Brent Handler, Inspirato's Co-Founder and CEO, took a few minutes to talk with us at their LoDo office earlier this week.
[ibimage==22437==Medium==none==self==ibimage_align-center]
Inspirato with American Express is a members-only, luxury destination club that provides their members and corporate clients the space and comfort of a private vacation home combined with the five-star service and amenities traditionally found in high-end resorts. From intimate oceanfront cottages to expansive mountain chalets, Inspirato members and clients enjoy exclusive access to more than 140 awe-inspiring homes in some of the world’s most coveted destinations, all at members-only rates, as well as dedicated trip planning and on-site concierge service. A user-friendly web application and forward-thinking back-end technology allow both members and Inspirato staff to easily manage every aspect of vacation planning from start to finish.
[ibimage==22373==Medium==none==self==ibimage_align-left]
What was the inspiration behind Inspirato?
I founded Exclusive Resorts several years ago. From that experience, I knew exactly what people did and didn’t want when it came to this industry. A lot of the problems arose form the company buying vacation homes to rent; I figured out that we could get the same experience and benefit without having to own the homes. So we lease the homes that we work with, which means that we are able to offer the same service and experience at 97% less cost. That enabled us to grow quickly.
There were also issues with the reservation process; we found ways to make it much more flexible and in line with how people wanted to book travel.
Really the company came about because I saw some problems and found solutions. Putting all of that together with a great online web application and experience just made sense.
How long has Inspirato been around, and what have been the biggest milestones for you so far?
[ibimage==22374==Medium==none==self==ibimage_align-right]
We did a year of development in 2010, and then started marketing in 2011, so about three years. Our team is currently up to about 150, and it's growing quite a bit.
I think one of the biggest things is that we landed some really great financial partners – Kleiner Perkins Caufield & Byers and Institutional Venture Partners - those aren't companies that regularly invest in Colorado. It was unsusual, and very, very helpful. We also have a spectacular exclusive partnership with American Express, and that's very unique.
What lessons have you learned from any missteps or mistakes so far?
It was actually very hard coming up with the name. We spent a LOT of time and energy and particularly money trying to find the perfect name and come up with the branding. We had almost given up, and then my mother came up with it in about an hour one night. That was by far the hardest thing we’ve done. I wouldn't have done it that way if I'd known, it was a lot of money spent that we didn't need to. We learned a lot from the whole process, but ultimately we just figured it out on our own.
[ibimage==22375==Medium==none==self==ibimage_align-center]
As an experienced and successful founder, what advice do you have for new companies and aspiring founders?
Entrepreneurs tend to undersestimate cost of acquisition, overestimate the market size and underestimate their competition.
I have yet to really find a company that can be both operationally excellent and innovative. I believe you have to pick one or the other. Some are great because they’re in a big market and they’re better at executing than others. Take a telecommunications company, for example – there’s a premium on process. The other way to go is to focus on innovation and differentiation. The best example of that is Apple. Their products cost more, yet they don’t profess to be more internally efficient. But that’s not their competitive advantage. It’s more about design. Their recent ad campaign is all about design.
What we try to provide is a high-end solution that is differentiated and unique so that people want to be part of it and they feel like they can’t get something else that is as good. That's a very different market than people who want to get something because it’s less money or faster. A lot of entrepreneurs try to do both, but I really think that, to be successful, you have to pick one or the other.
You either want to have high market share of a small market, or a little market share of a really big market.
How would you describe your company culture?
[ibimage==22376==Small==none==self==ibimage_align-right]
We’ve got a great culture. It's really a mix - there's a startup culture but we have a seasoned executive team. Honestly, Inspirato may have most seasoned team in Colorado for a pre-public company. It’s a good mix – there's an established structure and process in place yet we have a highly entrepreneurial spirit. We tend to attract a highly engaged workforce - people who are very interested in their work. At the same time, we have beer kegs on tap and that kind of thing. We took a full commercial restaurant as our IT space, and we have a lot of fun with that. It's a good community of people who do a lot of things together.
We’re very focused on Lodo – and that has a lot to do with our culture, too. Our employees live in the area. This culture doesn’t work outside of LoDo. It’s just who we are.
Can you expand on that - why Denver?
We found that there’s a really good work force here. Colorado is strong in hospitality, which is obviously a big part of our business. We've been able to attract workers from other hospitality companies in town. It’s been relatively easy for us to get the talent we need.
We like being here, we are supportive of Galvanize and the ecosystem that’s starting to be built in and around Denver. We think that with other investments happening and companies getting tier 1 funding, things will really start to shift.
[ibimage==22377==Medium==none==self==ibimage_align-center]
Learn more about Inspirato in their company profile, via their website, or follow them on Facebook or Twitter at @Inspirato.
This week we also visited Wayin and Cloud Elements. Read past weeks' profiles and learn more about Built In Denver's Startup Tour here.
