Lucerne (TAN): Innovative digital business models are constantly changing the travel, tourism and hotel industries.Such changes force organizations to question established old structures in order to remain at the forefront of their sectors.
The 6th World Tourism Forum Lucerne (WTFL), which took place on May 2 and 3, discussed three broad topics: innovation, the innovators and diversity management.
Over 550 participants from 80 countries took part in the discussion, which clearly demonstrated that digital transformation is leading the tourism industry into the future. This has a great impact on the skills needed by businesses in the industry.
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In her presentation, Karolin Frankenberger, professor of Strategic Management at the University of St. Gallen, outlined the dramatic changes in the tourism industry. She said: “New start-ups in particular have turned the industry upside down with their disruptive business models. In addition to well-known names such as Airbnb, Booking.com and Uber, new business such as GetYourGuide have emerged.”
“The core of transformation is the development of a new disruptive business model. Start-ups benefit from the absence of a long history, which limits agility and often makes innovation difficult. Established companies, on the other hand, have a legacy and an existing business model that has already achieved results,” she said, adding that established companies must learn to develop innovative business ideas.
Stating that implementation was central, Frankenberger said: “Most ideas fail in the execution phase.”
Human capital has always been the key and this is becoming increasingly more central in the digital world. People determine the future of a company with their skills, commitment and self-identity. Human capital is key also means that individuals view their job as a vocation. It is therefore a matter of discovering new talents and offering them the right opportunities. Kate Walsh of Cornell University presented her research on this subject.
“The future belongs to those companies whose managers have recognised that working methods need to be redesigned, that know how to promote the agility of each individual and thus their commitment and that further know how to inspire talented individuals,” Walsh said. “It is about how expert knowledge can be used or retained for a company. We need a new approach to the new working environment.”
More than 30 lectures, panel discussions, presentations, start-up pitches, award ceremonies, workshops and parallel sessions took place during the World Tourism Forum Lucerne in the KKL and other locations in the city such as the Hotelfachschule Luzern. The guest destination was Ras Al Khaimah.
The 4th Start-up Innovation Camp 2019, which took place in the run-up to the WTFL, saw five winners being selected by an international jury from 15 finalists. A total of 250 start-ups from 56 countries had applied. The winners are Trip Boutique, Zurich (Destination), Prognolit, Winterthur (Hospitality), RoomPriceGenie, Zug (Transaction), KITRO, Zurich (Impact) and EuroTube, Zurich (Mobility). In addition to prize money of 20,000 US dollars, the winners benefit from a 2-year coaching programme run by experienced managers and entrepreneurs.
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“The WTFL is the only platform that brings together start-ups, young leaders and students with investors, government ministers and CEOs,” ETFL CEO Martin Barth said.
The World Tourism Forum Lucerne is a platform where the world’s leading tourism, travel and hospitality companies meet to shape a more sustainable future for tourism. It provides decision-makers with in-depth insights into the core themes of the tourism industry and a unique global network. The World Tourism Forum Lucerne is the only platform to integrate start-ups, young executives and students into one program.
