How I Built This with Guy Raz Tripadvisor: Steve Kaufer
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Oct 31, 2022 Steve Kaufer, co-founder and former CEO of TripAdvisor, shares his entrepreneurial journey that began with a personal travel mishap back in 1998. He discusses the initial struggles of launching a travel guidance site and the pivotal moment when user-generated content changed the game. The conversation highlights lessons learned from early failures, the significance of adapting to traveler needs, and the company's growth to over 400 million monthly visitors. Kaufer reflects on navigating challenges, strategic partnerships, and humorous travel reviews, while already eyeing his next business adventure.
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TripAdvisor Origin
- Steve Kaufer's idea for TripAdvisor started when he had difficulty finding helpful online reviews for a resort in Mexico.
- His wife suggested he create a company to solve this problem.
Information Asymmetry
- In the late 90s, there was a significant information gap in the travel industry.
- Travel was a major purchase, but returning a bad experience wasn't an option.
Initial B2B Model Failure
- TripAdvisor's initial B2B model failed to gain traction for nine months.
- Their first client, Lycos, only generated $500 in revenue due to reliance on house ads.
