Corporate Innovation

Introduction

In such a vast and changing industry, how are corporates tackling the growing number of disruptive venture competitors?  

It’s a cross-industry fact that corporates struggle far more with innovation in comparison to early-stage ventures, and it can be a slow process – but there’s no denying it’s a strategy that’s vital to survival. Airbnb, who caused one of the biggest shake-ups in the industry, have already moved on from a startup to an established business making 15 acquisitions in the last 5 years alone. 

Efforts to adapt and innovate are numerous and varied, but can be split under three key strands: Build, Partner and Buy. The following section offers a snapshot into the corporate innovation we’re tracking, including timelines of recent activity and spotlights on some of the corporates making the biggest impacts.

 

The Ecosystem

Innovation for any industry acts as a petri dish-style experiment of methods, processes and models. For large companies it provides a bird’s eye view into what’s happening, and ultimately what works and what doesn't. The challenge thereafter is deciding the next move.

With the pressure for travel corporates to compete with the innovative new ventures on the scene, corporates are investing in to new strategies with a matter of urgency. 

The efforts are varied and therefore difficult to compare and contrast. That said, they can generally be distilled into three main strands – build, partner and buy. 

Choosing the right strategy, or combination of, at the right time is challenging. Each avenue has benefits and risks in abundance and corporates must be prepared to fail and learn along the way. 

Truly disruptive innovation can only be achieved by gaining an honest understanding of the disruption and emerging trends occurring across the industry. 

 

Build, Partner or buy?

BUILD

Incubators
Labs
Startup studios
Discrete internal teams

PARTNER

Proof of concepts
Venture collaborations
Corporate partnerships

BUY / INVEST

Owned accelerators
Venture investments
Venture acquisitions

Disruption tracking

Innovation, with a particular focus on Traveltech, is now firmly on the boardroom agenda. A flurry of strategic activity is taking place from startup partnerships and investments, to innovation lab and accelerator launches. However, without the knowledge of what is going on around them, careful planning and exceptional executions, such strategies will rarely produce a successful output for businesses.

The following pages showcase a number of corporates that are driving innovation, embracing new technologies and staying ahead of the curve.

 

Timelines

Full report - 45 min read

Traveltech Trends 2017/18, showcases the latest global technology trends and investments in the travel industry; profiling the world’s Top 150 startups and agile corporates reimagining today’s products, services, and business models.

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Summary report

Traveltech Trends 2017/18 summary report reveals the key trends and the game-changers to watch.

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