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Jonathan M. Tisch Center of Hospitality
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April 2023
Dear Mentors, Investors, and Entrepreneurship Students,
Welcome to the April edition of the HI Hub newsletter!
We are celebrating many holidays this month, Easter, Passover, and Ramadan, happy holidays to all who celebrate. Life should be all about celebrations!
We are excited to share more exciting artciles with you as well as details on our very first Idea Hackathon with our partner Tech4TH Solutions.
Thank you for your support and, as always, please let us know if you have any questions or concerns. I can be reached at rk104@nyu.edu
Best regards,
Dr. K
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Call for Application to the NYU Tisch Center of Hospitality Innovation Hub Incubator Program 2023 Cohort The HI Hub Incubator Program will now run as a 6-month program that offers mentorship, industry connections, advisory services, and more to early-stage startups. The program includes individual mentorship, boot camps, networking events, and master classes, and culminates with a pitch competition where the winning team will receive a $20,000 cash prize.
HI Hub Incubator’s mission is to provide all NYU-affiliated startups businesses and young entrepreneurs with four core services; plan your business, launch your business, manage your business, and grow your business.
NYU-affiliated startup founders (current students and alumni) with an active MVP in the travel, tourism, hospitality, and technology industry can apply to join our incubator program for free.
For general questions regarding the application, please send an email to HIHubIncubator@nyu.edu
Submission Deadline: October 8, 2023, at 11:59 pm EST
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NYU SPS Jonathan M. Tisch Center of Hospitality Innovation Hub Incubator and Partner Tech4TH Solutions Launch First Annual Idea Hackathon
Recently, the NYU SPS Jonathan M. Tisch Center of Hospitality Innovation Hub (HI Hub) and partner Tech4TH Solutions came together to launch the first annual ‘The 4TH Idea - Design Thinking Idea Hackathon’ where students from the Tisch Center participated in a week-long exercise which tested their ability to think outside the box and find creative solutions to real world problems in the hospitality industry.
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NYU SPS Tisch Center of Hospitality and Growth Advisors International Network Establish Strategic Collaboration to Accelerate Innovation in The Travel and Hospitality Sectors
The NYU School of Professional Studies (NYU SPS) Jonathan M. Tisch Center of Hospitality and Growth Advisors International Network (GAIN), a leading travel and hospitality innovation and growth advisory firm, are delighted to announce a multi-year strategic collaboration with the NYU SPS Tisch Center of Hospitality and its Innovation Hub (HI Hub) Incubator Program. This international collaboration will extend to NYU's campuses in Shanghai and Abu Dhabi, with GAIN serving as an official advisory sponsor for both the NYU Tisch Center of Hospitality and the HI HUB Incubator.
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Incentivizing Innovation in the Hotel and Lodging Industry: How the Standard Hotel Management Agreement Inhibits Tech Adoption
In 2011, Marc Andreesen wrote that “software is eating the world.”1 That same year, Gartner estimated global enterprise software spending was $269 billion.2 For 2023, Gartner estimates global enterprise spending will be $790 billion.3 The 3x growth since then and the accompanying rise of unicorns4 have confirmed that software has indeed eaten the world. However, the hospitality industry, the lodging sector particularly, has been slow to adapt, with some of the most well-known and valuable hotel brands still relying on legacy tech developed in the 1990s. With hotel industry revenue projected to reach over $408 billion in 2023,5 this represents a multi-billion-dollar opportunity for the next generation of SaaS6 builders.
Various factors explain, in part, the lack of tech innovation and software adoption in lodging. But what causes the most inertia is the fragmented, tripartite operational ecosystem.
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Airbnb Grows Entrepreneurship Academy
Airbnb has expanded its Entrepreneurship Academy to more than 40 partners after its initial launch in 2017 with one partner.
The aim of the program is to bring people from diverse and underrepresented communities to host on Airbnb in conjunction with local partners.
Airbnb and the Nasdaq Enterpreneurial Center help fund partner organizations that in turn support their own entrepreneurship programs.
Read the full article by PhocusWire
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Thriving Amid A Changing Travel Tech Investment Landscape
If you’re thinking about building something, that’s great. There has never been a better time in history for an individual with limited resources to build an enterprise. Barriers to entry are low, and it’s fairly quick and easy to test your value proposition in the real world before deciding whether it makes sense to go all-in. But how to decide what you should be building? Is there a playbook you should follow?
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5 Emerging Entrepreneurship Trends
Workers are ditching the nine-to-five in favor of work-life balance and creating their own unique career paths. Statistics show that 16% of the U.S. workforce are entrepreneurs—a number that grew 29% during the pandemic and includes 40% women. Being your own boss can be the driving force behind entrepreneurship. But choosing what to do and how to get started can be daunting.
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Uber-owned Careem Spins Out Super App With $400M Investment
Careem, a United Arab Emirates-based ride-hailing service owned by Uber, has secured a $400 million investment from e&, a UAE-based telecommunication provider formerly known as Etisalat.
In a letter to Careem staff published on its website, Careem co-founder and CEO Mudassir Sheikha said the investment will “turbo-charge” the company’s efforts to develop a super app.
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Quote of the Month
"Without continual growth and progress, such words as improvement, achievement, and success have no meaning."
- Benjamin Franklin, leading figure of early American history, statesman, author, publisher, scientist, inventor, and diplomat
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