Overlooking Cornell’s campus from the top of the tower in the School of Hotel Administration, the evening began with students and industry leaders meeting and greeting. The executives that joined us for the reception came from diverse hospitality backgrounds; from professors and recent graduates, to esteemed consultants and hoteliers, everyone brought a different insight on the future of revenue management. The reception may have seemed like a networking event for just students, but additionally, it was an opportunity for the hospitality professionals to discuss deals and further develop their new projects. Cocktails were shared between owners of technology start-ups and seasoned hotel chain directors.
It was an interesting learning experience getting to hear first hand industry experts’ opinions about different strategies for their own companies and the industry as a whole. It was very clear how closely different companies work together and how they think about other companies strategies and compare them to their own to make improvements. Many different executives expressed their thoughts about the next big thing for the industry and what their companies are doing to push toward future innovation. Hearing the executives’ opinions was very meaningful because to some extent, their opinions matter the most because they represent a large portion of the companies who have made the industry what it is today.
Some of the most interseting conversation topics that sprouted during the reception were, Marriott Innovation, Student’s opinions’ on technologies (such as Avero), and new technological advances such as Zipscene:
One of the most helpful aspects of the Restaurant Revenue Management Round Table was learning about the new innovative ideas restaurant and hotel companies are implementing in their F&B space. During the reception specifically, students and company representatives were given the chance to ask questions and discuss some of the groundbreaking changes occurring. Conversations were aroused between students and Marriott executives regarding their new restaurant development initiatives. The company has shifted their branding strategy to target millennials through their execution of a new initiative called canvas, and a novel hotel brand called Moxy. Canvas invites young and passionate entrepreneurs to bring their restaurant concept to life. By investing in local food entrepreneurs and creating F&B “incubators”; Marriott has created unique experiences that add a young, local flare to their hotels. These new outlets include a microbrewery with a Marionette theme, a Rooftop Picnic Bar, and a Tofu Boutique.
Industry leaders were interested in hearing student’s perspectives and experiences with their businesses. While students were eager to hear about the leader’s careers, the leaders also wanted to hear from the students. Greg Peppel of Avero engaged with students, and was interested in hearing their feedback about his products, specifically Avero Slingshot. This was a great opportunity for students to express their ideas on products directly to the people that created them.
Sameer Mungur, CEO of Zipscene, had many interesting thoughts on the role of consolidated data in the restaurant space. Zipscene compiles granular data from many different sources, including POS systems, payment processing companies, and reservation systems. Zipscene is then able to aggregate an accurate image of their clients’ consumer, with information such as eating preferences, commuting patterns, etc. Restaurants purchase a package from Zipscene that allows them to target their strategic efforts directly to their consumer, increasing the effectiveness of advertising and new tactics substantially.
While the reception was certainly an ideal time for students to meet and network with company executives, it was also a great way for company representatives to collaborate with one another. It was apparent that many companies’ technologies compliment each other and can be integrated to create a complete package for restaurants. The reception allowed these executives to speak with executives from other companies that may potentially become business partners in the near future.
As the night came to an end, the students walked away with more connections and certainly more insight into the revenue management world. The reception was an ideal way to introduce all of the participants and the students together before more serious discussions began the next day.