News Summary

• Travel is a $10 trillion industry, and every pitch deck leads with that number as though size equals opportunity.
• Travel is not one market, and each layer has different economics, incumbents, and margins.
• Most founders say “we’re in travel” when they built a prettier interface on top of someone else’s economics.
• Know which floor you are attacking, and know whether that floor actually captures margin.
• Inspiration is free, and the money is very likely three floors down.