When Airbnb launched in 2008, few anticipated the online platform for booking overnight stays in private homes would revolutionise the global accommodation sector. Now valued at US$1 billion it has become one of the world’s biggest technology unicorns.
Airbnb’s global success has inspired local entrepreneurs Michelle Low Chew Tung and Tenisha Brown-Williams, partners in the home sharing start-up, ShareHome Caribbean.
With their local platform launched and several clients on board and more signing-up every day, the duo is pushing to make ShareHome Caribbean the preferred resource for people seeking to increase their income by getting involved in the tourist accommodation sector.
Low Chew Tung and Brown-Williams are former employees of the now defunct Tourism Development Company (TDC).
Brown-Williams said the start-up, launched in November 2016, originated from a friend’s struggle to find a long term renter.
“Someone close to us was struggling to get a long term renter for her apartment due to the downturn of the economy. We suggested using the space for tourist accommodation as the location and property amenities were quite good. We assisted her in making minor adjustments to the space and creating proper business procedures,” Brown-Williams recalled.
The property was listed on Airbnb in January 2017. It was used by several visitors, including some in T&T for the first time.
“From our years of experience in the sector we knew that the property would have performed well in this type of business. Moreover, the owner started to earn double the amount earned from long term rental.
“We also noticed the domino effect of this business as her family members started to be involved in its management and so the revenue being earned was spread throughout her family network,” Brown-Williams said.
This year the owner of the property decided to use a second apartment on the same compound for visitor accommodation because of the financial gains from the first apartment.
It was this experienced which propelled Low Chew Tung and Brown-Williams to launch ShareHome Caribbean Limited.
“Tourism is about people and we understand the potential tourism has to affect the lives of people positively both from the host and visitor perspective,” Brown-Williams said.
In January, Low Chew Tung and Brown-Williams engaged another client but the one thing that stood out was “ the multiplier effect” of their small hospitality business.
“This gentleman hired one neighbour as his assistant manager, another neighbour as a driver for his guests, another as his cleaner and another to do the property maintenance. The concept of sharing is epitomised in his actions—other people are benefiting from his business in a very meaningful way.
“The motivating factor for ShareHome Caribbean is to improve lives and by extension communities through the creation of sustainable entrepreneurial opportunities in the hospitality and tourism sector,” Brown Williams said.
She said ShareHome Caribbean is focused on building/enhancing private sector involvement in the local tourism sector.
Research indicates that for any tourism sector to thrive, the private sector must be at the forefront supported by solid public sector involvement, she explained.
“ShareHome Caribbean will work with potential and existing small tourism operators to establish strong tourism business models that are profitable and sustainable,” Brown-Williams said.
As the company continues to build awareness it is currently managing directly or indirectly close to 20 guest rooms in Trinidad—equivalent to a small hotel.
As it is a fairly young business, Low Chew Tung said the biggest challenge is that tourism is still not regarded by the public as a viable business option due to the heavy focus on oil and gas.
“What we have encountered is a lack of awareness that relates to the positive economic effects tourism can bring to an economy. For example, in the US the industry supports 15.3 million American jobs and contributes US$157.8 billion in taxes.
“Tourism is also not regarded as an academic discipline and certainly not an industry that needs to be studied with models and theories to be applied to the business of tourism. Most of us believe ‘we can roll of our beds’ and operate a tourism business with very little skill and expertise to be obtained,” Low Chew Tung said.
“There is a general lack of knowledge and understanding as it relates to the sharing economy. The world is advancing with the sharing economy philosophy and instead of following the path of extreme consumerism, people are using their assets in a manner that it is now working for them.
“We have been challenged in getting people to understand the needs of the new tourist. The new tourist wants a more authentic, local experience. Sharing your space, your experiences, your life as a Trinbagonian, offers visitors what they really want,” Low Chew Tung said.
ShareHome Caribbean is intent on establishing strong stakeholder relations and expanding the tourism value chain.
The company will be partnering with the Small Tourism Accommodation Owners of T&T for a one day workshop in collaboration with the Tourism, Hospitality and Sport Unit at the Department of Management Studies, University of the West Indies.
The workshop will highlight the importance of the small tourism accommodation sector to the economic growth of the country and will bring to the fore the increasing global trends and issues the sector is faced with and potential solutions for further growth and development.
Brown-Williams said her life after TDC has led to rewarding opportunities. She however, believes that the closure of the tourism company is unfortunate and T&T is still reeling from its effects.
“My experience has been challenging yet rewarding. I have been able to move on to activities through ShareHome Caribbean that are not hindered by bureaucracy, political agendas and a lack of know-how, all of which strongly characterises most of the public sector in T&T.
“For me tourism has always been more than a job, it is my passion and this sustains my commitment to the successful development of the tourism sector in T&T,” Brown-Williams said.
