Problem: Organizing an effective offsite for your team t work is extremely challenging. The biggest difficulty is finding a great event to begin with. As described by Ann Bordetsky, it would at a bare minimum need to have 5 features:
Marketplace of fun team building events
Selection of coaches + facilitators on various topics
Accommodations, travel logistics, baked in
Hyper local (near me) - Not lame
Could this be a billion-dollar industry?
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Solution: This business would be one that plans and executes on running offsite events either directly through a white-glove service or indirectly through providing a marketplace for connecting offsite opportunities to offsite planners.
There are, however, many competitors in this space. In response to Ann’s tweet, dozens of individuals Tweeted their suggestions about the most valuable resource that they’ve seen to solve this problem:
Flok: an “end-to-end company retreat planning” company. They claim that they “find your ideal destination, book your work-optimized venue, and coordinate flights so you can finally get your team together. Safely and efficiently.”
Unsettled: which “guides companies and their people to make the most of remote and hybrid work. Our proven framework of interactive virtual experiences and asynchronous exercises deliver tactical concepts, tools, and tips to navigate this rapidly changing flexible work environment.”
First Incentive Travel: with the mission to “enable corporate travel and incentive programs, partner retreats and team summits. Making corporate travel accessible, affordable and memorable again.”
Mystery: a business that “connects you and your team with the best food, drinks, and experiences. Perfectly curated time ‘together’ is just a few clicks away.”
This business could innovate by taking a B2B approach to sales rather than the above 4 companies which mostly function off a B2C sales motion. It would take the business model of AirBnb experiences to a next level while also being mindful of the research on offsite training.
As written by Melissa Raffoni on July 22, 2019 in the Harvard Business Review, there are 6 high-level tips to running a successful offsite:
Be crystal clear about your objectives. Before the offsite, make sure you and your team are clear on what you hope to achieve during the event, as well as how you will measure success after it.
Think twice about who should be invited. Look closely at your objectives and ask yourself, “Am I better off with a large group, or a handful of key people who can work closely to develop a strategy?”
Develop a detailed agenda. Plan for each topic of discussion to last between 45 minutes to two hours maximum — this ensures that topics are neither cut too short nor watered down by having too much time allotted.
Prepare the logistics, messaging, materials, and templates.
At the event, focus on working on the business vs. in the business. Focus on strategic thinking and important issues that you haven’t had time think about at the office. Tune out mobile phones and leave laptops closed so you aren’t pulled back into everyday tasks.
At the close of the event, work together to create a team governance plan. Outside of high quality output from your offsite, well-managed follow up meetings are the single most important factor in ensuring stickiness.
The business inspired by this idea would focus on executing on all 6 of these ideas while also providing unique value through less hassle in planning these high-ticket events.
According to GrandView Research, the market opportunity is huge.
The global human resource management market size was valued at USD 16.01 billion in 2019 and is expected to exhibit at a CAGR of 11.7% from 2020 to 2027. Advancements in IT coupled with the introduction of predictive analytics in HR processes is expected to boost the growth. The evolution of various human resource management (HRM) solutions has enabled professionals to perform traditional HR activities in a reduced time span and with subsequently increased focus on attracting the right pool of candidates. It is helping retain human capital, aligning organizational strategies with individual goals, and managing human resources in a manner that results in organizational growth.
This tweet could reasonably become a multi-million and maybe even a billion dollar business.
Monetization: Sales of these boutique consulting services.
Contributed by: Michael Bervell (Billion Dollar Startup Ideas)