Disruption is a word that you tend to throw around when it isn’t clear where you should be heading. The companies below represent aggressive and early leaders in driving disruption through technology that led to full-blown market transitions.
Many of these companies had nothing to lose, or more importantly, to protect, when they launched. As they’ve grown, you can see that continued disruption comes from their culture leveraging technology and data to accelerate their business. In many cases, they end up disrupting their own products or services before their competitors.
The interesting question is how did the leaders in each of these industries leverage their strengths to compete? Did they bring lawsuits over intellectual property or did they innovate? Did they discover a way to accelerate the transition through their existing customer base or did they try to capture every last dollar they could from customers before it was too late? Did they reimagine their business and how it should look to compete or did they react once they were forced to? It’s already clear that GM, Ford, VW and others are focusing on electric vehicles as well as autonomous driving. Today, this clearly seems like a smart move but is it too late? To answer that, we need only to look at some sales numbers for the vertical segment that Tesla competes in.
What is the market transition we see occurring in Serviced Apartments? It is the idea that technology can connect people and information so much easier than before. Information is real-time and anything you need to accomplish is available right there on your mobile device. Airbnb is a major catalyst for this transition in the accommodations space, and the list goes on and on, as there are countless consumer platforms making a profound effect on how individuals find accommodations globally. Serviced Apartments have an important characteristic, though, that is lost in these consumer platforms: Service.
Since starting Urbandoor, our focus has been entirely on building a platform that could help grow the global serviced apartment industry through this differentiation. This started with us learning and working with the full supply chain from corporate housing companies to multi-family operators. It also required us to build a team that understood the needs of Relocation firms and Travel Management companies, as well as corporate travel and mobility managers.
After speaking and working with some of the best providers in Serviced Apartments, I am excited to see that many recognize the market transition and are actively looking at how to leverage their strength in service to capitalize on it.
Many people look at technology as the center. The reality though is that without people doing incredible work every day, technology is only an enabler. This is why it’s incredibly important to make sure your business does two things.
Understands the role of technology vs. service
Leverages technology that understands service