gen Z crowd that came of age as digital natives) skews more heavily toward social commerce as its preferred platform for researching, planning, buying and sharing their travel experiences. This shift to social commerce is introducing a host of new challenges and opportunities for brands when it comes to attracting and cultivating relationships with an audience that promises to travel more, and more differently, than their older Millennial, Gen X, and Boomer counterparts.So in today’s episode, we dive in to what exactly social commerce is, how it differs from the more traditional approach to travel marketing and engagement, what brands and startups are at the forefront of this evolution, and how legacy travel players should think about the implications on their marketing strategy.Follows:Gilad Berenstein - hostCara Whitehill – hostKonrad Waliszewski – guestShir Ibgui - guest Go Deeper:Gen Z: The generation that knows how to make the most out of travel, BankrateGen Zers and millennials get travel right. Here’s their recipe for the ultimate vacation, FortuneGen Zs don’t have a lot of money, but they’re traveling anyway, CNBCLatest Trends in the Travel Industry Among Gen Z & Millennials, MarketcastGen Z Is Poised to Reshape the Travel Industry, MorningConsult [$]Report: The State of Student and Youth Travel in 2023, StudentUniverse

The loyalty program as we know it was pioneered by American Airlines over 30 years ago. A lot has changed since then. As travel has become commoditized in many areas, suppliers and retailers have become more innovative and creative about attracting, retaining, and rewarding customers. While customers have become savvier about maximizing and sometimes even gaming the system. The premium credit card companies have added their own layers of complexity. And of course, the pandemic accelerated many changes to the structure of loyalty programs that were already being tested.So what does the state of loyalty look like in travel today and where is it heading? How do brands think about lifetime value, rewards, and community? How is that changing with the increased focus on Gen Z and millennial travelers? In an environment where nearly everyone has some form of “elite” status and loyalty points as a currency can get devalued, what exactly are travelers “loyal” to anyway?And what are the most innovative brands in our industry doing about it? Innovations that include traditional loyalty offerings but go much further with subscriptions, personalization, and more.We talk to two experts who have the inside scoop on what loyalty means in travel these days.Follows:Gilad Berenstein - hostCara Whitehill - hostBrett Catlin - guestRyan Smith - guestGo Deeper:Travel invented loyalty as we know it. Now it’s time for reinvention. / McKinseyWhy I Won’t Chase Airline Status, The Points GuyThis luxury hotel group wants to charge you $200 to join its loyalty program—it just might be worth it, Fast CompanyU.S. to Investigate Airline Loyalty Programs, SkiftToo many elites: Why you might want to be a free agent and skip elite status next year, The Points GuyAlaska Airlines Debuts Subscription Model for Flights - Skift

To paraphrase Lenin (Vladimir, not John), “there are decades where nothing happens, and then there is NDC”. For those of us who have worked in travel tech for more than a few years, it may feel like decades are suddenly happening in months, if not weeks.And it’s not just technology innovations like NDC and AI that are shaking things up. The pandemic gave many companies breathing room to experiment with new commercial models that give their businesses more solid footing to ride out unexpected economic dislocations like Covid, as well as more evolutionary changes to the industry.The agency model in particular (both corporate and leisure) is facing disruption from multiple angles. Suppliers are testing social commerce channels and moving budgets away from traditional paid advertising like Google and metasearch players. Loyalty programs are shifting from usage-based points earn to spend-based status tiers. Subscription models and membership programs are gaining traction in surprising new corners.What does all this turbulence mean for the traditional supplier, agency and distribution ecosystems, not to mention ad-based models like metasearch and Google that have dominated budgets? What will the travel world look like once these new commercial models take hold, and who will be the winners and losers?We’ll talk to two experts who weigh in on some meaty topics: NDC to the rescue? The future of the GDS…is there one? The next gen distribution model: lower costs, higher prices, more value Subscription v. transaction models The impact of AI on new commercial models: packaging, personalization, ancillaries and service The emergence of social commerce channels and new types of travel sellers: is this the end of the OTA as we know it?Follows:Gilad Berenstein - hostCara Whitehill - hostJeff Klee - guestAlice Ferrari - guestGo Deeper:ASTA continues public fight with American Airlines - TravelWeeklyFor Amex GBT, NDC Takes A Village And 162 Items To Solve - The Beat [$]CitizenM Looks for Emotional Connections Through Fledgling Subscription Model - SkiftInfluencers and Social Commerce in Travel - PhocusWireTripadvisor Plus Is Case Study in Online Travel Hype - SkiftHow Influencer Content is Reaping Rewards for Travel Companies - PhocusWire

