Demetrios Zoppos - OneFineStay - Presentation at Hack Cyprus 2013 Insights Conference

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Demetrios Zoppos, COO OneFineStay. …

Demetrios Zoppos, COO OneFineStay.
Prior to founding onefinestay in 2009, Demetrios was founding CEO of GradFutures, a web community site. Previously he was co-founder, Operations Director and Managing Director of GF‑X, the leading trading exchange for airfreight capacity, which raised £50m, and was acquired by Descartes.
Demetrios was a consultant at McKinsey & Co. where he specialised in e-commerce, and was an associate at the World Bank. He has an MA with first class honours in Economics from Robinson College, Cambridge, and an MPA from Harvard Kennedy School, where he was a Fulbright Scholar.
Demetrios took the stage at The Insights Conference and analysed his views on the innovation cycles that technology-enabled companies go through, going over historical and current examples of how industries have been disrupted through these waves of technology innovation and adoption.

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  • 1. The  Cycles  of  Innova0on  –    Demetrios  Zoppos   Co-­‐Founder  &  COO   8  September  2013  
  • 2. inven0on  vs.  innova0on   invent  (v.)   •  "find,  discover"   •  "make  up,  think  up"   •  "produce  by  original  thought"   innovate  (v.)   •  "introduce  as  new"   •  "to  renew,  restore,  to  change  "   •  "make  changes  in  something  established"  
  • 3. 0meline  of  selected  innova0ons   The  CoBon  Gin   RefrigeraFon  <1000   1000-­‐1500   1500-­‐1800   1900s   >2000   Penicillin  Telephone  Fiat  money   Compass   The  Internet  Prin0ng   Lightbulb   Gunpowder  
  • 4. the  biggest  innova0on  of  all?   •  Search/informaFon   •  eCommerce   •  Internet  telephony   •  Social  Networks   •  Internet  video    
  • 5. collabora0ve  consump0on:  a  meta-­‐innova0on     Collabora0ve  consump0on  (n.)     •  a  class  of  economic  arrangements  in  which   parFcipants  share  access  to  products  or  services,   rather  than  having  individual  ownership   •  oJen  enabled  by  technology  and  peer  communiFes  
  • 6. collabora0ve  consump0on:  examples   Tasks   Fashion  Food   Leisure  Money   Books   Transport   Travel  
  • 7. =   onefinestay  on  one  fine  page   complete  soluFon   for  selected  urban   owner-­‐occupiers  to   earn  extra  hassle-­‐ free  income   enabled  by  a  unique  service  model  using  proprietary  mobile   technology  which  coordinates  distributed  contract  staff   exclusive  short-­‐stay   inventory  for   discerning  travellers   who  prefer  this  to   bouFque  hotel         a  curated,  service-­‐ enabled  marketplace   for  upscale  city   accommoda0on   •  Founded  in  London  in  2009  by  experienced  entrepreneurs   •  $3bn  porSolio  of  homes:  1,000+  London  300+  in  New  York   •  Planning  roll  out  in  Paris,  Los  Angeles  and  other  ciFes  
  • 8. hosts  earn  hassle-­‐free  income   Independent   professionals   Affluent  young   families   Transi0oning   mature  couples   Leisurely     re0rees   onefinestay  delivers   onefinestay  gets   •  Turn-­‐key  soluFon   •  Hassle-­‐free  income   •  All-­‐inclusive  nightly  rate     •  Flexibility  and  control   •  City-­‐centre  inventory   •  >4  weeks  availability  p/a   •  Exclusivity     •  No  principal  risk  
  • 9. provision   with  hotel   quality   ameniFes   and  linens   meet  and  greet   guests  at  the   home   and  give  an  iPhone   with  our  app  &  info   about  the  local  area   t   u   contract   teams   prepare  the   home  for   guests   t   u   Availability   6  weeks+  /  year   Loca0on   Desirable   locaFons   Quality   Nicely  appointed   Style   Characterful  &   unique   Specifica0on   Modern   ameniFes   Cura0on     we  accept  only  10%   of  homes   Control     and  standardise  the  guest  experience   (linens,  towels,  meet  &  greet)   guests  enjoy  a  dis0nc0ve  experience   +  
  • 10. the  homes   are  stunning   the  press   loves  it   the  guests   tell  their  friends   -­‐100   -­‐80   -­‐60   -­‐40   -­‐20   0   +20   +40   +60   +80   +100   Mar-­‐11   Jun-­‐11   Sep-­‐11   Dec-­‐11   Mar-­‐12   NPS  +70   Hyde  Park   London   Tribeca   New  York   “This is simply one of the best travel experiences we have ever had as a family… It is a credit to you as a company to deliver all you claim, and in our case the level of accommodation and customer care exceeded all of our expectation” Stephen,  2  November  2012  
  • 11. growth  has  been  excep0onal   0   200   400   600   800   1000   Jun  10   Jun  11   Jun  12   Total   homes   0   100   -­‐6  mo.   Launch   +6  mo.   +12  mo.   LON   NY   -­‐100   -­‐80   -­‐60   -­‐40   -­‐20   0   +20   +40   +60   +80   +100   May-­‐11   Nov-­‐11   May-­‐12   Nov-­‐12   NPS   $0m   $10m   $20m   $30m   $40m   $50m   2010   2011   2012   2013   Bookings   scalable   YoY  growth  of   3.2x  year  to  date,   on  a  top  line   bookings  run  rate   of  $35m   replicable   NY  launched  on   Fme,  under   budget,  and  is   growing  >2x   faster  than   London   popular   Consistent  +70   NPS  scores  and   25-­‐30%  repeat   rates  within  12   months   viral   >60%  of  host   growth  is   referrals   Average  home   value  $2.5m  
  • 12. onefinestay  innova0on:  people     obsessive  about  hiring   • c.150  hires  to  >5000+  screened   • High  hire  raFos  for  HQ   inves0ng  in  service  culture   • Staff  engagement  programme   • Service  acculturaFon/rotaFons   • High  volume  service  recruitment   developing  leaders   • Management  training   • Performance  standards   • Coaching  and  feedback  toolkit  
  • 13. onefinestay  innova0on:  process   customer  journey  mapping   • Key  touch  points  analysis   • SaFsfacFon  research   best  prac0ce  sharing   • Core  process  documentaFon   • Best  in  class  central  services   brand  standards   • Home  and  service  standards   • City  rollout  framework  
  • 14. onefinestay  innova0on:  product  
  • 15. What  have  I  learnt  about  innova0on?   •  Screwing  up  is  good   •  Need  breeds  innovaFon   •  It’s  not  just  about  the  idea…   •  It’s  a  labour  of  love   •  Longer  term  impact  of  innovaFon  is  deeper  
  • 16. Closing  thoughts   •  Don’t  listen  to  (all)  advice   •  Work  hard   •  Surround  yourself  with  great  people   •  Fear  nothing  
  • 17. www.onefinestay.com   Become  a  host   Visit  our  website   www.onefinestay.com/hosts   Email  me   demetrios@onefinestay.com   Follow  us   @onefinestay   Demetrios  Zoppos   Co-­‐Founder  &  COO   Come  and  stay   quote  FRIENDS  &  FAMILY  for  10%  off