“PIVOT!” - The new official motto of 2020: Innovate to survive and thrive
Why do founders choose to pivot their business? Two reasons. Either they sense something isn't quite right with their model – well done, them. Or, external influences force them to rethink their operations. COVID-19 has been that external influence in 2020, and acted as a catalyst for countless pivots. COVID-19 pushed traditional hotel occupancy rates below 20%, shrunk airline demand by 90% and all-but annihilated business travel. Despite this, apartment rental company, Sonder, appears to have broken out of the hospitality11:50 slump. But how?