Innovation and Entrepreneurship in Hospitality and Tourism

Running Head: INNOVATION AND ENTREPRENEURSHIP 1
Innovation and Entrepreneurship
Name
Institution

Innovation and Entrepreneurship in Hospitality and Tourism 2
Innovation and Entrepreneurship in Hospitality and Tourism
Introduction
Name of the enterprise: FEEDWRAP
The hospitality and tourism industry exists to deal with customer satisfaction and it
focuses on meeting the leisure needs of customers. The sector has over time grown and
diversified to include segments like food and beverages, events planning, tourism and travel,
lodging and accommodation services, and the recreation sector characterized by enjoyment and
relaxation. Its success depends on the customers’ disposable income, leisure time availability and
customer satisfaction that attracts more customers through referrals and repeat customers. The
Small Medium Enterprise developed is in the food and beverages segment intending to expand
even further to other segments in the hospitality sector. The startup focuses on providing an
avenue through which customers can order their meals and drinks using the online platform and
then coordinates all the logistical requirements that ensure those deliveries are made to the
respective customers as quickly as possible.
I conceptualized this idea of starting this enterprise in 2017 as an online-based link
between tourism and hospitality sector players, logistics firms and customers. The name
Feedwrap simply means food and drinks wrapped for delivery to customers at different locations.
All this was achieved through a seamless integration of all links for free and faster flow of
information and feedback.

Innovation and Entrepreneurship in Hospitality and Tourism 3
Innovative Aspect
It is an innovative idea that stands out from competitors since has brought together a mix
of current technological advancements and the dynamics of human preferences. The system
supports automation of well-organized First In First Out system (FIFO) of order processing and
dispatch while also incorporating artificial intelligence smart system for decision making on how
the whole system operates to enhance efficiency in the processes. The system is also able to
automatically locate customers’ locations, group them according to their proximity and sort their
orders as a single unit for easy routing and delivery.
Current value of business
At the initial stages, the business was worth a million but has rapidly expanded with the
increase in the number of customers. Annual turnover of one hundred million has seen the
business grow to a value of five hundred million with the goal of being the most profitable
venture worth billions in the next five years.
Vision, Mission and Business Values
The vision of the business is to be the most trusted, reliable and affordable online
hospitality and tourism store that offers quality and the best services to customers. It is this
vision that guides daily operations and acts as a reference for all employees to maintain the initial
spirit of the business.
The mission of the business is to be able to bridge the gap that exists in the tourism and
hospitality industry by providing a user-friendly platform that will link all the sector players and
provide a common arena for customers to access services at the lowest cost possible.