SBE Entertainment Group founder and CEO Sam Nazarian said the hotel industry must connect with Gen Z travelers or risk losing them long term to competitors such as Airbnb.
Today, the growing expectation is that in the hospitality industry we are orchestrating experiences. This demands a deep understanding of our targeted audiences and the longing to surprise and delight – creating those unexpected moments where expectations are exceeded, and people feel cared for genuinely. This is what experience orchestration is all about.
As more and more technology startups enter the hospitality market, 'innovation' and 'disruption' have been the talk of the industry, but what do these terms actually mean? Whereas innovators develop 'new products, processes, or business models to create value for customers or employees, 'disruptors,' according to Professor Kim, take it a step further by 'significantly [changing] how the industry works.'
The program, now in its seventh year, is expected to begin in July and conclude with a Demo Day in the fall. Applications are due by May 13, 2022.
New Wharton research has good news for companies facing a disruptive innovation in their industry: Disrupters and incumbents sometimes end up as collaborators, rather than one displacing the other.