Entrepreneurship and institutional money in the vacation rental industry: Andrew Kitchell, Wheelhouse

Andrew founded Lyric, a network of tech-enabled rentals designed for the modern business traveler that developed properties in 14 US markets.

He is now CEO and Founder at Wheelhouse, a dynamic pricing tool for vacation rentals.

Collectively, Andrew has raised millions from investors such as Airbnb, NEA, FifthWall, Barry Sternlicht, and other property/technology investors – and this is why I wanted to talk with him on the show.

There are people out there right now trying incredibly hard to evolve their business or who are working on the next innovation in the hospitality sector. As many will quickly learn, it can be lonely at the top, cash is king to a growing business and work culture must be a priority.

We’re talking about leadership, entrepreneurship, the benefits and pitfalls of bootstrapping vs seeking outside investment and how as a founder, you’ve got to have your sights squarely placed on creating an environment that will allow the business to be successful.

On this episode we discuss:

  • How Airbnb made renting vacation rentals mainstream (3:50)
  • The iterative nature of Airbnb hosting (5:40)
  • How the pandemic affected Lyric (14:08)
  • What it was like targeting large residential management companies (21:21)
  • Shutting down a company (30:36)
  • Forecasting in the vacation rental space (38:20)
  • The pros and cons bootstrapping vs. finding investors for your business (43:35)

About Andrew

Andrew Kitchell is CEO and Founder at Wheelhouse, a dynamic pricing tool for vacation rentals. Having previously founded another dynamic pricing company, Beyond Pricing, Andrew is an advocate for data-driven revenue management and aims to empower property managers to make better pricing decisions based on intelligent insights.

Andrew also founded Lyric, a network of tech-enabled rentals designed for the modern business traveler that developed properties in 14 US markets. Collectively, Andrew has raised $100mm from investors such as Airbnb, NEA, FifthWall, Barry Sternlicht, and other property/technology investors.

Links

Website: www.usewheelhouse.com

Twitter: http://twitter.com/usewheelhouse

Facebook: https://www.facebook.com/usewheelhouse

LinkedIn: https://www.linkedin.com/company/usewheelhouse

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