Last week, we had #TheNTWKTalks in a hybrid format with Guillermo Gaspart, Founder & CEO of BYHOURS, a marketplace for booking hotel rooms by the hour. We talked about marketplace metrics, how to solve the chicken or egg problem, and getting funds in Europe for marketplaces.
Of course, we discussed how marketplaces disrupt traditional businesses such as hospitality. Guillermo highlighted the lack of flexibility in the hotel industry regarding minimum stays and check-in/check-out times and explained how his company is introducing the concept of pay-per-use by offering packs of several hours for guests to book.
Sharing with you the key takeaways from the talk:
When you're launching a marketplace, for best results, focus on fewer countries rather than opening in many countries.
Investing in startups from your own industry can provide valuable knowledge, and traditional companies may become more active in acquiring startups to add value and compete better.
Don't be afraid to make mistakes and encourage your team to do the same, as it is the only way to determine if something will work.
Investors should prioritize key performance indicators (KPIs) over cash flow when evaluating marketplace startups, as long as the company is not engaging in risky behavior.
During the discussion, Marina Planas also highlighted the importance of having the right metrics for success and gave the example of Airbnb, which initially defined the North Star metric as the number of bookings but later refined it to include a rating of over four stars.
You can read all the takeaways and watch the full recording in our community.
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