The short-term rental (STR) industry in Europe is a dynamic and competitive space, with many innovative startups working to provide unique solutions for property managers, owners and travellers.
In addition to being dynamic, this industry has experienced remarkable growth in recent years, primarily due to the emergence of platforms such as Airbnb and Booking.com that cater to travellers, and innovative technology solutions that enhance the experience for hosts, property managers, and owners. As a result, the industry has disrupted traditional hospitality models, providing guests with more options for accommodations, while empowering hosts with tools to better manage their properties and offer top-notch experiences to their guests and teams.
Beyond, the #1 revenue management platform, has long been a leader in the STR industry in the US, but its European journey started a short time ago. The company is regularly opening new markets, developing innovative tools that power its platform and hosting live events on bigger topics that push more equality in the SaaS landscape.
However, Beyond is not immune to the challenges that EU startups face, such as competition, talent acquisition or regulatory environments but they also enjoy many advantages, such as access to world-class talent, supportive government policies, and a diverse and growing market. With the right strategies and mindset, startups can overcome this challenging ecosystem.
Diverse teams for a diverse growing market
Diversity, Equity, and Inclusion (DEI) have become an increasingly important issue in the STRindustry in Europe, and many companies in the industry are making progress towards being more diverse and inclusive.
One challenge in the industry is ensuring that all hosts and guests feel welcome and respected, regardless of their background or identity. Some companies have implemented policies and training programs to promote diversity and inclusivity among their hosts and guests, while also taking steps to prevent discrimination or bias on their platforms.
Beyond aims to ensure that diverse voices are represented within its teams and decision-making processes. This involves recruiting a diverse workforce and creating a culture that values diversity and inclusion. Belong at Beyond is the team inside the company where its members tackle specific OKRs around DEI-related topics. Besides ensuring that people’s needs are met internally, they also organise events such as Candid Conversations, a series of roundtable discussions and different activities related to mental health, work-life balance, and ecologism. All the employees benefited from a day off in May to disconnect and dedicate their time to other personal activities. Beyond has also been recognised as a Bay Area best & brightest companies to work for in 2022 and has also received a Great Place to Work certificate for 2023.
EU startups in the STR ecosystem
According to Maria Flores-Portillo, GM of EMEA for Beyond, ”the current state of the EMEA startups ecosystem is promising, particularly in regards to the short-term rental industry. The industry is experiencing growth and attracting investment, with early-stage funding contributing to the expansion of startups in the industry. There are many opportunities for innovation and growth in this industry, as well as in related tech sectors.”
However, there are also challenges facing startups in the industry, including the need to build companies with aspirations for global success and to attract talent from around the world.
Looking ahead, Flores-Portillo expects the industry ecosystem to continue to evolve and grow, with more companies emerging across various industries. There will be a focus on innovation and the development of new technologies, as well as increased investment in early-stage funding. The STR industry will continue to play an important role in the startup ecosystem, with opportunities for growth and expansion.
Beyond believes collaboration with other startups in the short-term rental industry is an essential element of driving innovation and growth. Flores-Portillo and her team actively seek to share their values, gain knowledge, and create new opportunities for growth by working with others. To this end, they organise in-house events such as professional breakfasts or after-work events gatherings at our offices in Barcelona, to share insights and strengthen relationships with other startups.
“Sponsoring industry events also allow us to collaborate with our peers and to meet other industry professionals, learn from their experiences, and forge new partnerships that benefit all involved parties,” said Flores-Portillo. “In the coming months, we look forward to attending events like Scale Rentals in Italy and France, VRWS in Barcelona, andDomizil in Germany.”
Beyond’s Product, Marketing, and Partnership teams collaborate with other companies, associations and startups in the industry, to leverage their expertise, technology, and resources to improve both their product offerings and the value they drive for customers. This approach allows them to stay at the forefront of innovation and deliver exceptional experiences that exceed customer expectations.
Flores-Portillo said: “Managing a startup can be exciting and daunting, especially for a managing director … If I had to give advice, I would say “build a strong team”. It’s important to build a solid team that shares your vision and values. Hire talented people who bring diverse skills and experiences to the table and are passionate about your mission.”
