An electrical engineer in a GSB classroom came up with the pivot for an idea that MS&E students refined under guidance and concrete data from an MBA2. Such is the diversity that this group offers that the ideas tend to be all encompassing and multi-directional. We built a product prototype after talking to people, looking at what they want and applying some design thinking tools to empathize with what people could really use.
“Oh yeah! I would be your first customer, wow, how is something like that not available yet?”
The sense of dazed wonder was not lost on me or on any of my team mates. We spoke to several other people and understood that this would be a huge market. How huge? Stay tuned for the market sizing exercise.
Attached is the product vision that we came up with, it includes the basic workflows and the architecture. Here is the updated Product vision, which is being built, not for us but the customers
In terms of market sizing:
The Middle East experienced the world’s highest
regional average annual tourism growth rate;
9.6% YOY; 60.3m arrivals, with $850 average
spend (2010) latest number I could find. The total
size of the market is $51.255billion.
However online bookings are currently a fraction of that
with estimates of 20-25% of travel occurring online, which
comes to US$10.26-$12.81billion.
Endogenous shocks in Short Run will
curtail growth this year, but positive Long Run outlook