The luxury travel segment has always been about high-touch service and premium experiences. In a rapidly changing post-pandemic world where AI turns the service model upside down, over-the-top experiences collide with sustainability concerns, and a renewed appreciation for authentic engagement fosters an even more fragmented landscape of travel providers, what does that mean for the luxury market?In this episode, guests, Stuart Greif, Chief Innovation and Strategy Officer at Forbes Travel Guide, and Jim Bendt, owner of Pique Travel, a luxury travel agency in Minnesota, join the pod to share their unique perspective on the future of luxury travel.It’s a segment of the market that is challenging its own traditional ideas, welcoming new and different types of travelers and experiences, and diving into new technology with both feet.What exactly is “luxury travel”, anyway?The intersection of high touch and high techWhat does the “Connected Trip” mean in a new AI-driven worldCan luxury travel be sustainable?Who is the luxury traveler? It might not be who you thinkFollows:Gilad Berenstein - hostCara Whitehill - hostStuart Greif - guestJim Bendt - guestGo Deeper:Trend Report: What We Learned at Virtuoso Travel Week 2023 VirtuosoCan Luxury Travel Be Sustainable? Sustainable Travel InternationalGen Zs don’t have a lot of money, but they’re traveling anyway CNBC8 things to know about the future of luxury travel The Points GuyFuture of luxury travel: The latest trends shaping the luxury travel industry Deloitte

When it comes to sexy startup ideas, the travel sector usually ranks at the head of the class. Nearly everyone travels, and thus can relate to the pain points that stem from the challenges inherent in an industry driven by legacy tech platforms, fragmented data, and unsophisticated business models. It’s an industry desperate for disruption.Even so, travel startups tend to get the side-eye from most VCs — despite spawning two of the most disruptive startups in the past decade in Uber and AirBnB. What is it about travel that makes it so tough for startups to get VC funding? Are there alternatives to VC worth exploring, or should we look for ways to repositioning travel startups to make them more enticing for VC investment?In this episode, we chat with Chris Hemmeter, Managing Director of Thayer Ventures, the leading venture firm focused on travel, transportation and hospitality innovation, to get his perspective on why venture is challenging for travel startups, what he’s most intrigued by, and his advice for founders in the sector as they build and scale their companies.Being thesis-driven vs. opportunisticThe role of the strategic LPAre travel startups “VC-able”? Or do they need a re-brand?Is corporate venture a viable path in lieu of institutional VC?How do you create “alpha”, the value-add superpowers you bring that other VCs can’t match?Is venture capital the right answer? If not, what is?What’s exciting on the travel tech investor horizon?Follows:Travel Tech Insider podcastGilad Berenstein - hostCara Whitehill - hostChris Hemmeter - guestGo Deeper:Travel Startups: Disruption From Within? McKinseySo many great Travel Tech startups with so few Venture Rounds Gilad Berenstein, LinkedINDo You Need Venture Capital? PhocusWireTop Travel VCs on Opportunities and Challenges for Innovation, Fundraising PhocusWireThe Travel and Mobility Tech Sector Attractiveness Report Lufthansa Innovation Hub and TNMT

Destination marketing is one of the biggest forces powering the travel industry that we rarely talk about. It’s the Goliath economic influencer hiding in plain sight, using its invisible hand to directly and indirectly guide the way we think about where to travel, how to travel, and what we do once when we get there.And it’s an industry in tremendous flux: Covid, “revenge travel”, rising interest rates, stimmy checks, overtourism, the ‘work from anywhere’ trend, sustainability, war, Gen Z & the influencer demographic, TikTok and (of course) AI have all had an impact on how destinations position themselves to their various constituencies.How are destinations managing this revolution in their business? Guests Dr. Richie Karaburun of NYU’s Tisch Center of Hospitality and Rafat Ali, founder of travel trade media outlet Skift, join the pod to talk about the places and institutions leading this next generation of destination marketing, how to address ethical concerns with tourism, and how technology is creating new approaches to influencing where and how we travel.Destination Marketing: bigger than you thinkDestinations as products, destinations as brandsAre we over overtourism?What does “sustainability” mean for a destination?Making the pie bigger: how are destinations expanding their focus on inclusivity?Technology: AI, TikTok, personalization vs. mass marketIs tourism a force for good?Follows:Travel Tech Insider podcastGilad Berenstein - hostCara Whitehill - hostDr. Richie Karaburun - guestRafat Ali - guestGo Deeper:Destinations International organizationArchitects of Destination Advocacy podcast by Destinations InternationalSkift Tourism Skift’s hub for destination marketing & tourism coverageMesa recognized as one of the most accessible destinations by travel booking app AZ FamilyNYU SPS Tisch Center of Hospitality, Destinations International collaborate **Hotel ManagementDestination organizations: Supporting the tourism industry, sustainable travel, and more HospitalityNet

Guest Mark Farrell joins the pod to talk about balancing the need for innovation against the need for regulatory guardrails to keep us safe and ensure fair competition.Mark is uniquely qualified to weigh in on this topic given his role as Managing Director at Thayer Ventures, a leading VC firm focused on the travel, transportation and hospitality sector, and his prior experience in government as a former San Francisco Mayor and City Supervisor. His time in politics coincided with the emergence and rise of Uber, Lyft, and AirBnB, giving him a front-row seat to this exact battle.We dig in to a number of juicy topics:Lessons learned from his experience with Uber, Lyft and AirBnBThe perspective of regulators, what their objectives are and what they need from the private sector in order to do regulation rightHis recommended playbook for startup teams on how best to engage with regulatory authorities in a constructive wayWhat does the regulatory environment look like for current innovations like AI and driverless vehicles in these early daysWhy politics can be a rewarding path, and why it’s so critical that we get more technology brains into government at all levels