Tourism and travel are included among the opportunities “to go after” for aspiring entrepreneurs, investors and professionals, according to a report on “Entrepreneurship and Investment Opportunities in Greece Today” issued by Endeavor Greece.
The report presents facts on new business activity and defines the extent to which Greece’s growth model has shifted since crisis started. It leverages research and interviews with experts of Endeavor’s network to validate specific areas of opportunity.
Tourism & Travel
Endeavor points out that in tourism and travel, Greece’s starting point is a largely uncompetitive, unsophisticated and mono-thematic product, severely constrained by current liquidity drainage, but still with huge growth potential.
According to the report, entrepreneurial and investment opportunities in Greece’s tourism and travel sector are driven by 5 trends and needs:
– Need for total upgrade of product offering to compensate for higher cost compared to neighboring countries but also for clearer distinction between the various traveler segments: budget/mass, upscale, luxury. This upgrade will entail acquisition and restructuring of old units, better management and services in existing units, but also new targeted developments in certain geographical areas and thematic segments.
– Need for higher sophistication and infrastructure in less traditional, but rapidly growing products, e.g., cruises, sailing/yachting, mixed-use resorts integrating golf courses, vacation homes and/or marinas.
– Need for better services beyond accommodation to create a holistic experience to the traveler and establish links with other locally relevant activity, e.g., in food sector or culture. This could include B2B services to accommodation or cruise providers – which could then be promoted to the end customer – but also direct B2C services.
– Need for more sophisticated support services and customer care, covering pre-visit experience, booking and transportation.
– Need to utilize technology to allow disinter-mediation. Online marketplaces can facilitate exchange between customers and service providers, and analytics technology can offer tailor-made, locality-driven experiences. This could include not only domestically developed communities but also support to local providers to establish reliable presence in international schemes, such as AirBnB.
It should be noted that Endeavor’s report does not focus on public policies required to bring about change but it is about entrepreneurs that emerge to capture potential; it is for investors and institutions that are eager to back them.
For the complete report, click here.