How I Built This with Guy Raz
Viator: Rod Cuthbert
· Summarized
Key takeaways
- Rod Cuthbert’s journey reflects the importance of adaptability and innovation in entrepreneurship.
- Viator’s success was built on recognizing market trends and evolving consumer needs, especially regarding online bookings.
- Partnerships and strategic collaborations can be crucial for growth in a competitive industry.
- Experiences and anticipation significantly contribute to customer satisfaction in the travel industry.
- Understanding that exits are a valuable part of a business journey, focusing on both growth and long-term planning is essential.
Summary
The Early Days of Viator
Rod Cuthbert shares the origin story of Viator, highlighting how it emerged from a failed partnership with a travel technology firm. Originally focused on web design for travel agencies, Rod pivoted to creating a platform that streamlined the process of booking local experiences and tours, which was largely unheard of at the time. He recognized that traditional travel agents were becoming obsolete as travelers turned increasingly to online solutions.
Navigating Challenges and Growth
Through the years, Rod reflects on the significant challenges Viator faced, including severe cash flow issues in 2005 that nearly led to the company's demise. After multiple rejections from investors, a chance meeting with an investor from Carlisle Ventures sparked new life into the business. Rod describes the constant need to innovate and adapt in the competitive online travel marketplace, particularly post 9/11, when travel dynamics shifted dramatically.
Innovations and Business Strategies
Rod explains how Viator differentiated itself in the burgeoning online travel space by focusing on unique offerings like 'skip-the-line' tours, which provided travelers with direct access to popular attractions without the hassle of waiting. This innovative approach, combined with strategic partnerships with other travel service providers, positioned Viator as a key player in the industry.
The Acquisition by TripAdvisor
In 2014, Viator was acquired by TripAdvisor for $200 million, marking a significant milestone in Rod's entrepreneurial journey. He discusses mixed reactions within the industry regarding the valuation of the company and reflects on the long-term impact of this acquisition on the travel landscape, highlighting Viator's continued relevance in today's digital marketplace.
Life After Viator
Post-Viator, Rod took on a new role as CEO of Rome to Rio, another travel-related venture, and shares insights about the importance of experiences over material goods in travel. He emphasizes the value of planning and anticipation in enhancing the travel experience, promoting the idea that thoughtful preparation can lead to greater satisfaction.
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Show notes
Clicking a button to book vacation tours might feel normal today, but Rod Cuthbert helped create that future through his company, Viator. Founded in the early days of the internet boom, Viator emerged almost by accident from a failed partnership with another company. As online booking grew, Rod correctly predicted that travel agents would become outmoded, and began working with local providers to help travelers book anything from skip-the-line tours of the Sistine Chapel to cooking lessons in a Thai kitchen. Viator was purchased in 2014 by Tripadvisor for $200 million–and remains a top virtual destination for anyone headed to a real one.
This episode was produced by Devan Schwartz with music composed by Ramtin Arablouei. This episode was edited by Neva Grant, with research by Olivia Rockeman. Our audio engineers were Robert Rodriguez and Gilly Moon.
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